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Frequently Asked Questions
2. How does the lender decide the maximum loan amount that I can afford?
3. How can I determine my housing needs before I begin the search?
4. How can I find out about local schools?
5. How can I find out how much real estate is selling for in certain communities and neighborhoods?
6. How can I find information on the property tax liability?
7. What other tax issues should I take into consideration?
8. Is an older home a better value than a new one?
9. What does a home inspector do, and how does an inspection figure in the purchase of a home?
10. Do I need to be there for the inspection?
11. Do I really need homeowner's insurance?
12. What steps could I take to lower my homeowner's insurance cost?
13. Is the home located in a flood plain?
14. What is earnest money? How much should I set aside?
15. What are "Home Warranties," and should I consider them?
17. What is a loan-to-value (LTV) ratio? How does it determine the size of my loan?
18. What types of loans are available and what are the advantages of each?
20. What are the advantages of 15 and 30 year loan terms?
21. Can I pay off my loan ahead of schedule?
22. Are there special mortgages for first-time homebuyers?
23. How large of a down payment do I need?
24. What is included in a monthly mortgage payment?
25. What factors affect mortgage payments?
26. How does the interest rate factor in securing a mortgage loan?
27. What happens if interest rates decrease and I have a fixed rate loan?
29. What is an escrow account? Do I need one?
30. How are pre-qualifying and pre-approval different?
31. What if I find a mistake in my credit history?
32. What is a credit bureau score and how do lenders use them?
33. How can I improve my score?
34. How do I choose the best loan program for me?
35. What is the best way to compare loan terms between lenders?
36. Are there any costs or fees associated with the loan origination process?
37. What is RESPA?
38. What is a good faith estimate, and how does it help me?
39. Besides RESPA, does the lender have any additional responsibilities?
40. What responsibilities do I have during the lending process?
41. What happens after I've applied for my loan?
42. What make up closing costs?
43. What can I expect to happen on closing day?
44. What do I get a t closing?
45. What is the U.S. Department of Housing and Urban development?
46. What is the FHA?
47. What is the FHA loan limit?
48. What qualifies as an income source for the FHA?
49. Can I carry debt and still qualify for FHA loans?
50. What is the debt-to-income ratio for FHA loans?
52. How large a down payment do I need with an FHA loan?
53. What can I use to pay the down payment and closing costs of an FHA loan?
54. How does my credit history impact my ability to qualify?
55. Can I qualify for an FHA loan without a credit history?
56. Can I roll closing costs into my FHA loan?
57. What is mortgage insurance?
58. How does mortgage insurance work? Is it like home or auto insurance?
59. Do I need mortgage insurance? How do I get it?
60. What is PMI?