Home Loans

Shopping for a mortgage? Buying a new home? Looking to refinance your current home? Whatever your dream, we are here to help.

Mortgage Options

Whether you’re shopping for your first house or moving on to something even better, LoanOnDemand offers competitive rates and a variety of mortgage options, including:

  • Fixed-rate loans for predictable payments
  • ARM loans with lower introductory rates
  • Jumbo loans for costlier homes
  • FHA loans with low down-payment options
  • VA loans or service members and veterans

We also offer loans for new construction and investment property. And with LoanOnDemand, you’ll have knowledgeable help every step of the way.

Home Loans and Mortgages: The Basics

Your home is quite likely the largest purchase you’ll ever make, and your mortgage the largest debt. Your credit will play a key role in how much your home loan (and by extension, your home) will cost you in the long run. Here is essential information if you hope to get a mortgage to buy a home, or to refinance:

How Much Can I Borrow?

Your lender will compare your gross income (before taxes are withheld) to your debts to calculate your “debt-to-income” ratios.

  • Ideally, the monthly payment on your new mortgage loan (principal, interest, taxes and insurance) should total 28% or less of your monthly income, though some lenders will go as high as 40%.
  • Your total monthly debt payments, including your mortgage and payments on student loans, credit cards, or auto loans, should total no more than 36% of your monthly income, though some lenders will go higher.

Down Payments and Equity:

To buy a home, you’ll usually need a down payment. If you are refinancing, the lender will typically want to see that you have equity in your home.

  • Have limited funds for a down payment? Ask your lender about low or no down payment loans, including FHA or VA loans, that may allow you to buy a home with little money out of pocket.
  • Most low or no down payment loans require that you pay mortgage insurance which protects the lender if you default. Mortgage insurance will increase your monthly payments, until you build up enough equity to drop it.
  • Want to refinance but have little or no equity? Ask your lender about the Home Affordable Refinance Program.

Mortgage Rates:

What you will pay depends on factors like your credit scores, your down payment or equity, the length of the loan, etc.

  • When a lender quotes a rate, ask about costs, too. You may be able to get a lower rate if you are willing to pay points (a point is 1% of the loan amount) or conversely, you may be able to pay fewer closing costs if you accept a higher rate.
  • The Annual Percentage Rate (APR) can be helpful for comparing rates, as it includes some (though not all) of the costs associated with the loan over the long run.
  • Ask your loan officer whether you can “lock” your rate. A lock will guarantee that rate if your loan closes before the lock expires.

Closing Costs:

These may include fees from the lender and/or mortgage company, third-party fees (real estate attorney, appraisal etc.) and pre-paid items (taxes, insurance, etc.).

  • Closing costs vary by region and by lender. Your lender must provide a Good Faith Estimate of closing costs within three days of taking your application. Review it carefully and don’t be afraid to question those costs.
  • Title insurance can cost hundreds of dollars depending on the state where the property is located and other factors. In some states, title insurance costs are fixed, but in states where they are not, you may be able to shop for a cheaper policy.
  • Short on cash? You may be able to get a credit from your lender toward closing costs by agreeing to a higher interest rate. Ask your loan officer for a compariso

Your Credit Scores:

The mortgage company will check your credit reports and scores – so you should too. Most mortgage lenders use FICO credit scores, which may be different than the credit scores you get through other credit monitoring services.

  • Try to check your credit reports at least three months before you plan to get a loan to allow for time to address problems or dispute mistakes.
  • Don’t make drastic changes to your credit without talking with your loan officer first. For example, closing credit cards you have paid off or opening new credit accounts to buy furniture or appliances may lower your scores. The lender may check your credit scores again before closing and you don’t want any surprises.
  • Worried about hurting your credit scores if you shop for a mortgage? You’ll be relieved to know that mortgage-related credit inquiries in the past 30 days are ignored when calculating FICO scores, and after thirty days multiple mortgage-related inquires in a relatively short period of time count as a single inquiry.
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Get financing for whatever you need now

New Home

New Home Loan at basic interest rates from LoanOnDemand. You can apply online and check your eligibility and easy EMI. Fast approval for your new home loan.

Land Purchase

LoanOnDemand offers a loan for land purchase to make your dream home. You can compare home loan rates with our various vetted lenders . Apply online for a loan today.

Home Renovation

Get instant approval for a loan to remodel your home. LoanOnDemand introduces home improvement loans for your convenience. Great competitive rates and flexible EMI repayment.For more detail you can check our loan products.

Refinance Your Home

Whatever your goal for getting a new mortgage, LoanOnDemand can help you identify potential ways to:

  • Lower Your Monthly Payment Expense
  • Shorten the Term of Your Loan
  • Switch to a Fixed-Rate Mortgage
  • Get Cash Out of Your Home

Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.
IMPORTANT NOTE FROM LOANONDEMAND.ORG:
LoanOnDemand.org is not a lender. The above offers are provided by third-parties from whom LoanOnDemand.org receives compensation. LoanOnDemand.org will not call you about any loan application resulting from the above offers, and will not ask you over the phone, via email or otherwise for financial information or other sensitive personal data.
REMEMBER never to share any financial information or other sensitive personal data over the phone or via email without independently confirming the identity of the company calling first!
Advertiser Disclosure:The offers that appear on this site are from third party advertisers from whom LoanOnDemand receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). It is this compensation that enables LoanOnDemand provides you with services like free access to your credit scores at no charge. LoanOnDemand strives to provide a wide array of offers for our members, but our offers do not represent all financial services companies or products.

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Frequently Ask Questions

Helping you understand our business and commercial loan programs.

Your credit score is calculated with a mathematical formula. It uses information in your credit report and compares it to information on tens of millions of other people. The resulting number is a highly accurate prediction of how likely you are to pay your bills. People with the highest credit scores get the lowest interest rates.

Refinancing is simply the process of replacing your existing mortgage with a new one with a lower rate and/or better terms. It can help you realize your dreams and it doesn’t get any easier than with LoanOnDemand Home Loans.

Think interest rates are on the way up? Then “locking in“ your interest rate before you close may be a great idea. This simply means your lender “freezes” your interest rate—typically between 15-90 days—before you close.

Refinancing is usually a much simpler process than buying a home. Typical steps in the process include:

  1. Research the value of your home and check your credit scores.
  2. Gather all needed documents and apply for the refinance.
  3. After your loan is approved, the underwriting process begins—the time for careful review.
  4. Sign your papers and close your loan.

A simple first step in the mortgage process is getting pre-qualified. LoanOnDemand Home Loans can pre-qualify you online. We’ll go over your information and discuss your goals. Shortly thereafter you’ll get your pre-qualified amount—the amount for which you might expect to be approved for a loan.

Your lender will compare your gross income (before taxes are withheld) to your debts to calculate your “debt-to-income” ratios.

  • Ideally, the monthly payment on your new mortgage loan (principal, interest, taxes and insurance) should total 28% or less of your monthly income, though some lenders will go as high as 40%.
  • Your total monthly debt payments, including your mortgage and payments on student loans, credit cards, or auto loans, should total no more than 36% of your monthly income, though some lenders will go higher.

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Apply now for a Home Loan online.

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