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FAQs

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

Posted in FAQsPosted by Maple Tree Funding

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 HomebuyersPosted by Shane Latza

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 HomebuyersPosted by Maple Tree Funding

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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The What, Why & How of Mortgage Escrow Accounts

Posted in FAQsPosted by Maple Tree Funding

Many homeowners who plan for a mortgage payment within their budget are unpleasantly surprised to discover their lender requires an additional amount, paid monthly, called ‘Escrow’. What is Escrow? Escrow is basically an account that is separate from your ‘mortgage payment’ where funds are deposited to specifically pay for items that relate to home ownership, such as property taxes and private mortgage insurance (PMI). It is typically an amount over and above the principal and…

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Mortgage Down Payments & Private Mortgage Insurance (PMI)

Posted in FAQs, First Time HomebuyersPosted by Maple Tree Funding

The Down Payment Hurdle: How Much is Too Much? For most first-time home buyers, saving enough money for a down payment is the biggest hurdle to owning a home. Traditionally, lenders have required a down payment of at least 20% of the home’s purchase price, which can be daunting for many. However, many lenders will now accept less than 20% of the home’s purchase price if the borrower also pays for private mortgage insurance (PMI). In…

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