Mortgage Rates

Buying a new home is one of the largest purchases you will likely ever make, so be smart about which home loan and terms you choose. Keep your monthly payments low and your budget in check by finding the lowest mortgage rates.

A fixed-rate mortgage (FRM) loan, also known as a traditional mortgage, is a loan with an interest rate that remains fixed for the life of the loan. Adjustable rate mortgage (ARM) interest rates adjust as mortgage rates fluctuate at regular intervals. Hybrid mortgage loans are a relatively new among mortgage lenders, and their terms fuse the benefits of a fixed mortgage and an ARM.

You’ll need to have a down payment — typically 20 percent of the home price — before consulting a mortgage lender. A larger down payment might enable you to get a more competitive mortgage interest rate, which can lead to more savings.

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Not all financial institutions are created equal, as some mortgage lenders will tack on charges and mortgage points to get the most out of your hard-earned money. Taking a strategic route, however, can not only save you money in the short term, educating yourself about the various home buying options and current mortgage rates can help reinforce whether you make a sound financial choice overall.

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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