MoorGood to know: MoorLoans is an independent comparison platform — we don't issue loans directly. Rates, terms and eligibility vary by lender, and a credit inquiry may be part of the application process.
What Is a Mortgage?
A mortgage is a loan secured by your home. You repay principal and interest over a long term — commonly 15 or 30 years — and the home serves as collateral until it's paid off.
Types of Mortgages
- Fixed-rate — the rate never changes
- Adjustable-rate (ARM) — a low intro rate that later adjusts
- FHA — lower down payment, government-backed
- VA — for eligible veterans, often no down payment
- Jumbo — for loan amounts above conforming limits
What Affects Your Rate
- Credit score — higher scores unlock lower rates
- Down payment — more down usually means a better rate
- Loan term — 15-year loans carry lower rates than 30-year
- Points — paying points up front buys down the rate
Requirements
- Verifiable income and employment
- A down payment (varies by program)
- A qualifying credit score
- Documentation: pay stubs, tax returns, bank statements
How to Apply
Get pre-approved to know your budget, then compare Loan Estimates from several lenders side by side — they show the rate, fees and closing costs in a standard format so you can compare apples to apples.
Costs & Closing
Beyond the rate, factor in closing costs (typically 2–5% of the loan), which include origination, appraisal, title and escrow fees. A lower rate with high fees isn't always the better deal.
Pros & Cons
| Pros | Cons |
|---|---|
| Build equity as you pay | Long-term commitment |
| Fixed options are predictable | Closing costs are significant |
| Potential tax benefits | Home is collateral |
Final Thoughts
Compare at least three lenders' Loan Estimates on rate AND total fees, and lock your rate when it's favorable. MoorLoans helps you compare mortgage lenders — we don't lend directly.