Down payment options and assistance programs
Frequently Asked Questions
Straight answers to the questions we hear most.
A direct lender (like a bank or credit union) provides the loan funds directly to you. A mortgage broker acts as an intermediary, working with multiple lenders to find you a suitable loan. Brokers can offer more options and may find better deals, while working with a direct lender can sometimes be a more streamlined process.
Pay down credit card balances, avoid taking on new debt, consider a debt consolidation loan to lower monthly payments, and if possible, increase your income with a side job or overtime. Avoid closing old credit accounts, as this can shorten your credit history and lower your score.
The best projects are those that add significant value to your home or are essential repairs. This includes kitchen and bathroom remodels, adding a deck or patio, finishing a basement, replacing a roof, or upgrading HVAC systems. These are considered “capital improvements” that enhance your home’s longevity and utility.
An ARM may be a good fit for someone who:
Plans to sell or refinance before the initial fixed period ends.
Expects their income to increase significantly in the future.
Is comfortable with some financial uncertainty and risk.
Plans to sell or refinance before the initial fixed period ends.
Expects their income to increase significantly in the future.
Is comfortable with some financial uncertainty and risk.
An amortization schedule is a table that shows the breakdown of each monthly mortgage payment throughout the life of the loan. It details how much of each payment goes toward paying down the principal balance versus how much goes toward paying interest. Early in the loan, a larger portion of each payment goes toward interest.
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