What’s the difference between a prequalification letter and a preapproval l...
What’s the difference between a prequalification letter and a preapproval letter? Prequalification and preapproval both refer to a letter from a lender that specifies how […]
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Do I have to borrow as much as I am prequalified, preapproved, or approved ...
Do I have to borrow as much as I am prequalified, preapproved, or approved for? No. You may choose to borrow less.
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Where can I get a mortgage?
Where can I get a mortgage? You can get a mortgage from a wide variety of lenders, including commercial banks, thrift institutions, mortgage loan companies, […]
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What is the difference between a mortgage broker and a mortgage lender?
What is the difference between a mortgage broker and a mortgage lender? A lender is a financial institution that makes loans directly to you. A […]
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What is the difference between a mortgage interest rate and an APR?
What is the difference between a mortgage interest rate and an APR? An annual percentage rate (APR) reflects the mortgage interest rate plus other charges. […]
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What are (discount) points and lender credits and how do they work?
What are (discount) points and lender credits and how do they work? Generally, points and lender credits let you make tradeoffs in how you pay […]
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What is an escrow or impound account?
What is an escrow or impound account? An escrow account, sometimes called an impound account depending on where you live, is set up by your […]
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Is there such a thing as a no-cost or no-closing loan or refinancing?
Is there such a thing as a no-cost or no-closing loan or refinancing? Yes, some lenders or mortgage brokers may offer you a loan that […]
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What’s a lock-in or a rate lock on a mortgage?
What’s a lock-in or a rate lock on a mortgage? A lock-in or rate lock on a mortgage loan means that your interest rate won’t […]
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What costs will I have to pay as part of taking out a mortgage loan?
What costs will I have to pay as part of taking out a mortgage loan? There are several different kinds of costs you pay when […]
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