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August 25, 2022

Top 15 Most Frequently Asked Mortgage Questions

20 minutes

Are you a first-time homebuyer or someone with a lot of mortgage questions? This might just be the video for you with my top 15 most asked questions along with a bonus question on gift funds. Watch the whole video or skip ahead to your specific question and let me know if you want either additional information or have a complete separate question to what was answered here!

00:00 - Introduction

00:53 - Question 1 - Do I need great credit to get a mortgage?

01:44 - Question 2 - How much do I need for a down payment?

02:59 - Question 3 - Closing costs? How much should I expect them to be?

03:28 - Question 4 - Fixed rate vs adjustable rate mortgage

04:52 - Question 5 - When should I lock my interest rate?

05:38 - Question 6 - What type of mortgage is best for me?

06:43 - Question 7 - What are discount points? Should I pay for them?

07:59 - Question 8 - 15 year loan vs 30 year loan

09:39 - Question 9 - What documents do I need?

10:52 - Question 10 - What is a pre-qualification?

11:54 - Question 11 - What is a pre-approval?

13:48 - Question 12 - What is an escrow account?

14:33 - Question 13 - Why does it take so long to close a mortgage?

15:35 - Question 14 - How is my mortgage payment determined?

16:53 - Question 15 - Will my monthly payments change during the loan?

17:37 - Bonus - How do I handle gift money?

...more

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By Justus Foss