Today's Mortgage Rates
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At Mortgageloan.com, you'll find everything you need to make your mortgage search a success, whether you're a beginner or a mortgage expert. Browse the site to learn more about rates, taxes, industry trends, and types of mortgage loans. Start looking at how different loan types might fit into your budget with mortgage calculators. When you're ready to start calling lenders, you can locate contact information in the San Jose broker directory, or put in a quote request and wait for those lenders to call you. At every stage of the process, Mortgageloan.com has tools and tips to save you time and help you make better mortgage decisions.
The term "fixed-rate mortgages" refers to a category of loans characterized by a constant interest rate and payment obligation. Fixed-rate borrowers must repay a set amount at regular intervals, usually monthly, until the loan matures. At maturity, the debt is fully paid off. In the early years of the mortgage, most of the payment is applied to interest. Over time, the percentage of the payment that's applied to the principal balance rises. Given that most home purchases require a few hundred thousand dollars of debt, FRMs are typically paid back over 30 years. Some lenders offer 15-year mortgages, as well as 40- and 50- year terms.
If you itemize your deductions, you could save a bundle on your taxes by deducting expenses related to homeownership and property financing. The IRS allows deductions for mortgage interest, real estate taxes, and points. All of these, with one exception, can be deducted in the year the expenses are paid. That exception is the treatment of points paid on a refinance. Refinance points have to be deducted gradually over the loan term. Mortgageloan.com's Mortgage Tax Savings Calculator can estimate your mortgage-related tax savings.
You can get a great deal on your San Jose mortgage or refinance. Here are a few tips to get you started:
- Collect competing offers. You'll save money and protect your interests by shopping with several lenders. Visit our broker directory to find lenders near you.
- Don't decide by payment alone. A low payment can mean a low rate, or it can mean that you aren't paying down principal. If you like the low payment of an interest-only loan, for example, understand what you're giving up. You won't build equity as quickly, and you might be subject to higher loan payments later.
- Recognize the differences in loan types. Before you try to compare a FRM to an adjustable-rate mortgage (ARM), make sure that you know how these loan structures differ. Then, select your best offer from each category and compare them using Mortgageloan.com's mortgage comparison calculators.
As a property owner, you pay a premium to enjoy the weather, economy and lifestyle of San Jose-but you don't have to pay a premium on your mortgage loan. You definitely know the way to San Jose-Mortgageloan.com can show you the way to a better mortgage.