FAQ'S
What is a Mortgage?
Good question! A mortgage is a loan you use to purchase a home. It’s a legal agreement in which a mortgage lender pays for your house in full with the expectation that you will repay them back (with interest) over a set period of time. Mortgages allow homebuyers to purchase homes even if they don’t have all the money immediately available to purchase them upfront.
Find out why Brokers are Better!
Interest rates and fees can change significantly from lender to lender.
How Much Down Payment will I need?
This is the number one question asked to lenders, but the answer is not necessarily the same for everyone. A common misconception is that you will need a  20% down payment. This is not true. This amount is needed if you want to avoid paying private mortgage insurance (PMI). However, for qualifying borrowers a conventional mortgage can be obtained with as little as 1% down. Other programs are also available that allow you to buy a home with no money down, such as with a VA loan.
Is buying a house better than renting?
Most of the time, yes! Homes are currently appreciating 3-10% per year. Also, for most Americans, our homes are our largest asset. If you never purchase a home you'll never have the opportunity to capitalize on this appreciation. Plus, when you purchase a home you are continually paying down your mortgage. You're making steady progress toward owing your home. When your home is paid in full, you'll no longer have to pay a mortgage payment. This will never happen if you rent. Â
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