Question 1

What is mortgage insurance?

Accepted Answer

Mortgage insurance protects the lender if you default on your loan. It's typically required when your down payment is less than 20% of the home's value. Private Mortgage Insurance (PMI) is for conventional loans, while FHA loans have Mortgage Insurance Premiums (MIP). The cost is added to your monthly payment and can be removed once you reach 20% equity.

Question 2

What is CVV on a debit card?

Accepted Answer

CVV (Card Verification Value) is a 3-digit security code on the back of your debit card (4 digits on the front for American Express). It's required for online, phone, or mail-order purchases to verify you physically possess the card. Never share your CVV except during legitimate transactions, as it helps prevent fraud.

Question 3

What is the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is an informal estimate of how much you might borrow based on self-reported information, with no credit check. Pre-approval is a formal process where the lender verifies your finances, checks your credit, and commits to a specific loan amount. Pre-approval carries more weight with sellers and is essential for serious home shopping.

Question 4

What is a jumbo mortgage?

Accepted Answer

A jumbo mortgage exceeds the conforming loan limits set by the Federal Housing Finance Agency (typically $766,550 for most areas as of 2024, higher in expensive markets). Because they can't be purchased by Fannie Mae or Freddie Mac, they're riskier for lenders and typically require higher credit scores, larger down payments, and may have higher interest rates.

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Frequently Asked Questions

What is mortgage insurance?

What is CVV on a debit card?

What is the difference between pre-qualification and pre-approval?

What is a jumbo mortgage?

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