No! With FHA loans you can get approved for as little as 3.5% down, VA and USDA

loans can offer you $0-down options, and with Private Mortgage Insurance (PMI) you

can get into your new home with less than a 20% down payment. Whatever your

situation, you have options.

No. Pre-qualification and pre-approval are two different things. Pre-qualification

means that a mortgage lender has reviewed your financial records and believes you

will qualify for a loan. A pre-approval is a conditional committment from a lender

that they will lend you the money for a mortgage.

A fixed rate mortgage means that the interest rate is set when you take out the loan

and will not change. With an adjustable rate mortgage, the interest rate may go up

or down after a certain amount of time. Many adjustable rate mortgages will start at

a lower interest rate than fixed rate mortgages.

Private Mortgage Insurance (PMI) is a type of insurance you may be required to pay if

you are taking out a conventional mortgage with a downpayment that is less than

20% of the home's overall value. If you refinance your home with a conventional

loan and your equity is less than 20% of the home's value, you may also be required

to pay PMI. Private Mortgage Insurance protects the lender in the event that you

stop making payments on your loan.

Yes! Your mortgage advisor can help you find the right refinance and reverse

mortgage options to help you access your home equity before you've finished paying

off your loan. This can help with covering the cost of remodels, college tuition, long-

term care plans, and more! Talk to your mortgage advisor to find out how you can

access your home equity to cover any of your life's needs.

The first thing you should do in the event that you can't afford your mortgage

payements anymore is reach out to your lender. An experienced mortgage advisor

can help you find options, such as refinancing or restructuring your loan, to help you

keep up with your payments. Always reach out to your lender to ensure that you can

keep up with your payments and stay in your home.