Quantcast

Some published reports claim that the number of potential buyers researching mortgages and interest rates online   is over 90 percent, which is a big jump from around a decade ago when slightly more than half of potential buyers were doing their mortgage homework online.

FHA Mortgage Loan Rates

October 20, 2018
FHA Rates for October 20, 2018
Offering 30 Year Fixed Mortgages
Offering 15 Year Fixed Mortgages
Use our mortgage calculators
to see what you can afford!
FHA.com is a private company, is not a government agency, and does not make loans.

Prequalify Now!

Compare mortgage rates for your refinance or home purchase loan.

CHOOSE A LOAN TYPE

then
get
your

FREE CREDIT SCORE

Do you know what's on
your credit report?
FHA.com is a private company, is not a government agency, and does not make loans.

FHA Loan Articles

News and Updates for Homeowners

What You Should Know About Online Research for FHA Mortgages

What You Should Know About Online Research for FHA Mortgages
September 17, 2018 - If you are in the market for an FHA mortgage, FHA refinance loan, or other home loan product, chances are good you’ve already done some digital research or online research on the current state of the housing market you want to buy in, mortgage loan interest rates, and other details.

Some published reports claim that the number of potential buyers researching online for mortgage-related information including interest rates is over 90 percent, which is a big jump from around a decade ago when slightly more than half of potential buyers were doing their mortgage homework online.

What do borrowers need to know about FHA home loan interest rates and online research? For starters, the rates you see advertised online are not necessarily the rates offered to you.
This is because your participating FHA lender will set their own rates in general based on market conditions and other factors, but they will also modify the rates offered to borrowers based on the lender’s evaluation of them as a good credit risk...or otherwise.

A higher interest rate may be offered to some borrowers with FICO scores that aren’t as ideal as others; this may be offset (depending on the transaction) with the purchase of discount points, a higher down payment, or other factors.

And in some cases the lender offering a lower mortgage loan rate may be doing so at the expense of adjusted closing costs, depending on the circumstances.

This is often true when overall mortgage rates change on paper higher or lower, but the changes are not specifically applied at a given lender; that lender may adjust closing costs to offset a higher or lower mortgage loan interest rate.

What you need to know about online research into FHA mortgage loans or any other home loan product is that the information you get is often more general; it does not take into account your specific credit information such as FICO scores, loan repayment history etc.

Even when pre-qualifying for a mortgage loan, you may not be subject to a full, formal credit check yet; pre-qualifying is an excellent tool for borrowers to determine how much loan they can afford, convince a seller they are serious about purchasing, and getting the home loan process started in earnest.

Once the lender fully understands your financial picture, you will be in a position to be offered a mortgage loan interest rate. It’s best to prepare for the credit check far in advance of any pre-qualification or loan application; if you need time to prepare your credit you will be in a tough position to do so if you are already in serious talks with a lender.

Online details such as interest rates and sometimes even house prices may change; borrowers may be able to negotiate a lower rate or a lower price depending on the situation. It’s best to talk with a loan officer about these general details and learn how that financial institution will deal with the preliminaries and with the more formal credit check required to approve or deny the loan.

------------------------------

RELATED VIDEOS:
Don't Skip the Home Inspection
Bigger is Better With a Jumbo Loan
Insuring Mortgages With the FHA Funding Fee

FREE CREDIT SCORES   From All 3 Bureaus  

Do you know what's on your credit report?

Learn what your score means.


FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!