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Mortgage Loan FAQ’s
There are programs like FHA loans that offer lower down payment requirements and easier qualification for borrowers who may not have perfect credit
A 15-year loan has a shorter term and you’ll pay off your house faster, but with higher monthly payments. A 30-year loan offers lower monthly payments but you’ll pay more interest over time
A fixed-rate mortgage offers a constant interest rate for the entire loan term. ARMs have an introductory fixed rate that adjusts after a set period, potentially leading to higher monthly payments
Closing costs are fees paid at the end of the mortgage process, usually 3-6% of the loan amount. They can include origination fees, appraisal fees, title search fees, and more
This typically involves your credit score, down payment amount, and debt-to-income ratio (DTI) .