Finding Your Best Mortgage Deal
Frequently Asked Questions
Straight answers to the questions we hear most.
Eligibility varies by lender and loan type. Conventional loans (those backed by Fannie Mae or Freddie Mac) are commonly eligible. Loans that are often ineligible include FHA loans, VA loans, USDA loans, and some jumbo or portfolio loans. The first step is always to contact your mortgage servicer to confirm your loan’s eligibility.
A fixed-rate mortgage provides predictable payments for the entire loan term, making long-term debt planning easier. An adjustable-rate mortgage (ARM) may start with lower payments, but if interest rates rise, your payments and total interest paid can increase significantly, potentially raising your overall debt load unexpectedly.
The Closing Disclosure and Final Walkthrough are two critical, final steps in the homebuying process. The CD ensures the financial and loan details are correct on paper, while the walkthrough ensures the physical property meets your expectations. A problem discovered during the walkthrough could directly impact the financials on the CD if it results in a request for a repair credit from the seller.
Thoroughly shop for lenders before making an offer. Compare detailed Loan Estimates from at least 3-4 lenders. Check online reviews and ask your real estate agent for recommendations of reliable, communicative lenders with a proven track record of closing on time.
You should contact your loan officer immediately to discuss any discrepancies or information that seems incorrect. It is crucial to address errors early, as the Loan Estimate forms the basis for the final Closing Disclosure you’ll receive before settlement.
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