Question 1

What Are Today's Mortgage Rates?

Accepted Answer

Today's mortgage rates fluctuate daily based on Treasury bond yields, inflation metrics, and secondary market spreads. Borrowers can select between 30-year fixed, 15-year fixed, government FHA or VA loans, Jumbo financing, or DSCR investor options. Real-time rate sheets with itemized payment and closing fee breakdowns are available instantly on eLoansUSA.

Question 2

How to Get an Instant Mortgage Quote?

Accepted Answer

To get an instant mortgage quote on eLoansUSA, select your transaction type, estimate your credit tier without an SSN or hard credit pull, enter property valuation inputs, and compare live wholesale rates with transparent fee breakdowns before applying online in minutes.

Question 3

How Do Mortgage Points and Lender Credits Affect My Monthly Payment?

Accepted Answer

Mortgage discount points are upfront fees paid to permanently lower your interest rate and monthly payment, typically breaking even within three to five years. Conversely, lender credits provide upfront cash to offset closing costs in exchange for a slightly higher interest rate and monthly payment.

Question 4

What Is the Difference Between a Direct Lender and a Mortgage Broker?

Accepted Answer

Direct lenders originate loans strictly from a single proprietary underwriting menu with fixed retail margins. Mortgage brokers operate as independent advisors who shop dozens of competing wholesale lenders simultaneously. eLoansUSA combines direct lending clarity with wholesale broker pricing power, securing lower rates, transparent fee itemization, and tailored loan terms without retail markup.

Question 5

Can I check mortgage rates today without affecting my credit score?

Accepted Answer

Yes. eLoansUSA provides direct wholesale rate comparisons with zero credit pull and no Social Security Number required. You can test various down payment amounts, credit score tiers, and property values without triggering a single inquiry on your credit report.

Question 6

What credit score is needed to qualify for a conventional or FHA mortgage in 2026?

Accepted Answer

Conventional loans generally require a minimum credit score of 620, with the most competitive interest rates unlocked at 740 and higher. FHA mortgages allow qualification down to a 580 credit score with a 3.5% down payment, or 500 with a 10% down payment, providing flexible pathways for first-time buyers.

Question 7

How much down payment do I really need to purchase a home?

Accepted Answer

You do not need 20% down to buy a home. Eligible military service members and veterans can buy with 0% down through VA loans. Conventional loans allow down payments as low as 3% for first-time homebuyers, and FHA loans require just 3.5% down payment.

Question 8

What is a DSCR loan and who qualifies for it?

Accepted Answer

A Debt Service Coverage Ratio (DSCR) loan is a non-QM mortgage designed for real estate investors. Qualification is based solely on the rental income generated by the subject property rather than personal tax returns, W-2 paystubs, or personal debt-to-income ratios. A DSCR of 1.0 or higher qualifies easily.

Question 9

When does private mortgage insurance (PMI) get removed from a loan?

Accepted Answer

On Conventional loans, PMI automatically cancels under the Homeowners Protection Act once your loan balance reaches 78% of the original property value, or you can request cancellation at 80% loan-to-value with an on-time payment history. FHA loans generally carry mortgage insurance for the life of the loan unless refinanced into a Conventional loan.

Question 10

How does eLoansUSA's agentic AI mortgage pre-qualification work?

Accepted Answer

eLoansUSA's agentic AI platform automates document parsing and underwriting verification. When you upload paystubs, W-2s, or bank statements, the AI agent securely extracts income and asset data, cross-references conforming underwriting guidelines, and generates a pre-qualification review in as little as 8 minutes.