Question

Why might it be important to get a lower interest rate on a mortgage

Answer 1

It is important to get a lower interest rate on a mortgage because it means that you pay less interest over time. A lower interest rate also allows you to prepay a mortgage, which can save you lots of money over the term of the loan.

Answer 2

a lower interest rate means the monthly payment will be lower and the overall amount of money you pay back will be less.