What is a mortgage?

A mortgage is a loan used to purchase a home or property, where the property serves as collateral for the loan.

How can I improve my chances of getting approved for a mortgage?

Maintaining a good credit score, a steady income, and a low debt-to-income ratio can improve your chances.

What are closing costs?

Closing costs are fees associated with the purchase of a home, including appraisal fees, title insurance, and attorney fees, among others.

How much of a down payment is typically required?

While it varies, most lenders require at least a 20% down payment, but some loans are available with lower down payments.

What is the difference between a fixed-rate and an adjustable-rate mortgage?

A fixed-rate mortgage has the same interest rate throughout the term of the loan, whereas an adjustable-rate mortgage (ARM) has a rate that can change periodically based on market conditions.

How do interest rates affect my mortgage?

Interest rates determine the cost of borrowing money for your mortgage. Lower rates mean lower monthly payments and less interest over the life of the loan.

If you have any other questions please don’t hesitate to contact us to schedule your confidential consultation.