Loan guides

Answer-first guides to mortgages, refinancing, home equity, auto and personal loans. Every guide cites official sources and shows when it was last reviewed.

Not a lender. Express Approvals is not a lender or mortgage broker, doesn't make loans or credit decisions and can't guarantee approval, rates or terms. Rates shown are national averages, not offers.

Mortgages

Conventional, FHA, VA, USDA and jumbo loans: which mortgage type fits you?

A plain-English comparison of the five main US mortgage types: who qualifies, minimum down payment, mortgage insurance or guarantee fees, and the 2026 conforming loan limit.

Fixed-rate vs adjustable-rate mortgages (ARMs): how they work and how to choose

How fixed-rate mortgages and ARMs differ, what ARM labels like 5/6 mean, how rate caps work, and the questions to ask before choosing an ARM.

15-year vs 30-year mortgage: the real trade-off

Compare 15-year and 30-year fixed mortgages: monthly payment, total interest, typical rate difference shown by Freddie Mac's weekly survey, and when each makes sense.

How mortgage pre-approval works, step by step

What a mortgage pre-approval letter is, how it differs from prequalification, what documents lenders ask for, how it affects your credit and how to shop several lenders.

Mortgage closing costs and the Loan Estimate, explained

How to read the 3-page Loan Estimate, which closing costs you can shop for, which can't change, and how the Closing Disclosure works.

Mortgage discount points and lender credits: are they worth it?

How discount points lower your rate, how lender credits lower closing costs, and how to calculate your break-even point before you pay for points.

PMI and mortgage insurance: what it costs and how to get rid of it

When you pay private mortgage insurance, how it differs from FHA MIP, VA funding fees and USDA guarantee fees, and the federal rules for cancelling PMI at 80% and 78% loan-to-value.

How your credit score affects mortgage, auto and personal loan rates

Why your credit score changes the rate lenders offer, how rate shopping affects your score, soft vs hard inquiries, and practical steps to improve your credit before applying.

Refinancing & home equity

Refinancing your mortgage: rate-and-term vs cash-out

How a rate-and-term refinance differs from a cash-out refinance, what refinancing costs, how to find your break-even point and when refinancing doesn't pay.

HELOC vs home equity loan: which way to borrow against your home?

How a home equity line of credit (HELOC) differs from a home equity loan: draw and repayment periods, variable vs fixed rates, fees and the risks of borrowing against your home.

Auto loans

Auto loans for new vs used cars: what changes and how to shop

How new and used car loans differ, what the Federal Reserve's latest average new-car loan rates are, and the CFPB's step-by-step approach to shopping for an auto loan.

Dealer financing vs a bank or credit union auto loan

How dealer-arranged auto financing works, what a buy rate and dealer markup are, and how a bank or credit union pre-approval helps you get a better deal.

How long should your car loan be? 36 to 84-month terms compared

How auto loan term length changes your monthly payment, total interest and risk of owing more than the car is worth, with Federal Reserve benchmark rates for 60 and 72-month loans.

Refinancing a car loan: when it saves money

When refinancing an auto loan can lower your rate or payment, what fees and trade-offs to check, and how to compare refinance offers by total cost.

Personal loans

Personal loans: how they work, what they cost and when to use one

How unsecured personal installment loans work, what affects the rate and origination fee, how to compare offers by APR, plus the Federal Reserve's latest average bank personal-loan rate.