Ideal Mortgage
Welcome to Ideal Mortgage. Here you will find current information relating to mortgages of all kinds. Learn about different types of mortgage loans, including fixed rate and adjustable rate mortgages, and about the different types of mortgage lenders and the primary function of each. We also explain the role of mortgage brokers and how they differ from loan officers. Most importantly, we have current information on mortgage rates for both refinancing and home purchase, to help you arrange the ideal mortgage for your particular circumstances.
One of the more important things to remember when shopping for a mortgage is that home loans differ from almost all other products in one critical respect - their price depends on the borrower. And that's not all - the terms of a home loan, and the suitability of home loans in general, depend on the borrower too. That's why there is really no such thing as a 'good' mortgage or a 'bad' mortgage as such.
An ideal mortgage is one which is the most appropriate for a particular person or persons, in a particular set of circumstances and at a particular point in time.
Current Mortgage Rates
The latest national average mortgage rates are shown below. To see the current rates in your state, please enter your zip code in the box below.
As of September 3, 2010
As of September 3, 2010
Mortgage Quotes
We offer a range of tips on mortgage quotes to help you obtain the most favorable terms possible. When you are confident about how to go about obtaining quotes, check out the home loan rate tables above, get together all the information you may need to provide to a broker or a prospective lender, and then seek a number of competing quotes before you make a final decision. And remember - a quote is not a quote until you have locked it in.
Your Ideal Mortgage
There are many factors to consider when seeking your ideal mortgage, most of which are related to you. In fact, the choice of a lender and type of home loan come quite late in the process, well after your consideration of your own circumstances and requirements. So you need to have a good think about these before focusing on matters such as lenders, rates, margins, points and fees.
The principal inputs in arranging a home loan quote are:
- Your particular circumstances;
- Your financial resources;
- The purpose of the mortgage;
- The term of the mortgage; and
- The amount you need to borrow.
There are some traps for the unwary in entering into home loan agreements, and given that mortgages represent the most significant financial commitment that most people ever make in their lifetimes, the costs in getting it wrong can be substantial.
But don't worry. There are many tips for navigating the maze of the mortgage market, and now that you're here, help is right at your fingertips.
This site is dedicated to providing independent information on home loans, and here you will find assistance on every type of mortgage, including those for home purchase, refinancing, home improvement, HELOCs, second mortgages, reverse mortgages, bad credit and jumbo loans.
Mortgage Resources
As well as the information provided on this site, there are a number of excellent resources available to call on. The Federal Housing Administration (FHA), which is part of HUD, helps people to obtain low-cost mortgages by providing mortgage insurance on a range of loans made by FHA-approved lenders. The US Government also provides comprehensive advice to consumers on mortgages for home buyers and homeowners, and Ginnie Mae maintains a Guide to Owning Your Own Home which contains a range of helpful calculators including buy-versus-rent, affordability and loan estimator calculators. The site also has a range of practical tips and articles in its Homeownership Information Center.
September 3, 2010
Mortgage Rate News
