| Frequently Asked Questions |
General | Mortgage Tools |
Rates & Costs | Loan Decision |
Closing
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How much down payment will I need?
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The minimum down payment required depends on the mortgage program you select.
Usually at least 3% is required. If you put down less than 20% on your rate may be subject to our Low
Down Payment Rate Adjustment.
If you are concerned about having enough money to purchase a home you may want to consider our options
for rolling your closing costs into either your interest rate or your loan amount. You will still need
to come up with money for your down payment but this will help reduce the amount of additional money
that you will need to bring to close.
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When should I start shopping for a mortgage and how do I know what I can afford?
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The best time to look for a mortgage is before you look for a house. This way you'll know exactly the
amount of money you can borrow. You can use the calculators on this site to help you determine these
numbers as well as your estimated monthly payments. Get pre-approved for a mortgage before shopping for
a home and you'll maximize your negotiating power. It's free and will take only a matter of minutes to get a decision, and there's no obligation until you want to reserve your funds.
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Do I need to sell my existing home before I apply for a new mortgage loan?
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Absolutely not! You can apply for a new mortgage loan before you sell your current home. However,
depending on your income and debt levels, you may need to sell your current home before you can close
on your new home.
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Why is the Annual Percentage Rate (APR) different from the interest rate?
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The annual percentage rate is intended to reflect the total cost of your mortgage loan. To calculate
the APR, lenders consider the interest rate on your mortgage loan, the term of the loan, and other loan
fees such as closing costs, points, etc. Your monthly payment is calculated based on the mortgage note
rate, not the APR. The APR will be higher than your interest rate, especially if you are paying any points.
To be used as a valid evaluation tool the APR must be loan specific. The actual APR will show up on the
Truth-in-Lending statement that you will see once you have submitted your information and reserved your
funds. When comparing loan programs based on APR make sure you ask each lender their criteria for
determining the APR.
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Can I be pre-approved for a loan if I have credit problems?
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Can I be pre-approved for a loan if I have credit problems?
We offer mortgage loan options to customers who may not have perfect credit. If you are concerned about
your credit, or have other questions about credit, go to our Learning Center
and read through Your Credit Guide for more information.
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