FAQ
1.What is a mortgage?
2. How do I know which type of mortgage is best for me?
3. What does my mortgage payment include?
4. How can I get pre-qualified for a mortgage?
5. Who is eligible for the lowest interest rates?
6. Is there ever a scenario where the APR is lower than the note rate?
7. What is the difference between sub agent, agent, broker and salesperson?
8. How do I know how much house I can afford?
9. What is the difference between a fixed-rate loan and an adjustable-rate loan?
10. How is an index and margin used in an ARM?
11. What kind of fiduciary or legal responsibilities do mortgage brokers have to their clients?
12. When buying a new home, how are closing costs determined? How are estimated prepaid items/reserves determined?
13. What is a lender talking about when they refer to their rate sheets?
14. Can I roll my closing costs into my mortgage payment?
15. Would it be wise to get pre-approved (not prequalified) with more than one lender to compare rates?
16. Is there a penalty if I pay off my mortgage early?
17. What is required to qualify as a first time home buyer?
18. How much cash will I need to purchase a home?
19. Is there any significant difference between Federal Housing Administration (FHA) and Veterans Administration (VA) loans?
20. Do I have to include my home equity line if I refinance my home? If so, what happens if the two combined take me to 95-100% of the home value?
21. How do I find out who are direct lenders and mortgage brokers?
22. If I exercise my right to rescind a mortgage, will I still be required to pay all the various fees that were assessed at closing (Loan Origination Fee, Escrow Fee, Title Fees, etc)?
23. What are the benefits of paying down my principle with a lump sum?
24. Is it a good idea to modify your loan rather than refinance to cut down the closing cost? Especially if you are trying to reduce interest and lesson years to pay?
25. Is it OK to change jobs in the middle of a home finance transaction, and do I need to inform my lender?
26. What is the purpose of title insurance?
27. What does MLS mean?
28. Is the listed price of real estate negotiable?
29. Is there a certain credit score I must have before I can qualify to buy a home without a co-signer?
30. I am the owner of my home but I don’t have the proof. Where can I get the paperwork from?
31. Can a Realtor lower their commission to close a deal?
32. If I list my house for sale and get an offer for the listing price or above do I have to accept the offer?
33. Home in my area have decreased in value. How can I get my mortgage rewritten to its current value?
34. How do I pay my real estate agent? Are their fees included in my closing costs?
35. It seems like more companies are charging or raising the loan application fees. Why is this?
36. I was preapproved for a mortgage, found a house, made an offer, and then I was laid off. The offer has not been accepted yet, but we have the feeling that it will be soon. If I find a new job within a couple of weeks, is this okay to change jobs in the middle of a home purchase and do I have to tell my lender?
37. What is a correspondent lender?
38. What is a deed in lieu of foreclosure?
39. Is a corner lot considered a good piece of real estate?
40. Is this the best time to buy a house?
41. Are there any advantages or disadvantages to the “Rent to Own” system when buying a home?
42. If I loan an individual money to purchase a home, and they in turn take out a mortgage on the property without disclosing to the mortgagor the undocumented loan; does this fall within mortgage fraud?
43. Is the seller of a home required to have the septic tank pumped before the property can be transferred to the buyer?
44. We are making payments to our mortgage company for our house. We built the house on property that we owned outright which we paid cash for. Would the mortgage company be interested in buying the land from us?
