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Home Mortgage Rate Resources
- Research Current Mortgage Rates:
Begin by checking out current interest rates and rate movements when shopping for a mortgage. Mortgage rates generally rise and fall along with Wall Street securities and generally reflect the overall direction of interest rates. By keeping an eye on mortgage market trends and key economic indicators, a borrower has a better chance of obtaining interest rate savings.
- What is APR?
A tool used to compare loans across different lenders is the Annual Percentage Rate (APR). The Federal Truth in Lending law requires mortgage companies to disclose the APR when they advertise a rate. It is designed to represent the true cost of the loan to the borrower, expressed in the form of a yearly rate. The purpose is to prevent lenders from hiding fees and upfront costs behind low advertised interest rates.
- Lock in Your Rate:
A lock in, also called a rate lock or rate commitment, is a lender's promise to hold a certain interest rate for you, usually for a specified period of time, while your loan application is processed.
Click on the terms below to learn more about the various types of Home Mortgages.
30
Year Fixed Loan
15 Year Fixed Loan
Adjustable Rate Mortgage
Interest Only
FHA
VA
Balloon Mortgages
Reverse Mortgage
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- A 30 Year Mortgage loan program where your monthly payments never change.
- A 15 Year Mortgage loan program where your monthly payments never change.
- Offering a short term lower interest rate that could expand your buying power.
- These loans offer a lower monthly payment, but do not pay down your principle.
- Programs that help low and moderate income families become homeowners.
- Mortgage Loan programs available to those who qualify by military service.
- Balloon loans are short term mortgages that are similar to a fixed rate mortgage.
- A reverse mortgage is a special type of loan made to homeowners to enable them to convert the equity in their home into cash. Also referred to as a "Cash Out Refinance". |
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