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Adv Disclosure

In the lending business for over 30 years, Quicken Loans has made it possible for over 2 million Americans to purchase a home. While many other lending services do not actually lend money themselves, Quicken Loans provides mortgage loans directly. Quicken Loans puts customers first and has achieved a consistently high satisfaction rate.

July 31, 2023

Rocket Mortgage In-Depth Review

With low rates and personalized service, Rocket Mortgage specializes in guiding first-time buyers in the process of purchasing a home. Their team of mortgage specialists will walk you through the loan process and help suggest affordable rates and terms based on your financial situation.

July 05, 2023

New American Funding In-Depth Review

Founded in Orange County California in 2003, New American Funding has since developed into one of the nation’s top 30 lenders when it comes to mortgage loans and mortgage refinancing. The business boasts thousands of employees, is family-owned, and licensed in 49 states including Washington DC. Because they are a direct lender, they can offer borrowers competitive rates for home financing.

July 31, 2023

Mortgage Loans FAQs

Looking to purchase a home or refinance an existing mortgage? Online mortgage loans allow you to receive multiple offers and find a loan that suits your needs. Before starting a mortgage or refinancing an existing loan, it's important you understand the mortgage loan process. To get you started, we've answered some of the most commonly asked questions about mortgage loans below.

How do mortgage loan services work?

Many of the top mortgage loan companies function as a middleman between the borrower and lender. As an applicant, you are asked to fill out basic information on the mortgage company's website, then the service will show you what options and rates are available to you. Lenders will make an offer as to how much money they can loan and the repayment conditions.

What kind of information do I need to provide to apply for a mortgage?

As a mortgage applicant, you can fill out basic information on the mortgage company's website. This includes the type of home you plan on purchasing, the location of the home, and details about your current financial situation and anticipated down payment. Some mortgage companies will ask for your Social Security number in order to accurately provide you with personalized rates. The mortgage service will then offer you several mortgage loan options or connect you with a representative over the phone.

Can I refinance an existing mortgage loan?

There are many reasons to refinance and replace an existing mortgage. Many people refinance their mortgages in order to reduce monthly payments, switch from an adjustable-rate to a fixed-rate, or to pay off their mortgage early. Others refinance in order to access cash to pay off other high-interest loans such as car loans and credit card loans. Virtually all online mortgage services offer mortgage refinance options, allowing you to view and compare refinance rates. Be sure to carefully consider your refinance options as it may mean using your home as collateral.

What is APR?

The APR (annual percentage rate) refers to the annualized interest rate charged on your mortgage. Typical APRs range from about 3% to 5% and are very dependent on the amount, length, and eligibility of your mortgage. The APR will also fluctuate depending on the type of mortgage you choose. Lenders may offer you fixed-rate mortgages, two-step mortgages, balloon mortgages, and more.

How much time do I have to repay the loan?

Your repayment agreement depends on the terms negotiated between you and the lender. Mortgage companies such as Quicken Loans, for example, offer 15 and 30-year fixed rates, while other lenders such as J.G. Wentworth offer other options such as 20-year mortgages. Representative Example: If you bought a home for $500,000 with a 25% down payment, at an APR of 3.5% and a 15-year fixed term, you would pay around $2,700 per month.

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