Frequently Asked Questions
We’re here to clear up the confusion!
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What is a mortgage? 
A mortgage is a loan that...
A mortgage is a loan that a bank or lender gives you to help you buy a house. The house you purchase acts as collateral in exchange for the money you’re borrowing.
What is the principal?
The principal is the amount you borrowed from the lender.
The principal is the amount you borrowed from the lender.
How often does one make a mortgage payment?
Most people primarily make...
Most people primarily make their payment once a month. Of course, you’re welcome to make additional payments during the month but usually you make at least one payment per month.
What's the difference between a fixed vs. adjustable rate? 
In a fixed rate mortgage the interest..
In a fixed rate mortgage the interest rate is locked in for the duration of the loan, it never changes. In an adjustable rate mortgage (often called an ARM), the interest rate may go up or down.
What is pre-qualification?
Getting pre-qualified is a pretty simple..
Getting pre-qualified is a pretty simple process. You provide us with a little bit of financial information (your salary, your savings, etc.) and we’ll tell you how much you can expect to be loaned.
What sorts of fees can I expect?
Remember when we said the mortgage process was complex?...
Remember when we said the mortgage process was complex? Well each of the involved parties charges fees, but don’t worry, these costs will be disclosed to you at the beginning of the mortgage process – no surprises here.
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You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
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You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
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You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
What makes up your mortgage payment?
Your mortgage payment is comprised of...
Your mortgage payment is comprised of four parts, the principal, the interest, the taxes, and the insurance. 
What is interest?
Interest is essentially what the lender...
Interest is essentially what the lender charges you the privilege of borrowing money. It’s how the lender makes money on loaning you money.
What is mortgage insurance (MI)?
In most cases, if put down less than...
In most cases, if put down less than 20% of your loan’s value , you’ll have to carry private mortgage insurance or PMI (different from homeowner’s insurance) – this insurance protects the lender in case you default on your mortgage.
What’s collateral?
Collateral is an asset that you, the...
Collateral is an asset that you, the borrower, offer up as a way to secure your loan with the lender. If you stop making your payments, the lender can seize your collateral (your house)
What is pre-approval?
Getting pre-approved is the much more...
Getting pre-approved is the much more rigorous version of getting pre-qualified. During the pre-approval process, your credit is checked, income statements are verified, and most places usually charge a processing fee.
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You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
What taxes are included in my mortgage payment?
The taxes you pay are..
The taxes you pay are good ol’ fashioned property taxes – eventually those end up in the hands of the state your property resides in. 
What types of mortgages are available to me?
The most common types of loans are...
The most common types of loans are Conventional, FHA, VA, and jumbo loans. Click on any of the types to read more in-depth about them.
What is escrow?
Escrow is the term for when an impartial...
Escrow is the term for when an impartial third party holds onto a valuable thing during a transaction. Usually, you put your money into escrow and it’s held there until the sale of your house finishes.
What are closing costs?
Closing costs are the fees paid...
Closing costs are the fees paid at the closing of your entire home-buying transaction.
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You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Question goes here.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.
Click for more information...
You can add up to 15 faqs per column. To hide a tile that's not needed, remove all the text from the Question field, save, refresh - it should now be hidden. If you need a new faq, add text to the Question field, save, refresh - it should now be visible.