Mortgages are an essential part of the homebuying process for most borrowers who aren’t sitting on hundreds of thousands of dollars of cash to buy a property outright. There are a multitude of different types of home loans available for whatever your circumstances may be.
Frequently Asked Questions
  • Can I pay my mortgage online?
    Many mortgage servicers accept online payments directly through their websites—register for an online account and connect your checking account so you can schedule payments. Another option is to use the online bill-pay service through your checking account to pay for your mortgage. Make sure to find out how far in advance you need to schedule your payment so your loan servicer receives it on time.
  • If you have bad credit, do you have to buy a house using cash?
    If your credit is bad, you can still be approved for a mortgage through a Federal Housing Administration Loan with 10% down, as long as your credit score is at least 500. You also may be able to improve your credit more quickly than you think to qualify for a conventional mortgage.
  • What are typical closing costs?
    Closing costs are the fees over and above the property purchase price due at the closing of a real estate transaction. They may include fees related to the mortgage loan origination and underwriting, commissions, taxes, and insurance premiums, as well as title and record filings.
  • What questions can’t you be asked as a borrower?
    Lenders are prohibited from discriminating against borrowers who are ill or disabled, so they are not allowed to ask questions related to your physical condition. Under the Equal Credit Opportunity Act, lenders are not allowed to ask if you are planning a family. In the past, this question was used to discriminate against female borrowers because lenders assumed women would quit work when they became pregnant.
  • How much income history do I need for a self-employed mortgage?
    The longer you can prove income history for self-employment in the same industry, the more likely you are to be approved for a mortgage. As a general rule, you'll want to have at least two years of documented self-employment income at or above the level you need to afford the loan you want.
  • Why are interest rates important to the housing market?
    First, interest rates determine how much we will have to pay to borrow money to buy a property, and they influence the value of real estate. Second, low interest rates tend to increase demand for property, driving up prices, while high interest rates generally do the opposite.
Key Terms
8xbet1Liên kết đăng nhập
Types of Home Loans
8xbet1Liên kết đăng nhập
How to Find a Mortgage Broker
8xbet1Liên kết đăng nhập
How to Calculate Principal and Interest
Compare the Best Jumbo Mortgage Rates for 2024
8xbet1Liên kết đăng nhập
How to Find the Best Mortgage Lender
8xbet1Liên kết đăng nhập
Home Loan Options for Lower-Income Households
8xbet1Liên kết đăng nhập
A Guide to Veteran Affairs Loan Closing Costs
8xbet1Liên kết đăng nhập
Best Mortgage Lenders for Bad Credit of 2024
Compare Today's Best Mortgage Refinance Rates
8xbet1Liên kết đăng nhập
USDA Home Loan: Meaning, Types, How to get one
8xbet1Liên kết đăng nhập
Best Shared Appreciation Mortgage Companies
8xbet1Liên kết đăng nhập
Best Investment Property Loans
8xbet1Liên kết đăng nhập
How to Get a COVID-19 Mortgage Forbearance Extension
8xbet1Liên kết đăng nhập
Best Construction Loan Lenders
8xbet1Liên kết đăng nhập
The History of Lending Discrimination
Best Mortgage Lenders of January 2024
8xbet1Liên kết đăng nhập
What Is a HomeReady Mortgage? Benefits and Drawbacks
8xbet1Liên kết đăng nhập
What Is Google Mortgage?
8xbet1Liên kết đăng nhập
What Are Your Legal Rights in a Foreclosure?
8xbet1Liên kết đăng nhập
Mortgage Amortization Calculator
8xbet1Liên kết đăng nhập
Government National Mortgage Association (Ginnie Mae): History and Programs
8xbet1Liên kết đăng nhập
Subprime Loan: Definition, Uses, Downsides
8xbet1Liên kết đăng nhập
Pre-Qualified vs. Pre-Approved: What’s the Difference?
8xbet1Liên kết đăng nhập
15 Top Alternatives to Zillow and Trulia
8xbet1Liên kết đăng nhập
The Pros and Cons of Owner Financing
Contingency Clauses in Home Purchase Contracts
How Much Mortgage Can I Afford?
8xbet1Liên kết đăng nhập
6 Reasons to Avoid Private Mortgage Insurance (PMI)
8xbet1Liên kết đăng nhập
Why You Don’t Need Mortgage Life Insurance
8xbet1Liên kết đăng nhập
Conventional Mortgage or Loan
8xbet1Liên kết đăng nhập
Deed of Reconveyance: How it Works, Examples and FAQ
8xbet1Liên kết đăng nhập
Down Payment: What It Is and How Much Is Required
8xbet1Liên kết đăng nhập
Form 1098: Mortgage Interest Statement and How to File
8xbet1Liên kết đăng nhập
Loan-to-Value (LTV) Ratio: What It Is, How to Calculate, Example
8xbet1Liên kết đăng nhập
Origination Fee: Definition, Average Cost, and Ways to Save
Origination: Definition in Finance, Loan Process, and Requirements
8xbet1Liên kết đăng nhập
Pre-foreclosure: How it Works in Real Estate, FAQs
8xbet1Liên kết đăng nhập
Mortgage Payment Structure Explained With Example
8xbet1Liên kết đăng nhập
Fixed Interest Rate: Definition, Pros & Cons, vs. Variable Rate
8xbet1Liên kết đăng nhập
Owner Financing: Definition, Example, Advantages, and Risks
8xbet1Liên kết đăng nhập
Creating a Tax-Deductible Canadian Mortgage
Real Estate Agent vs. Mortgage Broker: What's the Difference?
8xbet1Liên kết đăng nhập
Saving for a Down Payment: Where Should I Keep My Money?
Mortgage Fraud: Understanding and Avoiding It
8xbet1Liên kết đăng nhập
How Rocket Mortgage (Formerly Quicken Loans) Works
8xbet1Liên kết đăng nhập
Comparing Rocket Mortgage vs. Your Local Bank for Mortgage Loans
8xbet1Liên kết đăng nhập
15-Year vs. 30-Year Mortgage: What's the Difference?
8xbet1Liên kết đăng nhập
Why Is Most of My Mortgage Payment Going to Interest?
8xbet1Liên kết đăng nhập
What Constitutes a Good Debt-to-Income (DTI) Ratio?
8xbet1Liên kết đăng nhập
Can I Pay My Mortgage with a Credit Card?
8xbet1Liên kết đăng nhập
Understanding the Escrow Process and Requirements
8xbet1Liên kết đăng nhập
5/1 Hybrid Adjustable-Rate Mortgage (5/1 Hybrid ARM) Examples
Chattel Mortgage: Definition, Types, and Examples
Mortgage Servicing Rights (MSR) Meaning, Example, and History
Prepayment Penalty: Definition, Examples, Disclosure Laws
8xbet1Liên kết đăng nhập
Trust Deed: What It Is, How It Works, Example Form
8xbet1Liên kết đăng nhập
What Is a Deed of Release? Definition, How It Works, and Example
8xbet1Liên kết đăng nhập
Mortgage Broker: Definition, How They Work, and Responsibilities
8xbet1Liên kết đăng nhập
Watch Out for ‘Junk’ Mortgage Fees
Freddie Mac--Federal Home Loan Mortgage Corp. (FHLMC) History