Find the Right Mortgage for Your Home

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Purchase or Refinance

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What Is a Mortgage?

A mortgage is a loan used to purchase a home or refinance an existing home loan. The property itself serves as collateral, meaning the lender has a legal claim against the home until the loan is paid off. Mortgages are typically repaid over 15 to 30 years through monthly payments that include principal, interest, and often taxes and insurance.

For most people, a mortgage is the largest financial commitment they'll ever make, which is why understanding how rates, terms, and loan types work can have a meaningful impact on what you pay over the life of the loan.

How Mortgage Rates Work

Mortgage rates are influenced by a mix of broader economic factors and your personal financial profile. On the market side, rates move in response to inflation, Federal Reserve policy, and conditions in the bond market, particularly yields on the 10-year Treasury. When those yields rise, mortgage rates typically follow.

On the personal side, the rate you're offered depends on factors like your credit score, down payment, loan amount, loan term, property type, and location. Two borrowers applying on the same day can receive different rates based on their financial profiles.

There are two main rate structures to understand:

  • Fixed-rate mortgages keep the same interest rate for the entire life of the loan. Your monthly principal and interest payment stays predictable, which makes budgeting easier. The most common terms are 15-year and 30-year fixed loans.
  • Adjustable-rate mortgages (ARMs) start with a fixed rate for an initial period, typically 5, 7, or 10 years, and then adjust periodically based on market rates. ARMs often start with a lower rate than a comparable fixed loan, but your payment can rise or fall after the fixed period ends.
Purchase vs. Refinance

Mortgages generally fall into two categories:

  • Purchase loans are used to buy a home. The loan amount, down payment, and property value all factor into what you qualify for. Most purchase loans require a down payment between 3% and 20% depending on the loan type and lender.
  • Refinance loans replace an existing mortgage with a new one, typically to secure a lower rate, change the loan term, switch from an ARM to a fixed rate, or tap into home equity through a cash-out refinance. Whether a refinance makes sense depends on current rates, how long you plan to stay in the home, and the costs involved in closing a new loan.
What to Look For When Comparing Offers

Not all mortgage offers are equivalent, even when the headline rate looks similar. Here are the key factors worth evaluating:

  • APR vs. Interest Rate. The interest rate is what the lender charges on the loan balance. The APR (Annual Percentage Rate) includes the interest rate plus certain fees and costs, expressed as a yearly percentage. APR is generally a more complete measure of what the loan actually costs you.
  • Points and Fees. Some lenders offer lower rates in exchange for discount points, which are upfront fees paid at closing to reduce your rate. Other lenders may have higher closing costs or origination fees. Always look at the total cost of the loan, not just the rate.
  • Loan Term. Shorter terms (like 15 years) typically come with lower rates and less total interest paid, but higher monthly payments. Longer terms (like 30 years) offer lower monthly payments but more total interest over the life of the loan.
  • Loan Type. Conventional, FHA, VA, and USDA loans each have different requirements for credit, down payment, and property type. The right loan type depends on your financial profile and the home you're buying.
  • Estimated Monthly Payment. A useful at-a-glance comparison, but be sure you understand what's included. Some estimates show only principal and interest, while others include taxes, insurance, and mortgage insurance (PMI).

Frequently Asked Questions

No. The rate comparison shown here uses a soft credit inquiry, which does not affect your credit score. A hard inquiry typically only occurs once you formally apply for a loan with a specific lender.
Minimum credit score requirements vary by loan type and lender. Conventional loans typically require a score of 620 or higher, while FHA loans may allow scores as low as 580 with a 3.5% down payment. Higher credit scores generally qualify for better rates.
Down payment requirements depend on the loan type. Conventional loans can require as little as 3% down for qualified buyers, FHA loans typically require 3.5%, and VA and USDA loans may allow zero down for eligible borrowers. Putting down 20% or more typically lets you avoid private mortgage insurance (PMI).
Pre-qualification is a preliminary estimate of how much you might be able to borrow, usually based on self-reported information. Pre-approval is a more formal process where a lender verifies your income, assets, and credit, and issues a conditional commitment to lend up to a specific amount. Pre-approval carries more weight with sellers.
Refinancing can make sense if current rates are meaningfully lower than your existing rate, if you want to shorten or extend your loan term, switch from an ARM to a fixed rate, or access your home's equity. Because refinancing involves closing costs, the math depends on how long you plan to stay in the home and whether the monthly savings outweigh those costs. A mortgage calculator or loan officer can help you run the numbers for your specific situation.
Private mortgage insurance (PMI) is typically required on conventional loans when your down payment is less than 20%. It protects the lender in the event of default. PMI usually adds to your monthly payment and can typically be removed once you've built up 20% equity in the home.
From application to closing, most mortgages take 30 to 45 days, though timelines vary by lender, loan type, and the complexity of your financial situation. Having documents ready (pay stubs, tax returns, bank statements) can help speed up the process.
Mortgage interest may be tax-deductible depending on your individual tax situation, loan amount, and how you use the property. Tax rules change over time and vary by state. Consult a qualified tax professional to understand how mortgage interest applies to your specific situation.