What is the difference between a fixed-rate and an adjustable-rate mortgage?

A fixed-rate mortgage maintains the same interest rate throughout the loan term, providing stability. In contrast, an adjustable-rate mortgage (ARM) typically starts with a lower rate but may change over time based on market conditions.

What credit score is required to qualify for a mortgage?

Lenders typically prefer a credit score of 620 or higher for conventional loans. Government-backed loans like FHA and VA may accept lower scores.

Can I refinance my mortgage to lower my monthly payments?

Yes, mortgage refinancing can often reduce monthly payments by securing a lower interest rate or extending the loan term.

How much down payment do I need to buy a home?

The down payment requirement varies but often ranges from 3% to 20% of the home's purchase price. Certain loan programs, such as FHA or VA, may have lower down payment options.

What is the mortgage approval process like?

The process involves pre-approval, application, document verification, underwriting, and closing. Pre-approval helps determine the loan amount you can afford.

What's the difference between pre-qualification and pre-approval for a mortgage?

Pre-approval is a more rigorous process involving a comprehensive review of your credit, income, and other financial factors, resulting in a firm commitment from the lender for a specific loan amount.

Cash-out or Rate & Term Refinancing

Refinancing your mortgage can help you secure a lower interest rate, which can save you money on your monthly mortgage payments and over the life of your loan. Refinancing can also allow you to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage, providing more stability in your monthly payments.

A team of mortgage experts will work with you to determine if a mortgage refinance is the right option for your situation. We’ll help you understand all your options and guide you through the process from start to finish. We pride ourselves on our commitment to providing exceptional customer service, timely responses, and competitive rates.

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If you’re looking to save money on your mortgage or improve your financial situation, mortgage refinance may be the right option for you. At Eroica Financial Services, we offer a variety of mortgage refinance options to meet your needs.