Frequently Asked Questions (FAQs)

What’s the difference between an adjustable-rate mortgage (ARM) and a fixed-rate mortgage? Click to open answer

An adjustable-rate mortgage comes with an interest rate that can change throughout the loan term. If you choose a fixed-rate mortgage, the interest remains the same throughout the entire duration of the loan.

Can I buy a home without a large down payment? Click to open answer

Yes. We offer a wide selection of loan products, including options with low down payments and no down payment.*

*Closing costs and fees may still apply.

What is the difference between pre-approved and pre-qualified? Click to open answer

Prequalification means a lender has given you an estimate of how much you may qualify to borrow. Pre-approval is more official and means the lender has collected more info and sent it through underwriting.

What are the closing costs? Click to open answer

Closing costs will vary depending on your situation, but they often include origination fees, appraisal fees, title insurance fees and more. You will receive an estimate of closing costs in advance so you know what to expect.

What is DTI? Click to open answer

DTI stands for debt-to-income ratio. It is the percentage of your gross monthly income that goes toward monthly debt payments and obligations. It factors in things like rent or mortgage payments, auto loans, credit card payments and alimony/child support payments. A smaller debt-to-income ratio improves your chances of qualifying with an advantageous rate.

What is PMI? Click to open answer

PMI stands for private mortgage insurance. Mortgage insurance protects your lender’s investment if you default on your loan. It is normally required if your down payment is less than 20%.

Can I get a loan if my credit isn’t great? Click to open answer

Very likely. Qualification depends on a number of factors, but we offer loans with lenient credit requirements. For example, you may be able to qualify for an FHA loan with a credit score as low as 500.

What are popular loan options? Click to open answer

We offer hundreds of loan programs so we can meet the unique needs of each customer. Common options include:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • Jumbo loans
  • Renovation loans

What is APR? Click to open answer

APR is short for Annual Percentage Rate. APR represents the cost of a loan over a year. It includes the interest rate as well as other costs and fees that come with your loan.

What is included in my monthly payment? Click to open answer

In most cases your monthly payment will include loan principal and interest. If your loan has private mortgage insurance, it will also be included.