Frequently Asked Questions
No matter where you are in the mortgage process, we're here to help. Our team of mortgage experts is committed to providing personalized service and expert advice to help you achieve your homeownership goals. Don't hesitate to contact us with any questions you may have, we'll be happy to help you find the answers you need.
What is a mortgage?
A mortgage is a loan used to purchase a property. The borrower makes monthly payments to the lender until the loan is paid off, typically over a period of 15-30 years.
What is the difference between a fixed-rate and an adjustable-rate mortgage?
A fixed-rate mortgage has a fixed interest rate for the entire term of the loan, while an adjustable-rate mortgage has an interest rate that may fluctuate over time.
How much can I borrow for a mortgage?
The amount you can borrow for a mortgage depends on your income, credit score, and other factors. It's best to speak with a mortgage advisor to determine your borrowing power.
What is a down payment?
A down payment is a portion of the purchase price that the borrower pays upfront. The size of the down payment can affect the interest rate and monthly payments.
What is mortgage insurance?
Mortgage insurance is a type of insurance that protects the lender in case the borrower defaults on the loan. It's typically required for borrowers who make a down payment of less than 20%.
How much will my monthly mortgage payment be?
Your monthly mortgage payment will depend on several factors, including the size of the loan, the interest rate, the term of the loan, and the size of your down payment.
What is a pre-approval?
A pre-approval is a letter from a lender stating that you are pre-approved for a mortgage up to a certain amount. It can help you when making an offer on a home.
What is a closing cost?
Closing costs are the fees associated with closing the sale of a property. They can include appraisal fees, title insurance, and legal fees.
How long does it take to get a mortgage?
The time it takes to get a mortgage can vary depending on the lender and the complexity of the loan. On average, it can take 30-45 days.
Can I pay off my mortgage early?
Yes, you can pay off your mortgage early. However, some lenders may charge a prepayment penalty, so it's best to check with your lender first.