A step by step introduction on the mortgage loan process. Maybe useful for first time home buyers.

A loan comparison table with some basic loan types.

What is the loan modification and how you can use this government program to help the mortgage payment.

If you're looking for a way to refinance your mortgage, you might want to consider a loan that's backed by the Federal Housing Administration or, if you're a U.S. military veteran, the U.S. Department of Veterans Affairs. Loans backed by these two federal government agencies are especially attractive today because the loan amount limits have been raised, and some loan programs are open to homeowne...

With a traditional mortgage, each monthly payment comprises principal plus interest. In the early years of the loan, most of the payment goes for interest. Gradually, more and more of the monthly payments go toward principal. At the end of the term, the loan is completely repaid. This process of paying principal and interest until the loan is paid off is called amortization.

Homeowners who make a down payment of less than 20 percent are usually required to pay private mortgage insurance (PMI), because they are considered to be at higher risk of default. PMI premiums are typically around half a percent of the interest rate, which is about $83 a month on a $200,000 mortgage.

A benchmark mortgage rate hit its lowest point in more than 50 years, and homeowners stampeded into loan offices to apply for refinances.

Some of the 3 to 4 million homeowners eligible for loan modifications could see interest rates as low as 2 percent under the Obama administration's new "Making Home Affordable" (MHA) initiative.

The lowest interest rate shouldn't be the only factor to consider for the mortgage or loan package that you want to get.

Thirty year fixed mortgage rate is around 5.6% now. It is one full point above the record low, but still a very low rate.