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 ...