Mortgage Questions

Some of the most commonly asked mortgage questions.

When it comes to buying a house you want to ensure you follow all the rules and do your homework. Buying a car may be a big financial decision however, for the average person, signing your name on a mortgage will probably be the biggest financial decision you will ever make. Below are a list of the most common questions you should know the answer to before you sign the mountain of paperwork. I am going to start this series of posts and over the next several months answer each of these mortgage questions.

• Can I afford to buy a home?
• How much money should I spend on a home mortgage?
• What are the differences between mortgage pre-qualification, pre-approval and final loan approval?
• What first-time buyer programs are available?

• What types of mortgages are available and which should I choose?
• Can I use my IRA retirement funds as a down payment on a home?
• Should I pay points on my mortgage?
• I have poor credit are there still options for a mortgage?
• What are front and back ratios?
• Is it still possible to get a loan with no money down?
• What is PMI (Private Mortgage Insurance? Why do I have to pay it?
• I know it used to be simple to get a mortgage? Is it still that easy?
• Can I take out a second mortgage and use that as a down payment for the first?
• Should I pay extra on my mortgage each month?
• Does it matter how long I have been employed? Will this effect my chances of getting a mortgage?

Once I have answered all these mortgage questions I will open the post up for comments. You can ask your own mortgage related questions and I or members of the blog will give the best answer we can. Please note I am not a professional or have any qualifications in this field, everything you read here is my personal opinion.