A mortgage loan is a type of loan used to purchase a property, such as a house or condominium.
A fixed-rate mortgage has an interest rate that remains the same throughout the life of the loan, while an adjustable-rate mortgage has an interest rate that can change over time.
The minimum credit score required to qualify for a mortgage loan varies depending on the type of loan and lender, but typically ranges from 580 to 620.
The maximum debt-to-income ratio allowed to qualify for a mortgage loan varies depending on the type of loan and lender, but typically ranges from 36% to 50%.
Pre-qualification is an initial assessment of your creditworthiness and the amount of mortgage you might qualify for, while pre-approval is a more thorough assessment that confirms your ability to obtain a mortgage loan.
The minimum down payment required to qualify for a mortgage loan varies depending on the type of loan and lender, but typically ranges from 3% to 20% of the home’s purchase price.
Closing costs are fees associated with the purchase or refinance of a property, including appraisal fees, title insurance, and loan origination fees.
The length of time it takes to close on a mortgage loan varies depending on the type of loan and lender, but typically takes between 30 and 45 days.
Mortgage insurance is a type of insurance that protects the lender in the event that the borrower defaults on the loan.
Yes, you can refinance your mortgage loan to obtain a lower interest rate, reduce your monthly payment, or change the term of the loan.
A home appraisal is an assessment of the value of a property conducted by a professional appraiser.
Yes, you can use gift funds to help with your down payment, as long as they are provided by a family member or approved donor.
A home inspection is a professional evaluation of a property’s condition, including its electrical, plumbing, and structural systems.
You can improve your credit score by paying your bills on time, reducing your debt, and disputing any errors on your credit report.
A jumbo loan is a type of mortgage loan that exceeds the limits set by government-sponsored enterprises such as Fannie Mae and Freddie Mac.
A home equity loan is a type of loan that allows you to borrow against the equity in your home.
Yes, you can still qualify for a mortgage loan if you have a bankruptcy or foreclosure on your record, but you may need to wait a certain amount of time before applying.