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Frequently Asked Questions
Answers to common questions about home mortgage rates.
Buying a home can feel daunting with so many options and complex terminology. Take some time to familiarize yourself with the different types of home loans so you can proceed with assurance. Our mortgage rates calculator will help you determine rates and loan options suited to your needs.
Fixed-Rate Loans: These loans feature an interest rate that remains constant throughout the loan term, ensuring that your mortgage payments for principal and interest are stable. Fixed-rate loans are typically available in terms of 10, 15, 20, 25, or 30 years.
Adjustable-Rate Mortgages (ARMs): ARMs come in various forms, with the most common having a fixed rate for an initial period (such as 5, 7, or 10 years), after which the rate adjusts annually based on market conditions.
FHA Loans: Backed by the Federal Housing Administration, FHA loans require a lower down payment, making them accessible for many buyers.
VA Loans: Designed to assist U.S. military veterans and, in some cases, their spouses, VA loans offer the advantage of no down payment and are guaranteed by the Department of Veterans Affairs.
Jumbo Loans: These loans exceed the limits set by the Federal Government for purchase or guarantee, with the maximum amount varying by county.
To assess how much house you can afford, experts generally recommend that you spend no more than 28% of your gross monthly income on housing expenses and keep total debt, including housing, student loans, car payments, and credit cards, under 36% of your income.
Various home loans come with different terms and rates, with some requiring lower down payments than others. Use our straightforward mortgage loan amortization calculator to estimate your payments and help determine the maximum home price that fits your budget.
Generally, if you’ve never owned a home before, you are classified as a first-time homebuyer. Additionally, if you haven’t owned a primary residence in the past three years, you may still qualify as a first-time homebuyer. First-time buyers often benefit from significant financing options and flexibility, with down payments starting as low as 3%. FHA loans are especially popular among first-time buyers due to their low down payment requirement of 3.5%.
Once you are under contract to purchase a home and a closing date has been set, you can choose to lock in or float your interest rate. Your loan officer will provide guidance and discuss your options at the right time.