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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 mortgage insurance? How is it different from homeowner’s insurance?

Mortgage insurance, often called "private mortgage insurance" or PMI for short, insures the lender against losses which could be incurred should the borrower not make payments and the loan go into default. It is this kind of insurance which allows lenders to make loans where the borrower's down payment is less than 20%. Conceptually, it is patterned after the federal government’s FHA home loan programs in which the federal government guarantees lenders against the loss of default for loans on properties on which the borrower puts down as little as 3% of the purchase price.

The term "mortgage insurance" is also used for those types of life insurance policies which are used to pay off the balance of the mortgage in the event of the borrower’s death. Yes, it is confusing.

Homeowner’s insurance, also referred to as hazard insurance, is your traditional insurance used to protect the borrower/homeowner against property loss from fire, weather, etc.

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