Mortgage Faq

Mortgage Rates

Before you start house hunting, find out how, when and where to get the best mortgage rates available. Arm yourself with expert advice on GOBankingRates before you make a down payment on your dream home.

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Financial Institutions

Banks, credit unions and credit card companies are a few of the many types of financial institutions you deal with every day. Find out how to get the most out of your local and national financial institutions.

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Interest Rates

Sometimes you want a high interest rate; sometimes you want a low interest rate. Find out when you can make interest rates work for you — such as in a high-yield savings account — and know when to be cautious of APRs.

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Personal Loans

You can take out a personal loan for just about anything, but that doesn’t mean that you should. Find out if this is the best choice for your financial situation and create a payoff plan before you borrow.

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More in Mortgage Faq


Understanding Mortgages

Applying for any type of loan can be stressful, and a mortgage is by far one of the hardest loans to get. Mortgage lending standards are strict, and if you don't meet a list of qualifications, you can't purchase a home. The more you know about getting a loan, the easier it'll be to complete a purchase. GOBankingRates offers a variety of tools and tips to help you find the right mortgage loan.

Common Questions

It's normal to have questions about mortgage loans, especially if you’re a first-time homebuyer. Frequently asked questions include:

1. What are the qualifications for a mortgage loan?

Mortgage loan qualifications vary depending on the type of mortgage you're getting and the bank. You can never go wrong with a credit score of 700 and higher. Also, the less debt you owe, the better. Many banks also require at least two years of steady income, and the mortgage payment cannot be more than 28 percent of your gross income.

2. What are mortgage options?

There might be more mortgage options than you realize. You can choose between an FHA home loan and a conventional loan. If you're in the military or a veteran, you might be eligible for a VA home loan.

A fixed-rate home loan is another option if you prefer predictable payments. Or, you can choose an adjustable-rate mortgage since these often start off with rates lower than a fixed rate. You can also select a mortgage term based on affordability, such as a 15-, 20- or 30-year mortgage.

3. How do I find the best interest rate?

Don't assume the first bank you contact will offer the best rate. GOBankingRates offers a free bank search tool. Using this tool, you can search banks and credit unions by state, city or region. With a side-by-side comparison, you can choose a financial institution offering the right loan with the best rates.