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Finding your loan online

How does shopping for a mortgage online differ from getting one from a bank? Let us count the ways...

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Qualifying For a Home Loan

When considering your mortgage, lenders look at a variety of factors, including your ability and willingness to repay the loan.

• Your ability to repay is verified by your current employment and total income.
• Your willingness to repay is closely related to how you've fulfilled previous financial commitments. This is why lenders place such an emphasis on your credit report.

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What is 'A' Credit?

While factors vary, typically individuals with FICO scores above approximately 620 are deemed to be "A" credit borrowers. Generally speaking, the higher above this figure your credit score is, the greater your likelihood of being approved for the loan you want.

Potential borrowers with FICO scores below 620 can often still qualify for a mortgage, but the product might not be as well-priced or might have other less-favorable features.

How do I qualify for a loan?

Lenders use specific criteria to determine if you qualify for a loan and the amount you can qualify for. You will need to contact the mortgage lender to determine whether you can qualify for a loan, the types of loan products that are best for you, and many other things.

Best financial moves to make: Mortgages

Here's how the Fed's latest announcement will affect mortgage rates.

Fixed-rate mortgages:
The economy has changed since the last meeting of the Federal Reserve's rate-setting committee. In November, the economic recovery had yet to gain traction, with a poor job market and low inflation. But job growth has picked up and inflation might be making a comeback. That's a recipe for higher interest rates.

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learn more about Mortgage ,Auto loan,Home Equity and credit Basics