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Frequently Asked Questions

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.

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.

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.

What is an FHA mortgage? Click to open answer

FHA loans are government-insured loans through the U.S. Department of Housing and Urban Development, also called HUD. FHA loans offer an excellent start to first-time home buyers, with options such as a low down payment or a low closing cost option.

How do I start the application process for a mortgage? Click to open answer

The application process can be initiated by clicking on any of the apply now buttons on this site.

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.

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.

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 will my rate be? Click to open answer

Rates are based on a variety of factors such as the loan purpose, your credit history and ability to repay, the value of the collateral and the loan amount.

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%.

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 an FHA mortgage? Click to open answer

FHA loans are government-insured loans through the U.S. Department of Housing and Urban Development, also called HUD. FHA loans offer an excellent start to first-time home buyers, with options such as a low down payment or a low closing cost option.

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 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%.

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 will my rate be? Click to open answer

Rates are based on a variety of factors such as the loan purpose, your credit history and ability to repay, the value of the collateral and the loan amount.

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 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