The APR represents any charges that you need to pay to get the loan.
These charges include mortgage broker fees, interest rates, or other
charges. APR is the actual cost of the loan and is generally higher
than the interest rate.
The amount of down payment depends on many factors, such as the loan
program you’re applying for, your finances, and the amount of
mortgage loan approved.
For instance, 3.5% down payment for FHA; 0% down payment for VA; 30%
down payment for conventional affordable products
It depends on the program. FHA and Conventional loans require at
least two years of verifiable employment. There are also chances for
a person with less than two years of experience to get the loan. But
such a case needs to be reviewed by an underwriter.
A pre-approval letter is a proof displaying the mortgage amount you
have been approved to borrow. The pre-approval letter documents the
loan program, purchase price, loan amount, interest rate amount,
down payment amount, and property address.
Yes, you can buy a house in a different state. You have different
options to buy a house in another state. For instance, you can buy
it as a primary house, as a second home, or as an investment if you
plan to rent it.
You can get benefits from refinancing any time you want. For
· Getting cash out
· Going from a 30 year fixed to 15 years fixed
· Going from an ARM rate to a FIXED rate
· Reducing your mortgage payment
A lock on the interest rate indicates that your interest rate would
not change between the offer and closing until you close it within a
specific time frame. Besides, no changes in your application would