Tag Archives: Mortgage Loan

Although the majority of Americans consider themselves bargain hunters when shopping for various items or services, less than one-third of these consumers do not shop around for better prices when searching for a mortgage loan.

First American Financial Corporation’s Loan Application Defect Index for July 2015 found that the mortgage loan defect rate rose 4.9 percent in July compared to June.

Consumers that are looking to purchase a home must consider the varying mortgage rates and home prices in different states. GOBankingRates recently released a report, ranking all the states according to where it's easiest and cheapest to get a mortgage. The company reviewed all 50 states based on the local rates offered on 15-and 30-year fixed-rate mortgages in the first quarter of 2015, weighted with the average home listing price in the state.

Zillow released a mortgage analysis of loan requests and quotes finding that borrowers with loans of $100,000 pay 10 percent more for every dollar borrowed due to higher interest rates and fees compared to borrowers with $400,000 home loans. Furthermore, borrowers with small loans tend to have trouble finding lenders to lend to them.