Home purchase mortgages
A home purchase mortgage is a loan secured against the property you are buying.
Independent mortgage guides
Understand your mortgage before you sign.
Online Mortgages Broker is an independent mortgage information resource that explains how home purchase loans, refinancing, mortgage types, rates, and the application process actually work, so you can compare options intelligently and ask the right questions before you sign.
What this is
Online Mortgages Broker is an independent mortgage information resource that explains how home purchase loans, refinancing, mortgage types, rates, and the application process actually work, so you can compare options intelligently and ask the right questions before you sign.
Genuinely useful explainer content
No fabricated rates or lender names
Equal Housing Opportunity
The guides
Every decision in the mortgage process, explained
Plain-English guides organized by what you are trying to understand or do. Pick a topic.
Refinancing your mortgage
Refinancing replaces your current mortgage with a new one, usually to lower your rate, reduce your monthly payment, change your loan term, or access equity.
Mortgage types
The main mortgage types are fixed-rate loans, which hold the same rate for the full term; adjustable-rate loans, which adjust after an initial period; and government-backed programs including FHA, VA, and USDA loans with specific eligibility and down payment structures.
Fixed-rate mortgages
A fixed-rate mortgage locks your interest rate for the entire loan term, so your principal and interest payment is the same every month until the loan is paid off or refinanced.
Adjustable-rate mortgages
An adjustable-rate mortgage (ARM) holds a fixed rate for an initial period, often three to ten years, then adjusts periodically based on a market index plus a lender margin.
FHA loans
An FHA loan is a mortgage insured by the Federal Housing Administration.
VA and USDA loans
VA loans are available to qualifying active-duty service members, veterans, and eligible surviving spouses; they are backed by the Department of Veterans Affairs and allow zero down payment with no private mortgage insurance.
Jumbo loans
A jumbo loan is a mortgage that exceeds the conforming loan limit set by the Federal Housing Finance Agency for your county.
First-time home buyer guide
First-time buyers get a mortgage by preparing their credit and savings, shopping multiple lenders for pre-approval, choosing the loan type that fits their situation, completing the full application with documentation, and working through appraisal and underwriting to closing.
How mortgage rates work
Your mortgage rate is influenced by market forces you cannot control, like the broader bond market and economic conditions, and by factors specific to you that you can influence, including your credit score, loan-to-value ratio, loan type, term, and down payment.
The mortgage application process
The mortgage application process moves from pre-approval, where a lender reviews your financials and issues a conditional commitment, through formal application, documentation gathering, underwriting, appraisal, and finally closing.
Mortgage glossary
Mortgage terms include amortization (how payments split between principal and interest over time), APR (the annual percentage rate including fees), LTV (loan-to-value ratio), escrow (a third-party account holding tax and insurance funds), points (upfront fees to buy down the rate), PMI (private mortgage insurance), and DTI (debt-to-income ratio).
Choosing a loan
How to choose the right loan type for your situation
The best mortgage for you depends on your eligibility, your down payment, how long you plan to stay, and how much payment certainty you need. Start here.
Expand: matching loan types to borrower situations
If you qualify for a VA loan, look there first. VA loans require no down payment and carry no ongoing mortgage insurance, which is a meaningful cost advantage. Surviving spouses of qualifying service members may also be eligible. Ask a lender whether you meet the service requirements before ruling it in or out.
If you are buying in a rural or suburban area within income limits, a USDA loan offers a zero-down path similar to VA for buyers who do not have military service. Eligible areas are broader than most people assume; the USDA eligibility map is the authoritative check.
If your credit is still building or your down payment is limited, FHA financing is the most commonly available path. The minimum down payment is three and a half percent above a certain credit score threshold. FHA mortgage insurance lasts for the life of most FHA loans, so once you hold enough equity it can make sense to refinance into a conventional loan to drop that cost.
If you have strong credit and at least five percent down, compare a conventional loan alongside FHA. Conventional private mortgage insurance cancels automatically once you reach sufficient equity, which is an advantage over FHA for buyers who plan to stay long-term. Buyers who put down twenty percent can skip insurance entirely on a conventional loan.
If your purchase price exceeds the conforming loan limit for your county, you are looking at a jumbo loan. Jumbo underwriting is stricter: lenders typically want higher credit scores, larger down payments, and stronger reserves than a conforming loan requires. Verify the current limit for your county, since it adjusts annually and varies by area.
On the fixed versus adjustable question, the honest default is a fixed rate for anyone staying more than five to seven years. The payment never changes, and you carry no adjustment risk if market rates rise. An adjustable-rate mortgage makes more sense if you are confident you will sell or refinance before the initial fixed period ends, because the lower starting rate produces real savings over the period you actually hold the loan.
None of this is a recommendation of any specific loan or program, and the details change. Verify current eligibility rules, rates, and requirements with licensed lenders before making any decision. Equal Housing Opportunity.
Why this site
Information first, inquiry second
Most mortgage sites drop you into a rate form immediately. We do the opposite: every guide here starts with how the product actually works, what the trade-offs are, and what questions to ask before you talk to a lender. Lead-capture forms exist where they are useful, but they come after the content.
We cover the whole picture: home purchase loans, refinancing, mortgage types including fixed, adjustable, FHA, VA and USDA, and jumbo, plus the first-time buyer journey, how rates work, the application process, and a plain-English glossary.
How to use these guides
If you are buying for the first time, start with the first-time buyer guide and the application process, which walk you from preparing your credit and savings all the way through closing day. If you already know you are buying and want to understand the loan itself, the home purchase guide explains what a mortgage finances, how much you can borrow, and what to compare across offers. If you are weighing whether to refinance an existing loan, the refinancing guide shows the break-even math that tells you whether the savings justify the costs.
