Mortgage Tips How To

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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Understanding Mortgages

Owning a home is a dream of many Americans. Not only is owning a home cheaper than renting in many areas, but a home is an investment that can earn equity over time.

Acquiring a Home Loan

While owning a home is a top dream for many, it can be a hard process to start. Purchasing a home requires good credit and a little bit of savings.

Getting pre-approved for a home loan before finding the house of your dreams is a smart step. Having a pre-approval on a loan can speed up the home-buying process, and it can help you know exactly what kind of home you can afford.

Pre-approvals can also make your offer look more appealing to the existing home owners, which means you have a better chance of having your offer accepted.

Types of Home Loans

The two most popular home loans are the 15- and 30-year loans, and both come with their advantages and disadvantages. A 15-year home loan typically has a higher monthly payment, but because it’s shorter, you can end up paying thousands of dollars less on interest.

A 30-year loan is popular among many Americans, since the monthly mortgage payments are lower. While a 15-year home loan might require some extra budgeting, it should be considered, since homeowners would cut their total interest and payment duration in half.

GOBankingRates offers expert advice on how to manage your mortgage, as well as the how-to for paying off your mortgage early. If you’re having trouble deciding between 15- and 30-year home loans, read GOBankingRates’ extensive articles on the different types of loans.