A LOW Mortgage Rate is Moments Away
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How to Shop for a Mortgage
Pick The Best Home Loan For Your Needs
Whether you’re a first-time homebuyer or someone who's trying to refinance from a 30-year to a 15-year mortgage, it's important to ask yourself the following questions to help you determine what's the best home loan for you.
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PURCHASE OR REFINANCE
Are you planning to purchase a home or refinance a mortgage on a property you already own?
Many homeowners assume they need to return to the same lender they used when they first purchased their home. In reality, you’re free to explore other lenders and programs when refinancing. Comparing options can often lead to better rates, terms, or loan structures that better fit your current situation.
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FIXED-RATE OR ADJUSTABLE-RATE HOME LOAN
One of the first decisions is choosing between a fixed-rate mortgage and an adjustable-rate mortgage (ARM). A fixed rate keeps your payment stable for the entire term of the loan. Adjustable-rate loans often start with lower monthly payments, but the rate and payment may change over time depending on market conditions.
CONFORMING OR JUMBO LOAN
The amount you plan to borrow also determines the type of loan you may need. Standard conforming loans fall within limits set by lending guidelines. If your loan amount exceeds those limits — often in higher-priced housing markets — you may need a jumbo or high-balance mortgage.
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GOVERNMENT OR CONVENTIONAL MORTGAGE
There are also different program types to consider. Government-backed loans such as FHA, VA, and USDA programs often allow lower down payments and more flexible qualification requirements. Conventional mortgages, on the other hand, may offer more options and benefits for borrowers with stronger credit profiles.
Before Applying For A Home Loan
Homebuyers and homeowners can easily do this online through services such as Every Day Simplified® When reviewing loan options, it’s important to collect the same type of information from each lender so you can accurately compare the offers once you receive multiple quotes.
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This information typically includes the mortgage rate being offered, the available loan terms, lender fees, third-party charges, total closing costs, the estimated APR, and any additional loan features such as interest-only payment options or possible prepayment penalties.
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Timing also matters when you’re shopping for a mortgage. Mortgage rates change frequently throughout the day because they are closely tied to the bond market and mortgage-backed securities, which are traded similarly to stocks. Economic news, Treasury auctions, and policy decisions from the Federal Reserve can all cause rates to move quickly.
Just like stock prices fluctuate during the trading day, mortgage rates can shift as well.
Because of this, a quote you receive from one lender earlier in the week may not be directly comparable to another quote you receive days later. Platforms like My Home Advisor help simplify the process by allowing consumers to review competing mortgage offers at the same time, making it easier to evaluate options and potentially save money.
