Very helpful! Thank you so much for putting this information together. It has made a huge difference in making sure I'm comfortable with my mortgage broker choice. RefiAdvisor sent me quality companies to choose from...Thanks again!
-Kathy Jo Rango
I think your web site gave me the most valuable help I could find and it was great all in one place. Very informative, thank you so much!
I'm so happy I found your site. Your service is very easy to use and understand. I'm confident I got the best deal around!
See competing mortgage rates in less than 5 minutes!
Getting the best possible deal on your home loan is important and we want to help. We make refinancing quick, easy, and hassle-free.
Shopping for the lowest mortgage rates takes less than 5 minutes: First, fill out the short form below by answering a few simple questions. Next, click "View Lenders."
Finally, you'll get a list of reputable mortgage companies in your area that offer the most competitive mortgage rates.
We've served over $7.5 billion in mortgage rate requests, and are proud to be a valuable, free resource for any homeonwer.
On this website you can receive up to five mortgage rates at a time instead of just one - enabling you to shop around and save more.
Multiple Quotes = Bigger Savings
According to a recent study performed for the Department of Housing and Urban Development, comparing multiple mortgage rate quotes when refinancing can save you big.
The study found that someone borrowing $200,000 saves thousands simply by considering 4 mortgage rate quotes.
We are not a lender or a broker, we are a free service that gives you access to competitive mortgage rate quotes from a network of over 250 lenders simply by completing a single online form.
Shop around for the best refinance mortgage rates
Our service makes it easy to and choose the best mortgage rates from a variety of lenders that serve your area.
You'll need to provide some basic information about yourself and your mortgage needs.
We'll never ask you for anything sensitive like your social security number.
Examples include, the property location, the approximate property value, the type of home (e.g. single family), the approximate existing mortgage balance, cash-out amount desired, and your self-assessed credit history (excellent, good, fair, etc).
A loan with an mortgage rate that changes periodically, according to an "index", such as Treasury Bills or the LIBOR index. Monthly payments can go up or down when the mortgage rate is adjusted.
Caps are limits on the amount that the mortgage rate on an Adjustable Rate Mortgage can change at any one adjustment and (usually) over the life of the loan. They protect the borrower from huge increases in the monthly payment in a rising mortgage rate environment. Rarely, a cap may apply to the payment amount rather than to the rate. Under certain conditions, payment caps can cause the loan balance to increase rather than decrease.
A loose term which generally refers to a fixed-rate conforming loan other than an FHA or VA loan.
A table which shows the distribution of monthly payments - how much will be applied toward principal and how much toward interest over the life of the loan.
A figure which attempts to reflect the total cost of a loan, expressed as a yearly rate. Because the APR takes the total cost of credit into account, it can never be lower, and is almost higher than the stated note rate or advertised rate. Within reason, the APR allows you to compare different types of mortgages based on the total cost.
An opinion of the fair value of a property, generally by a qualified and/or licensed professional an appraise.
The valuation placed on property for the purpose fixing the amount property taxes.
A fixed rate mortgage with monthly payments which are not large enough to pay off the loan during the term. Balloons end after a specific time, usually one to five years, after which the entire remaining balance must be paid in a lump sum.
1/100th of a point. One point is equal to one percent of the mortgage loan amount; therefore, one basis point equals 1/100 of one percent.
A mortgage insured by the Federal Housing Administration. Typically, FHA mortgages require somewhat lower down payments and less stringent qualification requirements.
The borrower pays a relatively high mortgage insurance premium which can be paid monthly or added to the total loan amount.
A loan with a mortgage rate that remains constant for the life of the loan. The mortgage rate is set when the loan is made and never changes. Also see Balloon Mortgage.
Insurance purchased by the borrower to partially protect the lender against loss if the borrower defaults. Normally required for loans with an LTV greater than 80% (20% down). FHA loans and most first buyer programs require mortgage insurance regardless of the LTV.
Insurance purchased for non-FHA loans is commonly called PMI (Private Mortgage Insurance). Some large lenders self-insure and do not require the buyer to purchase PMI, the interest, however, rate may be slightly higher.
Normally, mortgage insurance may be dropped when the LTV drops below 80%.
A condition where the loan balance goes up, rather than down, as payments are made. If a payment is not large enough to cover the interest due the difference is added to the principal.
Negative amortization can occur in certain types of adjustable rate mortgages.
A refinance with the fees and charges are added to the new mortgage amount instead of being paid up front.
A mortgage which does not conform to credit or other standards, or to the maximum loan limits set by Fannie Mae and Freddie Mac. See Jumbo Loan.
A fee charged by a lender to cover certain expenses associated with the loan origination. Usually stated as a percentage of the face value of the loan (points).
RefiAdvisor does not recommend paying more than one percent for loan originaiton. It is possible to find credit unions that charge as little as $400 for the originaiton fee.
A point is equal to one percent of the mortgage amount.
One point on a $100,000 mortgage would be $1,000, for example. Discount points are simply interest that is paid up-front.
Most lenders offer mortgages with several combinations of points and mortgage rates; generally, more points means a lower mortgage rate, less points means a higher rate.
The process of verifying the documentation and analyzing the risk associated with granting a mortgage.
A residential mortgage made to an eligible military veteran. The loan is guaranteed by the Department of Veterans Affairs to protect the lender against loss in the event of default.