General Mortgage FAQ

Answering some of our most asked questions. Didn’t answer your question? You can always email or call us. We are happy to answer!

What is a mortgage and how does it work?

Mortgages are simply loans that are held on real estate. A mortgage can be used to purchase property or borrow money against a property you already own. The process to obtain a mortgage has many steps and there are many options as well as products out there. It’s best to have a mortgage loan officer be your guide.

How much mortgage can I afford?

This is a number that is different for everyone and a big part of the pre-approval conversation. During our initial conversations, we will determine what the max you are approved to pay on a monthly basis but most importantly-what are you actually comfortable paying each month? Typically, what you qualify for and what you are comfortable paying are two different numbers. Reach out to one of our mortgage loan officers to determine the right payment for you!

How much will my mortgage payment be?

There are several factors that will determine the mortgage payment a person pays on a property. Things like the price of the home, length of the loan, interest rate, how much you put down, credit score, home insurance premiums, and property taxes. Another figure you need to take into account though, not directly in your mortgage payment is HOA dues. Those can apply to certain properties and will be paid monthly along with your mortgage payment.

How much should I overpay on my mortgage?

This is a personal question based on budgets and goals. Just know that even small amounts consistently paid can make a huge difference in the amount of interest you will pay over time.