A mortgage is a loan secured by the value of a home. Most households can’t afford a large down payment when purchasing a new home. This type of loan allows them to put down a low down payment and borrow the rest of the money. With a mortgage, you can make a smaller down payment and get a loan for the balance. There are many advantages to getting a mortgage. Read on for more information.
Rocket Mortgage’s online application makes the process easy and fast. You can apply for two types of loans through the Rocket mortgage application: conventional and adjustable rate. Conventional mortgage loans are backed by a private lender. They often offer better interest rates and terms, but they also require higher credit scores and down payments. With a competitive rate, you may qualify for a smaller down payment. While there are other benefits to applying for a conventional loan, you should make sure that you can afford the repayment schedule.
Mortgage rates are fairly standard. They are determined by several factors. Generally, up-front payments have the biggest impact on rates. While the terms and conditions vary by lender, you can use these rates to compare mortgage rates. APRs are also based on your credit score and your eligibility for government-backed loans. Once you have the rate you want, it is time to apply. You can save thousands of dollars on your mortgage. So don’t hesitate and shop for the best rate online.