General Mortgage Questions
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Q: What is a mortgage?
A: A mortgage is a loan used to purchase real estate, with the property serving as collateral. -
Q: How do mortgages work?
A: You borrow money from a lender and repay it with interest over a set period. Failure to repay can result in foreclosure
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Types of Mortgages
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Q: What types of mortgages do you offer?
A: We offer fixed-rate, adjustable-rate, Federal Housing Administration (FHA), Veterans Affairs (VA), jumbo loans, home equity loans, reverse mortgages, and construction loans. -
Q: What is the difference between fixed-rate and adjustable-rate mortgages?
A: Fixed-rate mortgages have a constant interest rate, while adjustable-rate mortgages (ARMs) have rates that may change periodically.
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Application Process
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Q: How do I apply for a mortgage?
A: Apply online through our website or schedule an appointment with one of our mortgage advisors. -
Q: What documents do I need to provide?
A: Typically, you'll need proof of income, credit history, bank statements, tax returns, and identification.
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Eligibility and Requirements
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Q: What are the eligibility criteria?
A: Eligibility depends on credit score, income, employment history, and debt-to-income ratio. -
Q: How is my mortgage rate determined?
A: Rates are based on your credit score, loan amount, loan type, and current market conditions.
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Down Payments and Costs
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Q: How much down payment is required?
A: Down payments generally range from 3% to 20% of the home's purchase price. -
Q: What are the closing costs?
A: Closing costs include fees for appraisal, title search, insurance, and other services, typically 2-5% of the loan amount.
Repayment and Refinancing
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Q: How do I make mortgage payments?
A: Payments can be made online, by mail, or through automatic bank drafts. -
Q: Can I refinance my mortgage?
A: Yes, refinancing options are available to lower your interest rate or change your loan terms.
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Special Programs
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Q: Do you offer any first-time homebuyer programs?
A: We will work to find special programs with lower down payments and flexible terms for first-time buyers. -
Q: Are there any government-backed mortgage options available?
A: Yes, we offer Federal Housing Administration (FHA), Veterans Affairs (VA), and United States Department of Agriculture (USDA) loans backed by the government.
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Home Equity and Reverse Mortgages
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Q: What is a home equity loan?
A: A home equity loan allows you to borrow against the equity in your home, typically for home improvements or other large expenses. -
Q: What is a reverse mortgage?
A: A reverse mortgage allows homeowners aged 62 and older to convert part of their home equity into cash without selling their home.
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Construction Loans
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Q: What is a construction loan?
A: A construction loan is a short-term loan used to finance the building or renovation of a home, which is converted to a mortgage once construction is complete.
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Troubleshooting and Support
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Q: What should I do if I have trouble making payments?
A: Contact our support team immediately to discuss options like loan modification or forbearance. -
Q: How can I contact customer support?
A: You can reach us via phone or email.