What’s the difference between pre-approval and pre-qualification?
The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual ...
What different types of home loans are there?
There are a variety of mortgage loan types available. The most common ones are Conventional, Government-backed (FHA and VA), and Jumbo. Each has different down ...
Do I qualify as a first-time homebuyer?
While the term “first-time homebuyer” generally refers to an individual who purchases a principal residence for the very first time, you may also qualify if ...
Does it cost anything to apply for a home loan?
Typically, there is no cost associated with obtaining a loan pre-approval or loan estimate. Once you decide to move forward with the loan, lenders may ...
What is a mortgage escrow account?
An escrow account is set up by the mortgage lender to pay certain property-related expenses on your behalf. A portion of each mortgage payment will ...
How often can I refinance?
There is no limit to how many times you can refinance your home. However, mortgage lenders may have a few rules based on when you ...
What if I have a second mortgage on my home? Can I still refinance?
Typically, any second mortgages are paid off through the refinance. Both loans are consolidated into one new first mortgage and you will only have one ...
Is an appraisal necessary when I refinance?
In most cases, you must go through the appraisal process, but depending on the circumstances it may not be required. The appraisal is used to ...
What is cash-out refinance?
A cash-out refinance lets you access your home equity by replacing your existing mortgage with a new one that has a higher loan amount than ...
What documents are needed for a refinance?
You can expect to provide the following — income-related documents (W-2, past tax returns), verification of homeowners insurance, credit information, your current debt load, and ...