FAQs

What You Should Know

I know how hard it can be to secure a loan for a house, which is why I want to provide you with the best information and resources at all times. Below you’ll find answers to some of my clients’ frequently asked questions. Still have a question? Feel free to get in touch with me with additional comments and queries.

Should I get a fixed rate or adjustable rate loan?

Choosing between a fixed-rate and adjustable-rate loan depends on factors like stability, budgeting preferences, and how long you plan to stay in the home. Fixed-rate loans offer consistent monthly payments and long-term stability, while adjustable-rate loans may have lower initial rates and can be suitable for short-term plans or risk-tolerant individuals. Consider your financial goals and consult with a mortgage advisor to determine the best option for you.

What is a sub-prime mortgage?

A subprime mortgage is a type of mortgage loan that is offered to borrowers who have lower credit scores or may have difficulty qualifying for traditional prime mortgages due to factors such as a history of late payments, high levels of debt, or a limited credit history. Subprime mortgages typically have higher interest rates and fees compared to prime mortgages, reflecting the increased risk to the lender. These loans often have adjustable interest rates that can result in higher monthly payments over time. 

When should I refinance?

When you can refinance depends on various factors including your current mortgage terms, market conditions, and your financial situation. Typically, you may consider refinancing when interest rates drop, your credit score improves, or when you want to change the terms of your loan. However, it's best to consult with a mortgage professional to determine the optimal timing for refinancing based on your specific circumstances.