Frequently asked questions (FAQ)

Cash-out refinancing is a type of mortgage refinancing that allows you to borrow more than your existing mortgage balance and receive the difference in cash. This can be a good option if you need to pay for home repairs, renovations, or other expenses.

What is cash out refinancing?

Cash-out refinancing is a type of mortgage refinancing that allows you to borrow more than your existing mortgage balance and receive the difference in cash. This can be a good option if you need to pay for home repairs, renovations, or other expenses.

An online loan application is a digital form that you can fill out to apply for a loan. The form can be found on the lender’s website and can be completed entirely online. Once you submit your application, the lender will review your information and determine if you qualify for the loan.

When filling out an online loan application, you will need to provide personal information such as your name, address, and social security number. You will also need to provide information about your employment status, income, and any outstanding debts.

The length of time it takes to complete an online loan application can vary depending on the lender and the complexity of the application. In general, it should take no more than 30 minutes to an hour to complete an online loan application.

A Fixed-Rate Mortgage is a type of home loan where the interest rate remains the same for the entire duration of the loan. Fixed-Rate Mortgages are the most common type of mortgage because they offer stability and predictability in monthly mortgage payments.

A pre-qualification application is an initial step in the home loan process where you provide some basic financial information to a lender. The lender will then review your information and provide an estimate of how much you may be able to borrow for your home purchase.

Interest paid on the mortgage is tax-deductible, reducing the overall cost of borrowing. Potential for significant tax savings, especially for high-income earners.                                                                                                                 

Conventional Fixed-Rate Mortgages: Offered by private lenders and are not insured or guaranteed by the government.FHA Fixed-Rate Mortgages: Insured by the Federal Housing Administration and require a lower down payment than conventional loans.VA Fixed-Rate Mortgages: Guaranteed by the Department of Veterans Affairs and are available to eligible veterans, service members, and surviving spouses.

Interest rates on Fixed-Rate Mortgages are influenced by a variety of factors, including economic conditions, inflation, and the decisions of the Federal Reserve. Historically, Fixed-Rate Mortgages have tended to have higher interest rates than Adjustable-Rate Mortgages, but provide more stability and predictability in monthly payments.

The time it takes to get approved for a loan can also vary depending on the lender. Some lenders may provide instant approval, while others may take a few days to review your application.