Mortgage Loans - LoanPower.com

Home Loans Simplified

Finding the Right Mortgage Loan

Getting a mortgage is a big decision and should be customized to your life goals. One size does not fit all.

But how do you find the best mortgage for you?

The home-buying process can be overwhelming. For most people, it’s the biggest financial purchase of their lives — and after an exhausting search for the right house, a mortgage loan can often be an afterthought. However, getting the right loan can save you thousands of dollars.

Let's take a look at things you should consider:

Your Financal Situation

Your credit history and the amount of money you have for your down payment can affect your loan options. People with high credit scores are generally able to get mortgages with lower interest rates. Similarly, a larger down payment can help you pay less in interest overall.

Before considering your loan options, assess your financial situation and your needs. This can help you pick a loan that fits your unique circumstances.

Life Plans

Types of Loans Available

You can choose from three main types of loans: conventional, FHA and special program loans. Conventional loans typically come from a bank or credit union and aren’t part of a specific government program. FHA loans are insured by the Federal Housing Administration, allow for smaller down payments and are available to people with lower credit scores. The government also runs special programs for various groups, such as VA loans for veterans or U.S. Department of Agriculture loans for people living in rural areas.

Taking time to understand all your financing options can help you choose the right mortgage.

The Bottom Line

Choosing a mortgage is a complicated decision. Although your interest rate is important, you should take other factors into account, such as how long you plan on staying in your house and what kind of loan you want. Educate yourself about the mortgage process and remember: You've got the Power.

CURRENT NATIONAL MORTGAGE RATES

FHA LoanPurchase - 30 Year Fixed

Rate0.00%

1W Change0.00%

APR0%

1W Change 0.00%

Last Updated: 05/04/2024

Conventional LoanPurchase - 30 Year Fixed

Rate6.72%

1W Change0.03%

APR7.11%

1W Change 0.07%

Last Updated: 05/04/2024

VA LoanPurchase - 30 Year Fixed

Rate6.21%

1W Change0.11%

APR6.483%

1W Change 0.10%

Last Updated: 05/04/2024

All mortgage rates displayed are provided by Zillow based on borrowers with credit scores between 680-740 and represent averages and trends.
Click Here to get a personalized rate for your specific situation today

What Our Customers Are Saying

"So much data out there it is overwhelming. It was great to find a lender that understood what I was looking for."

"This is the way to go. Find someone that will listen, compare and save. Thank you."

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Refinancing: Please review all of your refinancing options carefully. By refinancing you existing loan, your total finance charges may be higher over the life of the loan.