Best Mortgage Rates Today. Finding the best mortgage rates for a home purchase or refinance is one of the most important financial decisions you’ll ever make. To help you find the best rates possible, we’ll take you through the process and provide you with a list of current mortgage rates from leading lenders.
If you’re looking to buy a home in the near future, chances are you’ll get a mortgage to do it. The vast majority of home buyers get some kind of loan to buy a home. In fact, in 2017, only about 23% of home buyers bought their homes in cash. And most of those cash transactions were for distressed home sales, second homes, or those buying investment properties.
If you’re buying your first home or upgrading your primary residence, you will probably need a loan to get the money you need for such a huge purchase. But when you do that, be sure you get the best possible rate by reading through our article and then shopping around to find the best mortgage rates.
What is a Mortgage?
Technically, a mortgage is a legal term for any loan that is secured by the debtor’s property. So a car loan would also be a type of mortgage, since your car is the security for the debt. Having property as security for your debt simply means that if you default, or fail to make payments on your debt according to the agreement, the creditor can seize your property to make up for their lost payments.
With that said, typically when we use the term mortgage these days, we’re specifically referring to a mortgage on a home. You’ll normally hear other secured loans referred to in other ways, like a car loan or motorcycle loan. In legal and financial terms, these loans are still mortgages. But if you hear or read the word mortgage, you’re likely hearing or reading about a loan that is secured by a home or land, specifically.