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Purchase Frequently Asked Questions

Finding a Mortgage

When should I start evaluating financing options, and how do I know what I can afford?

Do I need to sell my current home before I apply for a new mortgage loan?

How much down payment will I need?

Can I be pre-approved for a loan if I have credit problems?

Why is an appraisal necessary? Can I use the tax value of the home?

How do I get an appraisal?

How much will my property taxes be?

What is a Truth in Lending statement?

Rates and Costs

What is the Annual Percentage Rate of a loan, and how is it different from the interest rate?

How often do interest rates change?

What factors go into determining the interest rate on my loan?

When should I lock my rate?

Once I have selected a program, what are my rate options?

What if interest rates go down after I lock my rate?

What happens if my loan doesn't close before the rate lock expiration date?

What are points and how do they work?

If I'm short on cash, do I have options to help with my down payment and closing costs?

Pre-Approval Decision

How can I apply for a loan and find out the decision?

What factors will a mortgage lender consider when making a pre-approval decision?

Can I change the loan amount, down payment or program after I've received my loan pre-approval decision?

I already put a deposit down on the home or property. Is this included in the Good Faith Estimate?

What documents will I need to provide to complete my loan transaction?


Do I have to attend the closing in person?

What checks do I need to bring to the closing?

What is title insurance and why is it required?

How much title insurance do I need?

How much homeowners’ insurance do I need?

How do I know if I need flood insurance?

How are my property tax bills paid?

What type of inspections do I need before I close on my home?

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