FAQ

Pre-qualification is an informal estimate based on self-reported financial info  it gives a rough idea of what you can afford.
Pre-approval is a more in-depth process that includes credit checks and documentation review, making your offer stronger and more credible to sellers.

Refinancing makes sense when it helps you:

• Lower your interest rate

• Shorten your loan term

• Switch from an adjustable to a fixed-rate mortgage

• Consolidate debt
  To decide, calculate the break-even point: divide the total cost of refinancing by your monthly savings. If you’ll stay in your home past the break-even point, refinancing can save you money.

A rate lock secures your interest rate, loan program, points, and loan term for a set period — even if rates change during your loan process.

• A mortgage lender provides the loan directly.

• A mortgage broker works with multiple lenders to find the best deal for you and handles the paperwork and processing.

Not always. Mortgage brokers often have access to a wide network of lenders and can shop for the best rates or niche loan products especially useful for buyers with unique financial situations.