Q: What happens if I miss a mortgage payment? A: Missing payments can lead to late fees, damage to your credit score, and potentially foreclosure. Contact your lender if you’re facing financial difficulties.
Q: How do I compare mortgage offers from different lenders? A: Compare interest rates, APRs, fees, and loan terms. Consider the overall cost and choose the offer that aligns with your financial goals.
Q: What is a jumbo mortgage? A: A jumbo mortgage is a loan that exceeds the limits set by government-backed loan programs. They’re used for more expensive homes.
Q: What if I can’t make my mortgage payments? A: Contact your lender as soon as possible. They may offer options like loan modification or forbearance to help you manage your payments.
Q: Do I need a home inspection before getting a mortgage? A: While it’s not always required, a home inspection is highly recommended to identify potential issues with the property before finalizing the purchase.
Q: What are closing costs? A: Closing costs are fees associated with finalizing the mortgage transaction, including lender fees, appraisal costs, title insurance, and more.
Q: What is mortgage pre-approval? A: Mortgage pre-approval is when a lender reviews your financial information and credit score to estimate how much they may be willing to lend you. It strengthens your offer when making an offer on a home.
Q: What documents do I need to apply for a mortgage? A: Documents typically include proof of income (pay stubs, tax returns), employment history, credit history, and assets.
Q: How does my credit score affect my mortgage application? A: A higher credit score usually leads to a better interest rate and more favorable loan terms. Lenders use your credit score to assess your risk as a borrower.
Q: What is private mortgage insurance (PMI)? A: PMI is insurance that protects the lender in case you default on your loan. It’s usually required if your down payment is less than 20% of the home’s value.
How it Works
Q: What’s the difference between the APR and the interest rate? A: The interest rate is the cost of borrowing money, while the Annual Percentage Rate (APR) includes both the interest rate and other fees associated with the loan, giving you a more comprehensive cost.
Q: How long is the mortgage term? A: Mortgage terms can vary, but common options are 15, 20, or 30 years. The term determines how long you’ll be making monthly payments.
Q: Can I pay off my mortgage early? Are there prepayment penalties? A: Many mortgages allow early repayment without penalties. Check your loan terms to be sure.
Q: What is an escrow account? A: An escrow account holds funds for property taxes and homeowners insurance, and your lender pays these expenses on your behalf.
Q: Can I refinance my mortgage? When is it a good idea? A: Refinancing involves getting a new mortgage with better terms. It can be a good idea when interest rates drop significantly or your financial situation improves.
Our Pledge to You
Q: What happens if I miss a mortgage payment? A: Missing payments can lead to late fees, damage to your credit score, and potentially foreclosure. Contact your lender if you’re facing financial difficulties.
Q: How do I compare mortgage offers from different lenders? A: Compare interest rates, APRs, fees, and loan terms. Consider the overall cost and choose the offer that aligns with your financial goals.
Q: What is a jumbo mortgage? A: A jumbo mortgage is a loan that exceeds the limits set by government-backed loan programs. They’re used for more expensive homes.
Q: What if I can’t make my mortgage payments? A: Contact your lender as soon as possible. They may offer options like loan modification or forbearance to help you manage your payments.
Q: Do I need a home inspection before getting a mortgage? A: While it’s not always required, a home inspection is highly recommended to identify potential issues with the property before finalizing the purchase.
Working with Reliant Mortgage
We treat every client equally. Everyone that works with us knows that they are first in our eyes.
Reliant Mortgage offers some of the best rates and lowest closing costs in the nation!
Efficient and Fast, you can expect your mortgage loan to close in 30 days or less!
At Reliant Mortgage, we are the experts. Let us provide you with professional advice on the right mortgage product for you. Every situation is different and it’s our job to find the right product for you based on your situation.
