Question 1

What is a mortgage?

Accepted Answer

A mortgage is a loan used to purchase real estate, where the property itself serves as collateral. You borrow money from a lender and repay it over time (typically 15-30 years) with interest. If you fail to make payments, the lender can foreclose and take ownership of the property. Mortgages make homeownership accessible without paying the full price upfront.

Question 2

What is a conventional mortgage?

Accepted Answer

A conventional mortgage is not insured or guaranteed by the federal government. It typically requires higher credit scores (620+) and down payments than government-backed loans. Conventional loans can be conforming (meeting Fannie Mae/Freddie Mac standards) or non-conforming (like jumbos). PMI can be removed at 20% equity, unlike FHA loans.

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 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.

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Frequently Asked Questions

What is a mortgage?

What is a conventional mortgage?

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

What is mortgage insurance?

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