HOME   |   ABOUT US   |    PRODUCTS   |   SERVICES   |   CONTACT US   |   GLOSSARY   |   FAQS

Frequently Asked Questions

Mortgage Lending

  1. How much will my credit history affect my ability to get a mortgage?
  2. What does my mortgage payment include?
  3. Are there just two kinds of mortgages rates: fixed and adjustable?
  4. How do I know which type of mortgage rate is best for me?
  5. What is private mortgage insurance?
  6. If I have a good credit rating and meet the required monthly mortgage payments, am I obligated to have private mortgage insurance?
  7. How small can my down payment be?
  8. How are rates determined?
  9. What is the difference between APR and interest rate?
  10. What is the difference between "locking in" an interest rate and "floating"?
  11. Will there be a fee charged at the time of application?
  12. Do I need to fill out an application?
  13. What documents will typically be requested when I make an application for a first mortgage loan?
  14. What is title insurance?
  15. Does the lender require title insurance for all transactions?
  16. What homeowner's insurance requirements will I need to meet at closing?
  17. What is the minimum down payment required by a lender in order to eliminate PMI?
  18. How long will I be required to have PMI on my loan?
  19. What is an escrow account?
  20. Are there any limitations on how much lenders can collect from a borrower for the borrower's escrow account?
  21. Can I have my mortgage payments deducted automatically from my checking or savings account each month?

How much will my credit history affect my ability to get a mortgage?

Return to Top

What does my mortgage payment include?

Return to Top

Are there just two kinds of mortgages rates: fixed and adjustable?

Return to Top

How do I know which type of mortgage rate is best for me?

  • Your current financial picture
  • How you expect your finances to change
  • How long you intend to keep your home
  • How comfortable you are with your mortgage payment changed from time to time

Return to Top

What is Private Mortgage Insurance?

Return to Top

If I have a good credit rating and meet the required monthly mortgage payments, am I obligated to have private mortgage insurance?

Return to Top

How small can my down payment be?

Return to Top

How are rates determined?

Return to Top

What is the difference between APR and interest rate?

Return to Top

What is the difference between "locking in" an interest rate and "floating"?

Return to Top

Will there be a fee charged at the time of application?

Return to Top

Do I need to fill out an application?

Return to Top

What documents will typically be requested when I make application for a first mortgage loan?

Return to Top

What is Title Insurance?

Return to Top

Does the lender require title insurance for all transactions?

Return to Top

What homeowner's insurance requirements will I need to meet at closing?

Return to Top

What is the minimum down payment required by a lender in order to eliminate PMI?

Return to Top

How long will I be required to have PMI on my loan?

Return to Top

What is an escrow account?

Return to Top

Are there any limitations on how much lenders can collect from a borrower for the borrower's escrow account?

Return to Top

Can I have my mortgage payments deducted automatically from my checking or savings account each month?

Return to Top