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Mortgage Refinancing
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Loan Costs

• How can I compare the rates quoted by different lenders?
• What are "points"?
• Is a "no cost loan" really no cost?
• What does a "rate lock" mean?

Qualifying

• What does it mean to "qualify" for a loan?
• What is the difference between pre-qualification and pre-approval?
• What is a FICO score?
• If I have some credit problems in the past, can I still get a home loan?
• What does "cash to close" mean?

Insurance

• What is mortgage insurance? How is it different from homeowner’s insurance?
• What is title insurance? Why do I need it?
• How do I know whether I need flood insurance?

Mortgage Payments

• What is included in my monthly payment?
• What is an escrow account? Is that different from the escrow I had when I bought my house?
• What happens when my loan is "sold"?
• Is there a pre-payment penalty on my loan?
• If I pay extra each month, how much quicker can I pay off my loan?
• What is the benefit of a "bi-weekly" mortgage?

Applying for a Loan

• Do I have to have a property to apply for a loan?
• What paperwork does the lender need to process the application?

Refinancing

• How do I know when it is a good time to refinance?

Types of Mortgage Loans

• What is a conventional loan?
• What is FHA and VA?
• What is a conforming loan? What is a non-conforming loan?
• Why should I choose a fixed rate over an adjustable rate loan?
• Is an equity loan the same as a second mortgage?
• What is a B/C loan?

Where the Money Comes From

• Who are Fannie Mae, Freddie Mac, and Ginnie Mae... and what do they have to do with home loans?

What is the difference between pre-qualification and pre-approval?

It just makes sense for the borrower to determine what house price they can afford before spending time looking for a new home. Loan officers help borrowers discover what is an affordable home price by asking the borrower a series of questions. These questions include the amount and source of the borrower’s income, the amount of other debt obligations, and the borrower’s history of paying those debts. Based on the borrower’s answers, the loan officer can offer an opinion as to whether the borrower would qualify for a given loan.

Pre-approval generally means that documentation of the borrower’s income, assets, and credit history has been secured and submitted to the lender’s underwriter. The underwriter is the individual responsible for making the lending decision on the loan. Pre-approval is considered a stronger indication of the borrower's ability to qualify and receive financing.

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