Mortgage Loans, Mortgage Rates & Beyond
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With our unique combination of mortgage advice and news, financial tools and updated home loan rate information, MortgageLoan.com provides a comprehensive resource for borrowers seeking to arm themselves with the information they need to make the best mortgage financing decisions for themselves and their families.
Our comprehensive network of local mortgage brokers, lenders and other financial professionals in all 50 states means you can find someone who is close, convenient and competitive providing the best home mortgage loan rates and terms available. Or get mortgage loans online! While we are not a mortgage lender or broker ourselves, we provide a conduit between consumers and lenders and serve as an independent source of information.
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Latest Articles
A selection of our latest articles.
Wave of Home Equity Defaults Coming?
How Refinancing Can Hurt Insurance Rates
How can I get preapproved for a home loan?
What's Different About Getting a Condo Mortgage?
Guide to Mortgages and Home Loan Help for the Disabled
Home Loans for Manufactured Homes
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Frequently Asked Questions
A mortgage refinance is basically trading in your old home loan for a new one. You take out a new mortgage, with a new mortgage rate and terms, and use it to pay off your old one. Refinancing can allow you to get a lower mortgage rate, pay off your home loan faster, change from an adjustable- to a fixed-rate loan or borrow against your home equity through a cash-out refinance. You can refinance through any mortgage lender – you don't have to go through your current one. Qualification guidelines are similar to those of a home purchase mortgage.
To qualify for a home equity loan or home equity line of credit (HELOC), the main thing you need is home equity. Most lenders will require that you have at least 20 percent equity remaining after the loan, though some may go lower for borrowers with good credit. Credit requirements for a home equity loan are somewhat higher than for a regular mortgage – lenders prefer a FICO score of at least 660-680. Income and debt requirements are similar to a home purchase mortgage, with the general rules being that total monthly debt obligations not exceed 41 percent of gross income.
If you are planning to take a home loan, you should find a way to reduce the interest rate. First, you should consider going for a shorter tenure. Aside from that, you should try to make a prepayment from time to time. It’s a great way to reduce your home interest.
A 40-year mortgage loan is a more extended payment term. However, you will end up paying more interest because your loan payments are spread over a long period. Basically, 40-year mortgage loan rates are typically higher than 15 and 30-year loans.
