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What are the differences between mortgage prequalification, preapproval and final loan approval? Prequalification is the process where the lender will look at a basic copy of yo... What first-time buyer programs are available? We offer many different types of loans for first time home buyers. We also have ... Should I pay points? Discount points are prepaid interest, which you can pay to your lender at closin... What mortgage options are there for those with poor credit? There are lenders available for many of those with tarnished credit records. One... What options are there for buyers with no money down and no cash for closing costs? Although there are some new programs that allow buyers to purchase a home with l... What does it mean to get pre-approved? Getting pre-approved means you receive a loan commitment from your mortgage comp... What is the minimum down payment I can make on a home? There is generally no minimum down payment required for buying a home. Many fir... Will I have to pay for Private Mortgage Insurance? Private Mortgage Insurance (PMI) provides your lender with a way to recoup its i... Should I choose a fixed-rate or adjustable-rate loan? Most mortgage loans have either a fixed interest rate or an adjustable interest ... Should I lock my rate? Locking your interest rate means your lender guarantees the rate on your loan ev...