Home Mortgage Loan Information and Mortgage Calculator

Looking for a Home Mortgage?

Home ownership is a goal for many individuals and families. Buying a home is one of the biggest financial decisions that you will make.

We want to provide you information and links that will answer your questions and point you on the path to making smart financial decisions when you purchase and finance a home.

By shopping around and comparing mortgage interest rates that are available, you can literally save thousands of dollars on your mortgage. Keep in mind that lenders compete for your mortgage business and you will get the lowest mortgage rates possible if you take your time and explore all your options 

Many companies carefully follow the real estate and home mortgage markets to provide you current and accurate information. Most mortgage companies will also provide assistance with the loan process, as well as offer useful tools such as the mortgage calculator that we provide on this page. Be sure to compare the home loan interest rates between 15 year fixed home loans and 30 year fixed home loans.

Home loan interest rates have not been this low for a long time. Take advantage of the low home loan rates for either your first time home loan, buying another house, or refinancing your current home mortgage.

Getting a home loan quote online is free and easy. You enter your state, the type of home loan you are interested in (purchasing a home, home equity loan, or refinancing loan), length of the mortgage, and additional financial information. You will get several home loan quotes that you can compare online and there is no cost or obligation.

You can easily track news and advice on mortgage home loans, home refinance loans, home equity loans, debt consolidation loans and home mortgages online. Compare mortgage rates and find the best home loans online without the hassle of meeting with a salesman face to face at your local bank.  Always compare rates and mortgages.

First Time Home Loans - If you are a first time home buyer you are probably eligible for the $8,000 home loan tax credit. The purpose of the credit is to help the economy, stabilize house prices, and reduce home foreclosures. A first time home owner is someone that has not owned their primary residence in the past three years.

If this is your first time home loan, there are several things you need to know. You need to understand how much of a home loan you can afford. You should search for mortgage rates to determine the range of mortgage rates that are available. You also need to know if you are required to put down a down payment and if so, how much down payment you can afford. You should take the time to compare mortgages. What type of mortgage will work best for you, a fixed rate mortgage, a variable rate mortgage, a 15 year mortgage or 30 year mortgage.

Fixed Home Loans - These type of home loans charge you the same interest rate over the course of the entire loan. Fixed home loans are considered the best route to go, especially if home loan interest rates are low. Fixed home loans give you a sense of financial security because you know the amount you will need to pay monthly. The two most common period of fixed rate home loans are the 15 year fixed home loan and the 30 year fixed home loan. If you can afford the payments of the 15 year fixed rate home loan, you will save a lot of money and pay off your home mortgage much quicker.

Variable Home Loans - These type of home loans mean that the interest rate can change based on the interest rate market. If the interest rate increases, so will your monthly mortgage payment. Most people will get variable home loans when interest rates are high, so they aren't locked into a high interest rate home loan. When home intereset rates decline, you might be able to refinance your mortgage into a lower fixed rate home loan.

BE AWARE OF UP FRONT MORTGAGE COSTS
When you secure a loan, your mortgage lender may charge a number of fees that you may not be aware of including application fees, appraisal, origination and insurance fees, plus title search, insurance and any legal costs.  These costs can add up to thousands of dollars so choose your mortgage lender carefully.

Some mortgage lenders may also assess discount points, which are paid upfront by you to secure a lower interest rate. Generally, expect fees to replace any savings unless your new mortgage interest rate is at least a half a percentage point lower than your current one.

LONG TERM MORTGAGE COSTS TO YOU
When you are considering refinancing a mortgage, the posted interest rate doesn't usually reflect the entire cost of the mortgage. The actual amount you pay over the life of the loan will also be affected by the length of the term, whether your rate is adjustable or fixed, whether you paid discount points, and what upfront fees you are charged by the mortgage lender. 

The easiest method to compare all mortgage costs is to examine the annual percentage rate (APR), which reviews the base interest rate and the points and other charges  that are incurred during the life of the loan.  Mortgage bankers follow the same rules when calculating the APR, so it's an excellent platform for comparison.

Mortgage Calculator - Feel free to use this mortgage calculator to determine your monthly payment by adjusting the loan amount, terms, and mortgage rate.

HOW TO DETERMINE WHICH MORTGAGE LENDER TO CHOOSE

1. Compare fees along with mortgage interest rates.  Look for the lowest mortgage rates available. Always ask the potential mortgage lenders for a "good faith estimate" of all the costs that you will incur with your mortgage loan.   Also, ask about potential hidden charges such as prepayment penalties.

2. Larger mortgage lenders are not always more safe and secure than smaller banks.  Do your research.  Some mortgage lenders also specialize in loans for people with poor credit and may be a more realistic option for you.    

3. There is a wide range of mortgage loans that are available. Use these choices to your benefit.   Look for a mortgage lender who offers a wide variety of mortgage types, from conventional fixed-rate and adjustable-rate to hybrid ARMs.  Credible lenders will match you with a mortgage loan that's right for you and your current financial situation.

4. What kind of customer service does a lender offer?  Is there a hidden fee to lock in quotes?  You want a credible and responsive company to handle your mortgage loan.  You want a lender that will listen to your needs first, regardless of their commission and fee schedule.

Mortgage Stimulus Plan - In order to attempt to get our economy back on track, the Obama administration introduced the Making Home Afforbable plan. It was designed to help stabilize the housing market and help up to 9 million Americans reduce monthly mortgage payments.

There are two aspects of the program. One part of the plan is to allow homeowners to refinance your current mortgage. If you are a homeowner and you are current on your mortgage payments but unable to refinance to a lower interest rate because the value of your home has decreased, you might be eligible for the program.

The other part of the plan is home mortgage loan modification. This means if you are no longer able to make your monthly mortgage payments, you may be eligible for a mortgage modification that will make your monthly mortgage payment affordable.

If your home mortgage is owned by Freddie Mac or Fannie Mae you might qualify for a home affordable refinance. This will allow you to get a lower interest rate. Only loans that are guaranteed by Freddie Mac or Fannie Mae qualify.