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Mortgage Loans, Mortgage Rates & Beyond

MortgageLoan.com is a groundbreaking news and information service for consumers seeking information about home mortgages and related financial matters.

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.

For more information, please browse our web site, contact us to ask a question.

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Frequently Asked Questions

The lowest mortgage rates go to borrowers with the highest credit scores and largest down payments, so building your credit and saving your money will help. Borrowers with so-so credit or little savings for a down payment will often find their lowest mortgage rates on FHA loans. Rates also vary from lender to lender, so you need to shop around. You can also buy a lower mortgage rate by paying for discount points as part of the loan, which can be a good strategy if you plan to stay in the home for more than a few years. 

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.

VA loans are available to qualified military veterans, active duty personnel and others with certain military affiliations. These military loans require no down payment for most eligible borrowers and VA mortgage rates are very attractive. Eligible borrowers can obtain a VA mortgage with no down payment on a home purchase of up to $417,000 in most of the country, and as much as $625,500 in counties with high real estate values. VA home loans are offered through banks, credit unions and other VA-approved lenders. You must obtain a Certificate of Eligibility from the VA in order to apply.

With a 20% down payment, your total mortgage on a 170k loan will be $136,000. The amount that you will be required to pay every month depends on the duration and interest rate. For example, if it’s a 30-year fixed mortgage with a 3.5% interest rate, you will be looking at $611 monthly pay.

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.

Your monthly repayment on a 160k mortgage loan will depend on so many factors. This includes the mortgage term and deposit. Our mortgage loan calculator is very efficient and you can use it to determine your monthly repayment on a 160k loan.

Lenders usually require that you make a deposit of at least 10% before they can lend you money. On the other hand, some lenders can accept a minimum payment of 5% while others might need you to make a 15% deposit. You can make use of our calculator to get an estimate of how much you need to deposit to qualify for a mortgage loan.

Let assume you are planning to apply for a loan of $200,000. To calculate the principal on your mortgage loan, you will deduct your down payment from the $200,000. If you have a down payment of 20% ($40,000), you will get a total principal of $160,000. However, if you want to calculate your interest, you should divide the annual interest by 12. To make it easy, you can make use of our mortgage loan calculator to determine your principal and 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 higher than 15 and 30-year loans.

A 5.25% interest rate on a mortgage loan is high if the lender will not be paying for your prepaid and closing costs. However, if the lender will be paying for those costs, depending on how much they’re paying, the 5.25% interest rate might be a good one.

For a down payment of 30%, which is $36,000, your total mortgage on a 120k loan will be $84,000. So the monthly payment can be estimated by dividing the duration by the interest rate. For a 40-year fixed mortgage with a 4% interest rate, your monthly payment will be $401.

If you want to qualify for a mortgage of $120,000, you will need to earn a minimum of $26,666 per year.

For a mortgage of $175,000, with a 20% down payment (which is $35,000), your total mortgage will be $140,000. Assuming it’s a 20 year fixed loan with a 3.8% interest rate, you’ll get to pay $652 monthly.