Compare Mortgage Loans & Home Loan Rates
Find the best mortgage rates and home loan options
Home Loan Calculator – Estimate Your Monthly Payments
* This calculator provides estimates only. It doesn't include property taxes, insurance, or HOA fees.
Top Mortgage Lenders & Home Loan Options
Rocket Mortgage
Loan Amount
$50,000 - $2,500,000
APR Range
6.25% - 8.50%
Term Length
180 - 360 months
Min. Credit Score
620+
Best for: First-time homebuyers
Better Mortgage
Loan Amount
$100,000 - $2,000,000
APR Range
6.13% - 8.25%
Term Length
180 - 360 months
Min. Credit Score
620+
Best for: Fee-conscious borrowers
LoanDepot
Loan Amount
$100,000 - $3,000,000
APR Range
6.38% - 8.75%
Term Length
180 - 360 months
Min. Credit Score
620+
Best for: Repeat homebuyers
Guild Mortgage
Loan Amount
$125,000 - $2,500,000
APR Range
6.25% - 8.50%
Term Length
180 - 360 months
Min. Credit Score
580+
Best for: Low down payment options
Guaranteed Rate
Loan Amount
$100,000 - $3,000,000
APR Range
6.13% - 8.63%
Term Length
180 - 360 months
Min. Credit Score
620+
Best for: Digital experience
What Are the Requirements to Qualify for a Mortgage?
Typical Eligibility Requirements for Mortgages
| Requirement | Description | Minimum | Recommended |
|---|---|---|---|
| Credit Score | Your credit score affects loan approval and interest rate. | 620+ (conventional) | 740+ for best rates |
| Income & Employment | Stable income and employment history are essential for mortgage approval. | 2 years of employment history | 2+ years in same field |
| Debt-to-Income Ratio | Your DTI compares your monthly debt payments to your monthly income. | Below 43% | Below 36% |
| Down Payment | The amount you pay upfront affects loan terms and monthly payments. | 3% (conventional), 3.5% (FHA) | 20% to avoid PMI |
| Residency | You must be a legal resident to qualify for most mortgages. | US citizen, permanent resident, or eligible visa holder | Same as minimum |
* Requirements vary by lender. Meeting minimum requirements does not guarantee approval.
Advantages and Disadvantages of Getting a Mortgage
Pros of Mortgages
- Builds long-term equity and wealth
- Potential tax benefits (mortgage interest deduction)
- Fixed monthly payments (with fixed-rate mortgages)
- Property value may appreciate over time
- Freedom to modify and personalize your home
Cons of Mortgages
- Long-term financial commitment (15-30 years)
- Significant upfront closing costs (2-5% of loan)
- Property maintenance responsibilities and costs
- Less flexibility to relocate quickly
- Potential for foreclosure if payments aren't made
Step-by-Step Guide to Applying for a Mortgage
How to Apply for a Mortgage
- 1
Check Your Credit and Get Pre-Approved
Review your credit report, address any issues, and get pre-approved to understand your budget and strengthen your offer.
- 2
Research and Compare Lenders
Shop around for the best rates and terms. Compare different loan types and lenders to find the best fit for your situation.
- 3
Submit Your Mortgage Application
Complete the formal application with your chosen lender, providing personal information, financial details, and property information.
- 4
Complete Underwriting and Home Appraisal
The lender will verify all your information, order an appraisal of the property, and complete the underwriting process.
- 5
Close on Your Mortgage
Review and sign the final loan documents, pay closing costs, and receive the keys to your new home.