Frequently asked questions
Understand our services by going through the frequently asked questions on our services.
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A mortgage is a loan provided by a lender to help you purchase a home. You agree to repay the loan, plus interest, over a set period (usually 15 to 30 years). The house serves as collateral, meaning the lender can take possession of it if you fail to make payments.
Yes, most lenders require a credit score to evaluate your creditworthiness. However, some programs, such as FHA loans, may have more flexible credit score requirements.
Yes, your credit score can significantly impact your mortgage terms. A higher credit score often qualifies you for lower interest rates, while a lower score might result in higher rates or limited loan options.
A fixed-rate mortgage has a constant interest rate throughout the life of the loan, providing predictable monthly payments. An adjustable-rate mortgage (ARM) starts with a fixed interest rate for a certain period, then adjusts periodically based on market conditions, which may cause your payments to increase or decrease.
Private mortgage insurance (PMI) is a type of insurance required if your down payment is less than 20% of the home’s purchase price. It protects the lender in case you default on the loan and is typically added to your monthly mortgage payment.
Pre-approval is a lender’s conditional offer stating how much they are willing to lend you based on your financial information. It helps you understand your budget and demonstrates to sellers that you’re a serious buyer.
Pre-qualification is an estimate of how much you might qualify to borrow based on the financial information you provide. It’s less formal than pre-approval and doesn’t involve a detailed review of your credit or financial history.
Yes, first-time homebuyers may qualify for special programs such as FHA loans, VA loans, or first-time homebuyer grants. These programs often offer lower down payments and more flexible credit requirements.
The mortgage approval process can take anywhere from a few days to several weeks, depending on factors such as the lender, your financial situation, and the complexity of the loan.
Your mortgage payment typically includes four components:
Principal: The amount borrowed.
Interest: The cost of borrowing the money.
Taxes: Property taxes, often escrowed and paid through your lender.
Insurance: Homeowner’s insurance and possibly PMI if required.
A mortgage co-sign means another person (usually with better financial qualifications) agrees to be responsible for your mortgage if you fail to make payments. You may need a co-signer if your credit or income doesn’t meet the lender’s requirements.