Mortgage Insights

Mortgage Services Guide

Explore mortgage rates, loan types, and expert tips for first-time buyers and refinancing.

Current Mortgage Rates

Find the best current mortgage rates available for your home financing needs.

First-Time Loans

Discover options for first-time home buyer loans and how to qualify for them.

Refinancing Tips

Learn when to refinance your mortgage and how to save money effectively.

Navigating the mortgage process can feel overwhelming, but understanding the basics can save you thousands. As of mid-2024, average mortgage rates range from 6.5% to 7.2% for a 30-year fixed loan and 5.8% to 6.4% for a 15-year fixed loan. Government-backed loans (FHA, VA, USDA) often offer lower rates, especially for first-time buyers or those with smaller down payments.

Loan types vary significantly. Conventional loans require a 620+ credit score and 3%-20% down, while FHA loans accept scores as low as 500 with just 3.5% down. VA loans (for veterans/military) and USDA loans (for rural areas) allow 0% down, but each has unique eligibility rules. Always compare lenders—rates and fees can differ by over 1%, impacting your long-term costs.

To get approved, follow these steps: First, check your credit score and report for errors. Next, save for a down payment (aim for 3.5%-20%) and closing costs (2%-5% of the loan). Get pre-approved by multiple lenders to compare offers, then house-hunt within your budget. Closing typically takes 30-45 days; review your Closing Disclosure carefully to avoid surprises.

Save money long-term: Consider refinancing if rates drop 1%+ below your current rate. If you put down less than 20%, prioritize reaching 20% equity to remove Private Mortgage Insurance (PMI). Discount points (prepaid interest) can also lower your rate—calculate the break-even point to see if they’re worth it.