A mortgage loan is a loan that finances the purchase of your new home. The loan is secured against the value of your home. Most mortgages have terms of 20-40 years. A mortgage loan may come with a fixed or variable interest rate.
You can begin getting a mortgage loan by applying for mortgage loan quotes on our site. Just take a few minutes to fill out our short, online application, and we will supply you with a minimum of four free quotes on mortgage loans. You will see these quotes next to each other to make your comparison shopping hassle-free. Our unique presentation format forces lenders to compete for your business when you are getting a mortgage loan. This enables us to offer some of the most competitive mortgage loan quotes online. Once you receive your quotes, you can either apply for the loan of your choice or save your quotes to review later.
Getting a mortgage loan through our site is a bit different because we are not a lender. Instead, we are a free referral service that helps match our customers with lenders that can meet their needs. We partner with a vast network of certified mortgage lenders that can help you when getting a mortgage loan. Which lenders supply your quotes will depend on your application information, needs, and preferences. You will have your choice from at least four different lenders when getting a mortgage loan through our site.
Because of the extensiveness of our lender network, we can help you find a lender that will work with you even if you can only make a minimal down payment. However, getting a mortgage loan is much cheaper if you make the recommended down payment of 20%. This will help you in two ways. First, it will reduce your interest rates, saving you money on interest expense over time. Secondly, you will avoid costly Private Mortgage Insurance (PMI), which otherwise would be added to your monthly payment if your down payment were too small.
No matter what your needs when getting a mortgage loan, we can help match you with a lender that can meet them. The two most common types of mortgages our lenders offer are fixed-rate and adjustable-rate mortgages. Our lenders may also offer many other varieties of mortgage loans, but this will vary from lender to lender. In general, a fixed-rate mortgage comes with an interest rate that remains the same for the life of the loan. An adjustable-rate mortgage has a fixed rate initially, followed by a fluctuating rate for the rest of the mortgage term. Examine the must-know facts about mortgage loans.
