Choosing between condo, townhome, single-family
Frequently Asked Questions
Straight answers to the questions we hear most.
FHA Loan: Yes, FHA loan limits are set by county and are based on local home prices.
VA Loan: In 2024, most VA loan borrowers have no loan limit, meaning they can borrow as much as a lender is willing to approve without a down payment. A limit may apply if you have remaining entitlement on a previous VA loan.
USDA Loan: No set maximum loan amount, but your eligibility is limited by your ability to qualify and the area’s maximum income limit.
VA Loan: In 2024, most VA loan borrowers have no loan limit, meaning they can borrow as much as a lender is willing to approve without a down payment. A limit may apply if you have remaining entitlement on a previous VA loan.
USDA Loan: No set maximum loan amount, but your eligibility is limited by your ability to qualify and the area’s maximum income limit.
You must proactively contact your mortgage servicer (the company you send your payments to) to request forbearance. Be prepared to explain your financial hardship. It is crucial to call as soon as you anticipate difficulty making a payment. Do not simply stop paying, as this could lead to foreclosure.
Use negative reviews to form specific, direct questions. For example:
“I saw some reviews mentioning closing delays. What is your average time to close, and what is your process for ensuring deadlines are met?“
“Some customers reported unexpected fees. Can you walk me through all the costs on your Loan Estimate and guarantee no hidden fees at closing?“
“I saw some reviews mentioning closing delays. What is your average time to close, and what is your process for ensuring deadlines are met?“
“Some customers reported unexpected fees. Can you walk me through all the costs on your Loan Estimate and guarantee no hidden fees at closing?“
Mortgage points, also known as discount points, are an upfront fee you pay to your lender at closing in exchange for a lower interest rate on your home loan. One point typically costs 1% of your total loan amount.
Lenders generally do not charge a separate fee for managing an escrow account. The costs are typically built into the overall servicing of your loan. However, you should review your Loan Estimate and Closing Disclosure documents from when you obtained the mortgage to see if any specific escrow-related fees were charged at closing.
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