Working together, we will help you: Get pre-approved, find the right mortgage for your needs (and budget), provide detailed credit and property assessments, lock in the best rate, and connect with the best industry experts.
Today’s rates are based on a set of details called assumptions. They can include the following:
The closer your own details are to assumptions, the more likely it is you’ll get a similar rate.
When rates change, assumptions can too. And assumptions differ from lender to lender. So it’s a good idea to check assumptions when you’re comparing rates. You can find ours in the dropdown under rates labeled View Legal Disclosures.
Your rate will be calculated based on personal details including, but not limited to, your credit score and income. If you’re buying a home, the home price, your down payment and loan type are also considered.
The interest rate is the percentage you pay to borrow money from a lender for a specific period of time.
The APR, or annual percentage rate, includes your interest rate plus additional fees and expenses associated with taking out your loan.
Learn more by reading APR Vs. Interest Rate: What’s The Difference?
Going with the lowest rate might seem smart, given how much interest you pay over the life of a mortgage. But there are times when choosing the lowest rate might not make the most sense.
Paying points is a good example. A point is money you pay up front to get a lower interest rate on a mortgage. Say you don’t have a lot of money saved to buy a home. You may prefer to use your funds toward a down payment to get the home you want instead of a lower interest rate.
What’s more important than just the lowest interest rate is getting the right mortgage for your situation – and a lender who helps you do that.
A mortgage rate lock keeps your interest rate from changing between the time you’re offered a rate by a lender and the time you close on the loan.
If you’re refinancing or have a purchase agreement for a home you’re buying, you can lock your rate after getting approved online using Lenders Depot Inc.
First, you need to be ready to refinance or have a purchase agreement for a home you’re buying.
Your next step is to apply online or talk to a Home Loan Expert. If you’re approved for a loan, you’ll be able to lock your rate.
Mortgage rates can change daily, and sometimes more than once a day. Lenders have to let you know how current their rates are, so you’ll always see when they were last updated.
Unfortunately, the lower your credit score, the more likely it is your interest rate will be higher. That applies to all kinds of credit, not just mortgages.
You can get a free credit report from all three major credit bureaus, on their websites, once a year.
Conventional, also called conforming mortgages, are loans not backed by a federal government entity. Conventional loans must be under a set loan amount. Loans that go above that amount are called non-conforming, or jumbo loans.
A fixed-rate mortgage has an interest rate that doesn’t change over the life of the loan.
A 30-year fixed mortgage takes up to 30 years to pay off. A 15-year year mortgage takes up to 15 years to pay off. In both cases, during that time your rate is fixed: it doesn’t change.
The 30-year fixed mortgage has consistently been the favorite among homeowners because it usually has a lower monthly payment compared to a 15-year fixed.
A 30-year mortgage may allow you to afford a more expensive home because the payments are spread out over a longer period of time. But you’ll own your home sooner and pay less interest with a 15-year mortgage.
Learn more about the benefits of a 30-year fixed by reading 15-Year Vs. 30-Year Mortgages.
FHA mortgages are backed by the Federal Housing Administration. Here are some of the benefits of an FHA loan:
In exchange for more lenient requirements, you pay mortgage insurance on an FHA loan, which is added to your monthly payment.
You can get an FHA loan to buy or refinance a home. They’re available with different terms, like 30-year and 15-year, and with a fixed rate that stays the same over the life of the loan.
To learn more, read FHA Loans: Requirements, Loan Limits And Rates.
VA mortgages are backed by the U.S. Department of Veterans Affairs, so they’re only available to eligible veterans, active duty service members and surviving spouses. Not all lenders offer them.
Here are some of the benefits of a VA loan:
You can get a VA loan to buy or refinance a home. They’re available with different terms, like 30-year and 15-year, and with a fixed rate that stays the same over the life of the loan. To learn more, read VA Mortgage Rates: Compare Today’s Rates.