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Frequently Asked Mortgage Questions

How Do I Apply for a Mortgage?

Posted in FAQs

Whether you are a first time home buyer, looking to refinance, or you haven’t owned a home in quite a long time, you may not know exactly how to go about applying for a home loan. Tackling the mortgage process may seem like a daunting task, but we promise – it’s completely doable! How to Apply for a Mortgage When Buying a New Home If you’re planning to purchase a new home, we always suggest…

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Should You Lock In a Mortgage Interest Rate or Let it Float?

Posted in FAQs

When you first start looking into obtaining a home mortgage, you will likely be quoted a simple mortgage interest rate that is generally available at the moment. It is important to realize that this does not guarantee that your mortgage will be at that rate. Until you have progressed further in the loan process and have decided to ‘lock in’ that rate, things can still change. What is a Mortgage Interest Rate Lock? A mortgage interest…

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How Do Mortgage Lenders Determine Your Qualifying Credit Score?

Posted in FAQs, First Time Homebuyers

In a typical mortgage application scenario, a home buyer will have 3 credit scores: one from TransUnion, one from Equifax, and one from Experian. If you’re applying for a mortgage, it’s important to understand your credit score and know which of the 3 credit scores provided will be used to determine your mortgage eligibility, as the numbers can vary significantly. Keep in mind that lenders will typically choose the middle credit score to use when determining your…

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What is a Mortgage Broker & How Does it Differ from a Bank? [VIDEO]

Posted in FAQs, First Time Homebuyers

A home will likely be the largest purchase you make in your life. When it comes to financing that purchase, you have lots of options to consider. Government loans, conventional loans, fixed rate loans, adjustable rate loans and more – there are so many mortgage options to choose from. But while you’re considering your options in terms of home loans, you may also want to carefully consider the source of that loan. If you are a…

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What Are Closing Costs? Is There a Way to Estimate Them?

Posted in FAQs, First Time Homebuyers

Closing costs are various fees that are paid at the closing of your mortgage. Depending on the state you live in, the closing is where you’ll sit down with the seller and those involved in the home buying transaction, such as real estate brokers and lawyers, and you will sign all the paperwork and remit payments that officially transfer home ownership to you. You’ll walk out with the keys… and a bit less money in…

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