MORTGAGE FREQUENTLY ASKED QUESTIONS
Q: What documentation do I need to provide?
Q: Are there any loan programs that don’t require a down-payment?
Q: If I’ve filed bankruptcy in the past few years, will I still qualify for a mortgage loan?
Q: What are some of the benefits of Government loans (FHA, VA, USDA Rural Housing)?
Q: What are points?
Q: What is an escrow account?
Q: What is the difference between the interest rate and the annual percentage rate (APR)?
Q: Once I’ve submitted my application online, how long will it take before I know if I’ve been pre-qualified?
Q: What is the difference between pre-qualification and pre-approval?
Q: What is mortgage insurance and why is it required? Is there any way around mortgage insurance?
Mortgage insurance can be avoided by utilizing loan programs such as an 80/20, in which a 1st mortgage (80% LTV) and 2nd mortgage (20% LTV) are taken on the property. No down payment is required. Or, there is Lender Paid Mortgage Insurance (LPMI). With this option, the lender pays the mortgage insurance, which is offset by a higher interest rate charged to the borrower.
YOUR MORTGAGE BROKER FOR LIFE.
My mission extends beyond merely providing the ideal home loan that aligns with my clients’ financial situations. I aim to help educate my clients on specific mortgage products, current issues, and industry trends. I understand that securing a mortgage can be complex, and that’s where I come in – to simplify the process and guide my clients towards the best home loan, allowing them to focus on saving money, settling into their new home, and building equity and credit.
I’m available to answer any inquiries, from the basics on interest rates and insurance to more complex topics like sellers’ concessions and new housing legislation. Feel free to reach out with any additional mortgage-related questions. I’m always here to help.
Jason Brown, Loan Originator
SR DRE #011906676 | NMLS #270050
C: (925) 785-4200
E: [email protected]
Licensed in Idaho, California and Texas