Frequently Asked Questions

A mortgage lender is a licensed professional who can help you find and compare mortgage options from multiple lenders. They can help you navigate the mortgage process and find a loan that meets your needs and budget. Contact us for assistance 😊

Mortgage rate lock is a guarantee from the lender that the interest rate on your mortgage will not change during a specified period of time, typically 30 to 60 days.

Refinancing is the process of replacing your current mortgage with a new one. You may want to consider refinancing if you can get a lower interest rate, reduce your monthly payments, or shorten the length of your loan.

Closing costs are fees associated with the purchase of a property that are paid at the closing of the loan. They typically include things like appraisal fees, title search fees, and attorney fees.

The timeline can vary depending on the lender and the complexity of your financial situation, but it typically takes between 30 to 45 days from application to closing.

The specific documents required may vary depending on the lender and the type of loan, but generally, you will need to provide proof of income, assets, and employment, as well as information about the property you’re purchasing.

Mortgage insurance is typically required if you put down less than 20% of the purchase price of your home. This insurance protects the lender in case you default on your loan. Depending on the type of loan, mortgage insurance may be paid upfront or added to your monthly payments. Conventional mortgages require Private Mortgage Insurance (PMI) when less than 20% is put down. FHA requires Monthly Mortgage Insurance (MMI)  for all loans regardless of the down payment amount as well as an upfront mortgage premium.

Pre-qualification is an estimate of how much you may be able to borrow based on your financial information. Pre-approval is a more formal process where a lender reviews your credit history, income, and other financial factors to determine how much you can borrow and at what interest rate.

The down payment required can vary depending on the lender and the type of loan, but it’s typically between 3% to 20% of the purchase price. However, some loans, such as VA loans and USDA loans, offer 100% financing, meaning no down payment is required.

A fixed-rate mortgage has a set interest rate that does not change over the life of the loan, while an adjustable-rate mortgage (ARM) has an interest rate that can adjust periodically based on market conditions.

A mortgage is a loan that you take out to purchase a property or refinance a property. It is a legal agreement between a borrower and a lender, usually a bank or financial institution. The borrower receives funds from the lender to buy the property and agrees to repay the loan over a specified period of time, often in monthly installments. The mortgage is secured by the property itself, meaning that if the borrower fails to repay the loan, the lender has the right to take possession of the property through a process called foreclosure.