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Question

Why might someone consider choosing a loan with the lowest monthly payment?

Answer

It is important to consider factors beyond the interest rate when seeking the best savings and deal for a mortgage. One key aspect to consider is the various fees and points associated with closing costs, such as application fees, attorney charges, processing fees, and title company expenditures. Increasing your monthly payment can lead to a reduction in the overall amount of interest paid and may even shorten the repayment period. A lower interest rate, in addition to lowering monthly mortgage payments, can also result in a decrease of the total interest paid on the loan over time. For further information, check out the resource at brainly.com/question/27982183 #SPJ4.