What is a mortgage?
A mortgage is a loan obtained to purchase property, typically a home, with the property serving as collateral for the loan. The borrower pays back the loan, plus interest, over a designated period of time.
What is the difference between a fixed-rate and adjustable-rate mortgage?
A fixed-rate mortgage has an interest rate that stays the same for the entire loan term. An adjustable-rate mortgage has an interest rate that fluctuates based on market conditions.
What is the minimum credit score required to qualify for a mortgage?
The minimum credit score depends on the loan programand guidelines. However, a credit score of 620 or higher is typically required for a conventional loan. For FHA loans some programs will allow for a 580 score , or higher.
What documents do I need to apply for a mortgage?
Typically, you will need to provide your most recent pay stubs, W-2s or tax returns, bank statements, and employment documentation. Additional documents may be required depending on the lender and type of loan.
What type of mortgage is best for my financial situation?
The type of mortgage that is best for your financial situation will depend on factors such as your income, credit score, and the amount of money you have available for a down payment. Our Team will discuss your financial goals and design a custom Loan Plan with financing options.