Mortgage & Financing Guides
APR vs interest rate, mortgage points, buydowns, ARMs, Loan Estimates, refinancing and home equity - explained in plain English, with calculators to run your own numbers.
Featured guides
Where to start, based on your situation
- I have two or more Loan Estimates to compareRead How to compare Loan Estimates, then use the Mortgage APR Calculator.
- A lender offered me points or a creditRead Are mortgage points worth it?, then use the Mortgage Points Break-Even Calculator.
- The seller is offering a credit, a buydown or a price cutRead 2-1 buydown vs permanent buydown, then use the Seller Credit vs Price Reduction Calculator.
- I am deciding between an ARM and a fixed rateRead ARM vs fixed-rate mortgage, then use the ARM vs Fixed-Rate Calculator.
- Rates changed and I want to know what I can affordRead Buy now, refinance later, then use the Rate Change & Buying Power Calculator.
- I already own and want to lower my payment or borrow against equityRead HELOC vs cash-out refinance, then use the Refinance Break-Even Calculator.
Start here: get ready and shop lenders
Pre-approval, and how to compare what lenders send you.
- Financing9 min read
Mortgage Pre-Approval Guide
Pre-qualification vs pre-approval, what lenders look at, and how to get ready to make an offer.
- Shopping Lenders10 min read
How to Compare Loan Estimates, Line by Line
A page-by-page checklist for comparing Loan Estimates: rate, APR, points, lender credits, cash to close and what to ask. Includes how to shop lenders without hurting your credit.
Interest rates, APR and points
What the numbers on a rate quote mean, and which trade-offs are worth making.
- Rates & APR11 min read
APR vs Interest Rate: What the Difference Means
Interest rate sets your payment; APR adds certain loan costs to compare offers. See side-by-side examples, what APR includes and the mistakes that mislead buyers.
- Rates & APR9 min read
Mortgage Points: Are They Worth It?
What discount points cost, how much rate they buy, and how to find your break-even month. Includes when points make sense and when a lender credit is the better deal.
- Financing12 min read
Mortgage Rates & Rate Locks Guide
How mortgage rate locks work, when to consider locking, what happens if rates fall, how to compare lenders, points and credits.
- Rate Buydowns9 min read
2-1 Buydown vs Permanent Buydown
A 2-1 buydown cuts your rate for two years; a permanent buydown cuts it for the life of the loan. Compare cost, payments and who benefits, with a calculator.
Choosing a loan type
Fixed or adjustable, new loan or an assumed one.
- Loan Types10 min read
ARM vs Fixed-Rate Mortgage: How to Choose
How adjustable-rate mortgages work, what the 5/6 and 7/6 labels and rate caps mean, and how an ARM compares with a fixed rate if rates rise, stay flat or fall.
- Loan Types10 min read
Assumable FHA and VA Mortgages Explained
How a buyer takes over a seller's FHA or VA loan, who qualifies, what you pay to cover the seller's equity, and the risks to weigh before you rely on a low assumable rate.
Refinancing and home equity
Lowering a payment or tapping equity after you own.
- Refinancing9 min read
Buy Now, Refinance Later: Does It Work?
Can you buy at today's rate and refinance if rates fall? See the refinance break-even math, the costs to count and the risks of counting on a lower rate later.
- Refinancing8 min read
Mortgage Recasting: How It Works and When It Pays
A recast lowers your payment after a lump-sum principal payment without changing your rate. Learn the costs, eligibility limits and how it differs from a refinance.
- Home Equity10 min read
HELOC vs Cash-Out Refinance: Which Is Better?
A HELOC adds a second loan; a cash-out refinance replaces your first. Compare rates, closing costs, payments and risk so you can pick the right way to tap equity.
Mortgage calculators
APR, points, buydowns, ARMs and buying power
- Mortgage APR Calculator →
Real APR with points, fees, mortgage insurance and credits, for up to two offers. - Mortgage Points Break-Even Calculator →
Find the month discount points pay for themselves. - Temporary vs Permanent Buydown Calculator →
Compare 2-1, 1-0 and 3-2-1 buydowns with a permanent rate cut. - Seller Credit vs Price Reduction Calculator →
Compare a closing credit, a price cut and a rate buydown. - Rate Change & Buying Power Calculator →
How a rate change moves the price you can afford. - ARM vs Fixed-Rate Calculator →
Stress-test an ARM against a fixed rate with real rate caps.
Payments, rate comparison and closing costs
Current rates and market conditions
Market Pulse
No verified observations are published yet, and we do not show estimated numbers. See the source directly:
Freddie Mac mortgage rate survey →Not yet available: housing inventory, price reductions for existing homes (7 metrics await an approved source; reasons on the market trends page).
Mortgage rates today →National market trends →Weekly snapshot →
Rates move, and a lock protects you only for a set period. See when to lock a mortgage rate for the rate trend, and market trend reports for prices and inventory.
Mortgage questions, answered briefly
Is a lower APR always the better mortgage?
Not always. APR spreads certain costs over the full loan term, so it can favor a loan you will not keep that long. Compare APR together with the monthly payment, cash to close and how long you expect to keep the loan. APR vs interest rate.
How do I compare two Loan Estimates?
Put them side by side for the same loan amount, loan type and lock period, then compare rate, points, lender credits, lender fees and cash to close before you look at APR. How to compare Loan Estimates.
Should I pay points to lower my rate?
Only if you will keep the loan past the break-even month, which depends on how much rate each point buys on your quote. A calculator can show you the month. Are mortgage points worth it?.
Is it smart to buy now and refinance later?
It can be, but a lower rate later is not guaranteed and refinancing has costs. Count the break-even before you rely on it. Buy now, refinance later.
What is the difference between a HELOC and a cash-out refinance?
A HELOC is a second loan that leaves your first mortgage alone; a cash-out refinance replaces your first mortgage with a larger one. HELOC vs cash-out refinance.
Guides and calculators are for general educational purposes and are not financial, legal, tax or real estate advice. Verify important decisions with qualified professionals.