The term of your loan is how long you have to repay the loan.
Interest rates come in two basic types: fixed and adjustable.
Mortgage loans are organized into categories based on the size of the loan and whether they are part of a government program. Compare Conventional, FHA and Special Program Loans (VA, USDA, Local, Rehab) here.
*Information above provided by Consumer Financial Protection Bureau
- Plan ahead when researching mortgages. Satisfaction among customers who waited until they found a home to look for a mortgage is 92 points lower than among those who started before they began a home search. Your Realtor can help.
- Get more than one quote. Among the 32% of customers who received just one quote, overall satisfaction is 19 points lower than those who get multiple quotes. Satisfaction is 38 points lower among first-time buyers only getting one quote vs. those who get multiple quotes.
- Choose a lender based on merits, not just price or affiliation. Customers who say they chose their lender primarily because of price/rate or based on a recommendation are significantly less satisfied than those whose choice is based on other reasons.