Frequently Asked Questions
Below are Frequently Asked Questions that often are encountered through the course of the home buying process.
Do I need to be prequalified before I begin searching for my home?
When I apply for a mortgage, what documents will I need?
If I am a non-citizen, can I qualify?
Is it still possible to qualify for a loan even if I have past credit problems?
How will I know the loan program that is best for me?
What is the difference between a FHA and a VA loan?
How do I know what my interest rate will be?
How does the Annual Percentage Rate differ from the interest rate?
Should I get a fixed or adjustable interest rate?
What does my mortgage lender mean by points or origination fee?
When mortgage lenders refer to "PITI" what are they referring to?
What amount is required for a down payment?
How does mortgage insurance work?
How do I know if I need mortgage insurance? If I do need it, how do I get it?
Do I need to have a certain amount of money left after I buy my home?
When my loan officer asks me if I want to waive escrows, what exactly does this mean?
Why did I receive a Truth-In-Lending?
Will I get a copy of my credit report and appraisal?
What inspections are required by the lender?
When will I find out what my final figure is for the total costs to close?
