Iowa Mortgage Rates

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About Mortgage Rates in Iowa

Home buyers all across Iowa, from Cedar Rapids to Davenport, are looking for the best possible mortgage package. The rolling plains and praries of Iowa have over 1.3 million homes that are 72% owner occupied. Banks and other financial institutions are competing for your business and are offering many borrowing options. It can be overwhlming trying to find the lowest interest rate, the cheapest closing costs and the other loan features.

Mortgage 101 can help by finding you the best possible mortgage with the most desirable features, such as low monthly payments and low interest expenses. Take a look at some of the loans that can be secured for you today.

Fixed Rate Mortgages in Iowa

This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.

Mortgage Refinancing

In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.

Other Mortgage Terms

Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.

Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.

Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.