Common questions

No. This is an educational site. It does not publish rates, make loans or collect personal information.

Apply with one or more licensed lenders and compare the Loan Estimates they provide. Verify any lender on NMLS Consumer Access.

Scoring models generally treat several mortgage inquiries within a short window as one. Shop in a focused period.

They can be accurate for the borrower they assume. Your price depends on your own credit, equity, loan and lock period.

• What you are paying for. A mortgage rate is the price of borrowing.
• Rate and cost go together. Every offer combines an interest rate with a cost.
• Getting a real quote. A real quote requires an application so the lender can issue a Loan Estimate.

Read “Mortgage Rates: A Beginner’s Guide”

• Time horizon. If you expect to keep the loan beyond the ARM’s fixed period, a fixed rate removes payment uncertainty.
• Payment shock tolerance. Calculate the maximum payment the ARM caps allow.
• Income outlook. Expected income growth can make future payment changes more manageable, but plans change.

Read “Fixed vs. Adjustable: A Decision Framework”

• Fixed-rate basics. A fixed-rate mortgage keeps the same interest rate for the life of the loan, so principal and interest stay the same.
• Adjustable-rate basics. An adjustable-rate mortgage has an initial fixed period, then adjusts periodically based on an index plus a margin.
• When an ARM may fit. An ARM can suit borrowers who expect to sell or refinance before the first adjustment, or who can comfortably absorb higher payments.

Read “Fixed or Adjustable? A Starter Comparison”

• Note rate. The interest rate written into your promissory note, used to calculate monthly interest.
• Annual percentage rate. A yearly measure that includes the note rate plus certain fees, spread over the full term.
• Par pricing. The rate available with neither discount points nor lender credits.

Read “Rate Words That Confuse People”

• Learn the vocabulary first. Before calling lenders, know a few terms: the interest rate, discount points, lender credits, the Loan Estimate, a rate lock and the Closing Disclosure.
• Get prequalified with more than one lender. Prequalification gives you a rough idea of what lenders may offer.
• Ask about programs you may qualify for. First-time buyers may be eligible for FHA, VA, USDA or conventional programs with different requirements, as well as state and local assistance.

Read “Mortgage Rate Shopping for First-Time Buyers: A Starter Checklist”