Everything you need to know about home loans in one place. Use our "frequently asked questions" section to learn everything about mortgages, refinancing, home equity lines of credit and more.
If you like the way interest rates are looking right now, you might want to consider a rate lock. A mortgage rate lock is a guarantee that your lender will give you a certain interest rate on your home loan, as long as your mortgage closes by an agreed-upon date. In addition to guaranteeing a specific interest rate, a rate lock can also “lock in” points, which are fees that you can pay to your lender upfront in order to obtain a reduced interest rate on your mortgage.
Read MorePronounced the same as pity, the acronym PITI is a common term when dealing with home loans. The letters in PITI stand for principal, interest, taxes, and insurance. The term, however is typically used as a blanket term that covers the monthly sum of the total debt service (principal and interest), homeowners insurance, property taxes, mortgage insurance, and homeowners association fees.
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