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Mortgage FAQs

Browse our frequently asked questions to get answers to common mortgage questions regarding loan applications, rates, appraisals, insurance, and the closing process. Can’t find what you’re looking for? Please contact us, we're always ready to assist you with any questions you may have.

Application


What documents do I need to apply for a home loan?
Can I apply for a loan before I find a property to purchase?
What is pre-qualification?
What is the difference between pre-qualification and pre-approval?
How much do I need for a down payment?
How does the occupancy of my property affect my application?
How does my credit score affect my loan application?
Does it matter if I am self-employed?
How does my monthly income and debt affect my application?
What are cash reserves for?
Why do you need to know how many properties I own?
What is a Loan Estimate (LE)?


Rates


How are rates determined?
What are points or discount points?
Why is the APR different than the rate?
What is a Rate Lock?
What is Rate Lock Insurance?
What is Lock & Shop?
What is a floating rate?


Appraisal


What is an appraisal?
Do I need a home inspection and an appraisal if I am purchasing a home?
What is Draper and Kramer Corp. Value Guard™?


Insurance


What is title insurance and do I need it?
What is mortgage insurance and is it required?
Is homeowners insurance required?


Closing


What happens at closing?
What is included in the closing costs?
What is the Closing Disclosure (CD)?
How are my monthly payments calculated?
Where do I make my monthly payments?