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All Information is provided 'as is' and is solely for informational purposes, not for advice, and may be delayed. The rates shown here are not inclusive of all available mortgage products. Rates are powered by


1 What's an FHA mortgage and should I apply for one?

A Federal Housing Administration loan is insured by the federal government and are offered to first-time home owners who would otherwise not be able to afford a home. The advantage is you can put as little as 3.5 percent as down payment, rather than the typical 20 percent.

2 Should you buy points?

Everyone wants the lowest possible interest rate when getting a mortgage. If you want to lower your monthly mortgage payments, lenders will let you “buy down” the rate by paying what are called “discount points.” You pay these points up-front at closing. The more points you pay, the lower the interest rate on your mortgage.

A good rule of thumb is that every point should lower your rate by a quarter of 1 percent.

3What are closing costs?

In a nutshell, closing costs are the fees that have to be paid before you can finalize the purchase of your home. Closing costs are calculated as a percentage of the home’s purchase price and they usually run between 2 and 5 percent.

So for example, if you’re buying a $200,000 home, your closing costs could be anywhere from $4,000 to $10,000.

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