Frequently Asked Questions

What types of mortgages are available?

Common mortgage types include fixed-rate mortgages, variable-rate mortgages, and hybrid mortgages (combination of fixed and variable rates).

What is the minimum down payment required to buy a home?

The minimum down payment varies depending on the purchase price: 5% for homes up to $500,000 and 10% for the portion above $500,000 up to $1 million.

What are the costs associated with getting a mortgage?

Mortgage costs include the down payment, closing costs (legal fees, appraisal fees, etc.), and potentially mortgage insurance premiums.

What is mortgage insurance, and when is it required?

Mortgage insurance is typically required when your down payment is less than 20% of the home's purchase price. It protects the lender in case you default on your mortgage.

Can I make extra payments on my mortgage?

Most mortgages allow you to make extra payments or increase your regular payment amount without penalties.