When you are choosing a loan type, the mortgage types overview compares the main options side by side, and each type has its own deeper guide for the details that matter: the certainty of a fixed rate, the initial savings and future adjustments of an ARM, the lower barriers of an FHA loan, the zero-down VA and USDA programs, and the stricter requirements of jumbo financing above the conforming limit. Whenever a term is unfamiliar, the glossary defines it in plain language.
What every guide has in common
Three principles run through everything here. First, we never invent numbers. Mortgage rates, fees, and program rules change constantly and depend on your credit, your down payment, your loan type, the property, and broader market conditions, so we describe how the pieces work and tell you to verify the current specifics with licensed lenders rather than quoting figures that would be stale or misleading. Second, we explain the trade-offs honestly, including the cases where a product is the wrong choice, because the goal is to help you decide, not to push you toward any particular loan. Third, we focus on the levers you actually control, such as your credit, your down payment, and shopping more than one lender, since those are where good preparation pays off.
None of this is a loan commitment, a guarantee of approval, or financial advice, and we are not a lender, broker, or financial advisor. It is general education meant to help you ask better questions and compare options intelligently. For guidance specific to your situation, consult a licensed mortgage professional. Equal Housing Opportunity: the information here is provided without regard to race, color, religion, national origin, sex, disability, familial status, or any other protected class. Always verify rates, terms, and eligibility directly with licensed lenders and advisors before making any financial decision.
Start here
Common mortgage questions
A mortgage is the largest loan most people ever take, and the process rewards preparation. The questions below are the ones buyers and homeowners ask most often, answered in plain language. Each links into a deeper guide when you want the full picture. As always, the answers are general information, not a loan commitment or financial advice, and the specific numbers always depend on your credit, your down payment, the loan type, and current market conditions.
What is the first step to getting a mortgage?
Most lenders and advisors recommend reviewing your credit and savings before anything else, then consulting with one or more lenders for a pre-approval. Understanding what you qualify for and what you can afford comfortably gives your home search a realistic target and your offer credibility with sellers.
What is the difference between a fixed and adjustable-rate mortgage?
A fixed-rate mortgage holds the same interest rate and payment for the full loan term. An adjustable-rate mortgage (ARM) starts with a fixed rate for an initial period, then adjusts periodically based on a market index. Fixed rates provide certainty; ARMs often start lower but carry future adjustment risk.
How do mortgage rates get determined?
Mortgage rates are influenced by broad market forces, primarily the bond market, as well as factors specific to the borrower including credit score, loan-to-value ratio, loan type, and term. Lenders set their own margins and fees on top of market rates, which is why getting multiple quotes matters.
Is Online Mortgages Broker a lender?
No. Online Mortgages Broker is an independent mortgage information resource. We explain how loans work, compare programs, and describe the application process. We do not originate loans, set rates, or make approval decisions. Nothing on this site is a loan commitment or financial advice.
How much down payment do I need to buy a home?
It depends on the loan program. Conventional loans can go as low as three percent for qualified buyers, FHA requires three and a half percent above a certain credit score, and VA and USDA loans offer zero-down options for eligible buyers. A larger down payment lowers your loan amount, can eliminate private mortgage insurance on a conventional loan, and often improves your rate. Verify current requirements with a lender, since they change.
What credit score do I need for a mortgage?
Requirements vary by program and lender. Government-backed programs such as FHA tend to allow lower scores than conventional loans, and your score affects both whether you qualify and the rate you are offered. Check your credit reports for errors and work on your score before applying if you can. Ask lenders what their current minimums are, since individual lenders often set requirements above the program floor.
How much does it cost to close on a mortgage?
Beyond the down payment, expect closing costs of roughly a few percent of the loan amount, covering lender fees, third-party services like the appraisal and title work, and prepaid items such as property taxes and homeowners insurance. Each lender itemizes these on the standardized Loan Estimate, so you can compare them line by line. Some buyers negotiate seller contributions or accept a slightly higher rate in exchange for lender credits toward costs.
When should I refinance my mortgage?
Refinancing tends to make sense when the savings from a lower rate, or the benefit of changing your term or tapping equity, outweigh the closing costs within the time you plan to keep the home. The quick test is the break-even: divide the closing costs by the monthly savings to see how many months until the refinance pays for itself. Timing the market is unreliable; act when the math works for your situation.
Is this site free to use, and how does it make money?
The guides are free to read. Some pages include clearly marked inquiry forms that can connect you with licensed lenders; submitting one does not constitute a loan application and puts you under no obligation. Lenders who receive your information are separate companies with their own licensing, rates, and terms. We publish information first and keep the educational content independent of whether you ever submit a form. Equal Housing Opportunity.
Should I get pre-qualified or pre-approved first?
Pre-qualification is a quick, informal estimate based on information you provide but the lender has not verified, useful for a rough sense of your range. Pre-approval involves the lender verifying your income, assets, and credit, including a credit pull, so its letter carries far more weight with sellers. When you are ready to make offers, a true pre-approval is what you want, because a seller comparing bids will trust a verified buyer over one with only a casual estimate.
How long does it take to get a mortgage?
Most purchase loans close in roughly thirty to sixty days from when the contract is signed, though the timeline depends on the lender, the loan type, the appraisal, the title search, and how quickly you provide documentation. Government-backed loans can take a little longer because of added review. Gathering your pay stubs, tax returns, and bank statements before you apply and responding quickly to requests is the best way to keep the process moving.