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Today's Rates

National Averages
Mtg LoanRateAPR
30-yr Fixed5.94%6.13%
15-yr Fixed5.53%5.82%
5/1 ARM5.58%6.53%
Last updated: November 15, 2007

The Mortgage Application Process

o Mortgage Application Checklist
Lists the documentation that you may be required to supply the lender as part of the application process.
o How Much of a Loan Can I Afford?
Explains how your finances impact how much of a loan you can qualify for.
o Your Credit Score and Credit Report
Describes the role of the credit report in the loan application process and some simple tips to help you increase your credit score.
o Prequalification vs. Preapproval
Discusses the difference between prequalifying for a loan and being preapproved.
o What is a rate lock?
Explains how a rate lock-in works and why you might need one.
o Understanding PMI
If you have less than 20% for your down payment, your lender will probably require PMI.
o What is a Good Faith Estimate?
Details many of the fees that appear in the Good Faith Estimate.
 
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