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Frequently Asked Questions

What is a mortgage broker?

A mortgage broker acts as an intermediate between you and the lender. As a mortgage broker, I will collect information from you to start an application and work with my lenders to find you the best rate and terms for your loan.

What loan programs do we do?

Not only do we do conventional loans, but can also work with USDA, FHA, and VA.

What is an escrow account?

Your first year of homeowner’s insurance will be paid at closing. After that, your lender will take a portion of your monthly payment and place it into an escrow account, which pays for your annual insurance premium and bi-annual property taxes. If you do not like the idea of having this account, we may be able to waive it.

How is my mortgage payment determined?

There are four factors that determine your monthly mortgage payment: principal, interest, taxes, and insurance. Your monthly payment can change over the years, since insurance and taxes can fluctuate. 

How much of a down payment do I need?

You do not necessarily need 20% down to buy a home anymore. Depending on what kind of loan you go with, you may not need anything down!

What is private mortgage insurance?

When you have less than 20% of a down payment on a conventional loan, private mortgage insurance (PMI) will be added to your monthly payment. This protects the lender in case you stop making payments on your mortgage. PMI can fall off once you reach 20% equity in your home.

What are closing costs?

Closing costs are fees, outside of your down payment, that are paid at closing of your home. Closing costs can include costs for title work, appraisal, insurance, taxes, loan origination, attorneys, and more. 

What is a preapproval?

A preapproval is a letter from a lender that allows a borrower make an offer on a home by indicating what type and how much they are preapproved for. For a preapproval, a lender will evaluate things such as income, assets, debt, and credit score to determine if you qualify.

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