There are several benefits to having a better mortgage rate. The most obvious benefit is that a lower mortgage rate will result in a lower mortgage payment. Another benefit is that you can handle a higher loan amount than you could at a higher rate.
In fact, if you can handle a higher mortgage payment, the rate on a 15 year fixed rate mortgage is normally lower than the rate on a 30 year fixed rate mortgage, and you could save thousands of dollars in interest over the life of the loan.
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