The Most Frequently Asked Questions About Mortgages

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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:

  1. What is a mortgage?
  2. How do I qualify for a mortgage?
  3. What are the different types of mortgages available?
  4. What is the difference between fixed-rate and adjustable-rate mortgages?
  5. How much of a down payment do I need?
  6. What is private mortgage insurance (PMI), and do I need it?
  7. What is the difference between pre-qualification and pre-approval?
  8. What are the closing costs associated with a mortgage?
  9. What is the difference between the interest rate and the annual percentage rate (APR)?
  10. How does my credit score affect my mortgage rate?
  11. What factors determine the interest rate I will receive?
  12. Can I pay off my mortgage early?
  13. What happens if I miss a mortgage payment?
  14. How does refinancing a mortgage work?
  15. 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.

Contact Burke Mortgage for professional and personalized guidance in your home-buying process.