Frequently Asked Questions How do I get started?
To get started you will need to fill out an application along with some documentation. View the Loan Application Checklist for a list of documentation you will need.
What's the difference between a fixed rate loan and an Adjustable Rate Mortgage (ARM)?
A fixed rate loan means that the interest rate does not change, and therefore the principal and interest payment you make remains the same for the term of the loan.
An ARM means that the interest rate is fixed for an initial period of time and adjusts after that initial period. Because the interest rate adjusts, so will your monthly payment. The interest rate during the initial period is usually lower than the interest rate of a fixed loan.
What's an Interest-Only loan?
Just as the name indicates, rather than pay principal, your monthly payment is all interest. This usually result is a lower monthly payment but if you never pay more than the minimum required, you will still owe what you borrowed at the end of the term.
What is title insurance?
Title insurance protects the homeowner and the lender against loss resulting from any title defects or claims against a property that were not uncovered in the title search. Defects or claims that are uncovered in the title search are listed as exemptions to the coverage on the title insurance policy.
What is Private Mortgage Insurance (PMI)?
PMI is protection for the lender against loss if a borrower defaults. Typically PMI is required if your down payment is less than 20 percent of the purchase price. |
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