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Category Archives: Frequently Asked Questions

Can I get an FHA or VA mortgage?

Dec 01, 2016
Can I get an FHA or VA mortgage? Just about anyone can apply for an FHA-insured mortgage through banks and other le [more]
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How does a lender determine the maximum mort...

Dec 01, 2016
How does a lender determine the maximum mortgage I can afford? The three primary areas lenders examine in determini [more]
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How much of a down payment will I need to bu...

Dec 01, 2016
How much of a down payment will I need to buy a home? A down payment of 20 percent has been the benchmark for conve [more]
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What are the steps involved in the loan proc...

Dec 01, 2016
What are the steps involved in the loan process? The information your lender needs is not much different than what [more]
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What are “Points”?

Dec 01, 2016
What are “Points”? In real estate, the term “point” refers to 1% of the total mortgage loan [more]
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What is APR, and how is it calculated?

Dec 01, 2016
What is APR, and how is it calculated? The Annual Percentage Rate is a calculated rate of interest for a loan over [more]
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What is a good faith estimate?

Dec 01, 2016
What is a good faith estimate? Your lender or loan agent must provide you with a good-faith estimate within three d [more]
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What does my monthly mortgage payment includ...

Dec 01, 2016
What does my monthly mortgage payment include? And what does PI and PITI stand for? The bulk of your monthly mortga [more]
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What are the respective advantages of 15-yea...

Dec 01, 2016
What are the respective advantages of 15-year and 30-year terms? The 30-year fixed rate mortgage remains the standa [more]
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How can I find out what my property tax bill...

Dec 01, 2016
How can I find out what my property tax bill will be? Usually, the total amount of the previous year’s proper [more]
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What can I do if I have a fixed rate loan, a...

Dec 01, 2016
What can I do if I have a fixed rate loan, and interest rates go down? When interest rates drop significantly, the [more]
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What is the difference between pre-qualifyin...

Dec 01, 2016
What is the difference between pre-qualifying and pre-approval? Pre-qualifying for a mortgage up to a certain amoun [more]
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