FAQ

Most consumers have lots of questions about the home mortgage market. Here are some responses to some of the most commonly asked questions.

Is it better to rent or buy a home?

In the long run, buying is a better way to invest your money than renting. After all, if you're renting a house or an apartment, every month you pay rent to someone else. When you purchase your home through a home mortgage, each month you make payments on your mortgage to a bank or lending institution. While you pay interest on your loan, you are essentially investing in real estate.

Why should I buy a home?

Buying a home will allow you to investment your money in personal property that you would otherwise have paid a landlord in rent. However, if you stop making mortgage payments and default on your loan, you run the risk of foreclosure. If foreclosure happens, you have essentially lost all the money you've invested in your home. Buying a home is best for people with a reasonably stable source of income.

How does someone pre-qualify for a loan?

Pre-qualifying for a home mortgage loan has never been simpler! Even with bad credit, you can shop around for some of the most competitive mortgages on the market. All you have to do is submit an online home mortgage application. Your application will be immediately circulated to lenders interested in your business. Once these lenders inform you of their quotes, you can decide on the mortgage that's best for you. Current home owners can do the same thing through home refinancing. They can also use an existing home mortgage to consolidate debt effectively!

In order to qualify for a new home loan, will I need a down payment?

Having a down payment will significantly increase your chances for pre-qualifying for a new home mortgage loan. Owning a home is a big investment, and lenders want to know that you're committed to their loan.

What about bad credit?

Even with bad credit, you can apply for a free online home mortgage quote! While consumers with sub-prime credit scores may not get rates as low as prime credit holders, competitive lenders will offer you the best deals available for your situation!