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Accurate as of November 06, 2024
Lock in a low monthly payment while mortgage rates continue to drop. Get prequalified online to learn how much you're eligible to borrow, and to receive a personalized quote estimate in minutes.
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Numbers you can trust
Numbers you can trust
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Cutting-edge online marketplace
Cutting-edge online marketplace
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Pre-approval letter with rate lock protection
Pre-approval letter with rate lock protection
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Compare today's current mortgage rates
Compare today's current mortgage rates
01
Numbers you can trust
Numbers you can trust
01
Unlock cash from within your home
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Find a simple mortgage that works for you
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Get quotes and pre-qualify quickly
01
Unlock cash from within your home
Unlock cash from within your home
02
Find a simple mortgage that works for you
Find a simple mortgage that works for you
03
Get quotes and pre-qualify quickly
Get quotes and pre-qualify quickly
Get Prequalified for a Mortgage Online
Online mortgage prequalification is offered by nearly all lenders, providing a ballpark estimate of how much you can afford to spend on a home. Simply visit the lender’s website, provide some basic, self-reported financial details, and receive your estimate instantly.
Prequalification is a quick and easy step that doesn’t impact your credit score.
Since prequalification doesn’t commit you to a specific loan, it’s wise to shop around and get prequalified with multiple lenders. This allows you to compare offers and find the best deal before you apply for a mortgage.
Preapproval is a more thorough process than prequalification.
While you can switch lenders after being pre-approved, the process does require a hard credit check, so it’s typically advised to get preapproved with the lender you want to apply for a mortgage with. Not sure whether preapproval vs. prequalification is right for you? Learn more.
What’s on This Page?
What is a Mortgage?
A mortgage is a loan used to purchase property. It involves a commitment to repay the loan typically over 15 to 30 years. During this time, the lender holds the property as collateral, meaning the property can be taken if regular payments are not made.
Millions of Americans use mortgage loans to afford their homes when paying the full price in cash isn't an option. Researching lenders soon before you close on a house can be a smart way to determine your price range and see if you'll be preapproved.
How to Choose a Mortgage Lender
Selecting the right lender san save tens of thousands over the life of a loan. The government, banks, credit unions, brokers, and online lenders can all provide mortgages. Comparing rates from multiple lenders is typically in your best financial interest.
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Mortgage Loans
Loan Types
Mortgage Rates
Where Mortgage Rates Tend to Be Higher or Lower
In areas like large cities or fast-growing regions, mortgage rates tend to be higher. This is because lots of people are looking to buy, and homes are more expensive.
On the other hand, smaller towns and rural areas often have lower rates because the housing market is more steady, and there’s less competition.
Rates are usually highest along popular coasts, like in parts of the Northeast or West Coast. Areas in the Midwest or South typically hae lower rates due to slower market growth.
Why Mortgage Rates Vary
Some of the main reasons why rates change from place to place include:
Finding the Best Rate for You
Even though rates vary by location, things like your credit score, loan type, and down payment can also affect the rate you get. It’s a good idea to compare offers from different lenders to find the best deal in your area. This can help guide you to a rate that works for you, whether you’re buying in a busy city or a quiet neighborhood.
How to Find the Best Mortgage Lenders
Finding the best mortgage companies near you
Searching for the best mortgage companies is an important step in the home-buying process. The right lender can make a significant difference in securing the best mortgage loans for your needs.
Look for lender reviews with positive ratings and high customer satisfaction, and use online lender sites to compare different rates and fees to find the most cost-effective option.
Getting the best rate
Fixed-rate and adjustable-rate payment plans are each suitable for different financial situations and homeownership goals. The biggest factors that affect your individual rate include credit score, loan amount, down payment, and market conditions.
Consider using the rates you qualify for online as leverage for negotiation with other lenders, credit unions, brokers, or banks.
How to Apply for a Mortgage Loan
A mortgage application includes information about the borrower's financial situation, income, assets, debt, credit, and employment history, which lenders use to determine the applicant's eligibility for a home mortgage.
Online lenders typically offer faster approval times, often providing pre-approval within minutes and full approval within a few days to a week. A traditional bank pre-approval can take a few days and full approval potentially can take several weeks.
Steps to Apply
1. Compare Lenders
2. Determine Your Budget
3. Complete Your Application
4. Close the Loan
Home Mortgage Resources
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