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Confused by mortgages, appraisals, credit, fixed rates vs. ARMs? MADRATE's Mortgage Library takes the uncertainty out of the mortgage experience, providing easy-to-understand explanations of the steps and players in the often stressful process.
Sample Documents
Here are samples of both a Good Faith Estimate and Lock-In Agreement for a loan size of $250,000.
What is a Mortgage, Anyway?
This informative article provides an explanation of the parties that have a stake in a mortgage, their rights and obligations, and common steps in obtaining a mortgage when you buy a home or refinance a property loan.
Mortgage Glossary
Terms and definitions related to the mortgage process
The Role of the Mortgage Broker
When shopping for a mortgage broker, you will need an advocate who vows to represent you and your best interests throughout the entire process. You should expect your mortgage broker to be by your side when helping you to define your financil goals, through completing your application to signing your closing papers.
Your mortgage broker will search a network of lenders to assemble a wide range of diverse mortgage programs with the most competitive interest rates and pricing including fixed rate and adjustable rate loans in addition to other creative solutions.
Working with your mortagge broker you will study your options, working to understand long term effects of your decision allowuing you to make an informed decision. As your advisor, your broker will lock in your rate and highlight your strengths when presenting your mortgage application.
What is Credit?
Wondering how your credit application is used and how your credit score affects your ability to secure the loan you want? This article defines key concepts related to credit and how your personal credit is relevant to the loan application process.
Prequalification Process
The prequalification process helps you determine how much you can borrow prior to buying a home. This article will help you understand how.
Understanding the Mortgage Process
Take the uncertainty out of this often stressful process. Organized in an easy step-by-step format, this article outlines the steps required to complete the mortgage process.
Fixed Rate Mortgages
This article explains the terms of a fixed rate mortgage and what types of borrowers typically prefer a fixed rate mortgage.
Interest Only Mortgages
This article explains the terms of an interest only mortgage and the benefits of this mortgage type.
Adjustable Rate Mortgages
Have you wondered what a 3/1 ARM mortgage is? This article takes the confusion out of adjustable rate mortgages, explaining the terms and time frame for rate adjustments.
FHA / VA Loans
Find out if the low down payment requirements and credit score flexibiliy make a VA / FHA loan right for you.
100% Financing
Want to know if you qualify for 100% financing? This article explains some of the minimum requirements to quailfy.
Stated Income Mortgage
Learn how stated income loans offer simplicity to the mortgage process with the convenience of less documentation than traditional home loans.
When Should You Refinance?
Refinancing can help you lower your monthly payments, but be sure to consider all the costs of refinancing, including closing costs, application costs, and loss of tax-deductible mortgage interest.
HELOC - Home Equity Line of Credit
Wondering if a home equity line of credit can help if you need funds for ongoing expenses such as tuition or remodeling costs? This article describes the typical terms and benefits of a HELOC.
Home Equity Loan (Second Mortgage)
Want to know the difference between a HELOC and a Home Equity Loan? This article describes the differences and which may be suitable to you given your situation.
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