Mortgage Loan Essentials You Need to Know
A mortgage loan is many homeowners' single biggest bill each month, and nailing the right payment amount can allow you to reach longer-term financial goals -- while getting it wrong could leave you struggling to make ends meet.
For example, securing a 1-percentage-point haircut on your mortgage rate could mean saving $67,320 over the life of the average 30-year fixed-rate mortgage loan*.That's more than the average American's household annual income. Just think about what an extra $67,000 could do for your financial well-being. We Fools are born-and-bred stock investors, so we see that savings as a good opportunity to buy shares in high-quality companies, but maybe for you it means a child's college tuition or a new business venture.
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What's clear is that learning the ins and outs of buying a home can go a long way toward helping homebuyers reach their financial goals.
We've compiled a handful of valuable mortgage loan articles and videos to provide homebuyers with essential resources. They cover topics like the importance of getting preapproved for a mortgage and raising your credit score before you apply. You'll find a wide variety of helpful resources and tips to help you dial in the perfect mortgage terms for you.
Mortgage loan essentials
- Find a Highly Rated Lender and Compare Current Mortgage Rates
- How to Get Pre-Approved for a Mortgage
- How Much House Can I Afford Calculator
- 3 Must-Ask Questions Before Getting a Mortgage
- 7 of the Worst Mortgage Myths
- Should I Refinance My Mortgage?
- 2 Reasons Why Piling on Mortgage Debt May Be a Bad Idea
- 1 Number You Should Never Believe from Mortgage Lenders
- 1 Pesky Mortgage Mistake That May Hit Your Wallet
- 15-year vs. 30-Year Mortgage: Which Is Right for You?
- 3 Dumb Mistakes to Avoid When Closing on a Mortgage
- Underwater on Your Mortgage? Do This Now
- 4 Steps to Prepare Your Credit Score Before Getting a Mortgage
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*Average new home purchase of $309,000. Current 30-year fixed mortgage rate of 4.31% versus 5.31%. Mortgage rates as of 3/8/17. The Motley Fool has a disclosure policy.