The most common questions about mortgages typically revolve around understanding the process, terms, and implications of taking out a home loan. Some of these questions include:
- What is a mortgage?
- How do I qualify for a mortgage?
- What are the different types of mortgages available?
- What is the difference between fixed-rate and adjustable-rate mortgages?
- How much of a down payment do I need?
- What is private mortgage insurance (PMI), and do I need it?
- What is the difference between pre-qualification and pre-approval?
- What are the closing costs associated with a mortgage?
- What is the difference between the interest rate and the annual percentage rate (APR)?
- How does my credit score affect my mortgage rate?
- What factors determine the interest rate I will receive?
- Can I pay off my mortgage early?
- What happens if I miss a mortgage payment?
- How does refinancing a mortgage work?
- What is a home equity loan or a home equity line of credit (HELOC), and how do they differ from a mortgage?
These some of the questions we hear from new home buyers.