TimTheMortgageGuy.com
Have a question about the mortgage process? We are available to assist
you with your needs. Click on the links below to get the answers to some
frequently asked questions:
THE BASICS
Q:
What is a mortgage?
Q:
How do I distinguish between fixed-rate mortgages
and adjustable-rate mortgages (ARMs)?
Q:
Why do I need homeowner's insurance?
Q:
What should I expect to pay in closing costs?
DOWN PAYMENTS
Q:
How large a down payment should I make?
Q:
What is PMI or Mortgage Insurance?
Q:
Do I pay PMI or Mortgage insurance for the life of the loan?
FIXED MORTGAGES
Q:
What is the advantage of getting a fixed-rate mortgage?
Q:
What are some of the drawbacks of a fixed-rate mortgage?
ADJUSTABLE MORTGAGES
Q:
What do I need to consider when evaluating an adjustable-rate
mortgage (ARMs)?
ADDITIONAL MORTGAGE TYPES
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Q:
What is a balloon loan?
Q:
What is a hybrid loan?
Q:
When should I consider a hybrid loan?
APPLYING FOR A MORTGAGE
Q:
How important is it to comparison shop for loans?
Q:
What is loan prequalification?
Q:
What is loan preapproval?
Q:
Why should I get preapproved?
Q:
Should I expect to pay for preapproval?
COMMON ISSUES
Q:
How much does my credit report cost and what is it used for?
Q:
What is an appraisal for and how much will it cost me?
MORTGAGE EVALUATION
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Q:
What are points?
Q:
What is a prepayment penalty?
Q:
What is the main advantage of a 30-year mortgage over a
15-year mortgage?
Q:
What if I can afford the higher payments that a 15-year mortgage
requires? Should I take it?
Q:
Do all mortgages just come in 15 and 30-year varieties?
Q:
Should I setup electronic mortgage payments?
TAXES
Q:
What are property taxes and how much should I expect to pay?
Q:
Are mortgage interest and property taxes allowable deductions
on my income tax return?
Q:
Are there tax benefits I should be aware of when selling my home?
Q:
How much should I expect to spend each year on the maintenance
of my home?
Q:
Are points tax deductible?
Q:
Should I keep the final closing statement for tax purposes?
Q:
What are real estate property taxes based upon?
Q:
Why should I keep the receipts related to the improvement of my home?
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If you have further questions, please
contact us
. We will be glad to help you.
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