127 Answers
Mortgages & Financing
Understand how mortgage approval works, compare loan types, and learn how to secure the best financing for your situation. From rates and buydowns to credit scores, cash to close, and closing costs, every question is answered in plain language.
Mortgages & Financing Questions
All Ask Patrick Questions- 15-Year vs 30-Year Mortgage: Which Is Right for You?
- Assumable Mortgage Deep Dive: How Taking Over a Seller's Low Rate Works
- Best Strategy for Choosing a Mortgage Lender
- Builder Buydowns and Incentives
- Buying Points on Investment Property
- Buying Points on Second Homes
- Buying Points on USDA Loans
- Buying Points on VA Loans
- Can a Foreign National Get a Mortgage in the US?
- Can I Buy a Home With an ITIN?
- Can I Qualify with Retirement Income?
- Can I Use Alimony or Child Support to Qualify?
- Can I Use Foreign Income to Qualify for a US Mortgage?
- Can I Waive Escrow on My Mortgage?
- Can Sellers Pay for Points?
- Credit Score and Point Pricing
- Escrow Waiver: Should You Pay Taxes and Insurance Yourself?
- How Do Collections Affect My Mortgage Qualification?
- How Do Foreign Nationals Get Mortgages in the US?
- How Do Gift Funds Work for a Mortgage?
- How Do I Calculate My DTI Ratio?
- How Do I Compare Loan Estimates From Different Lenders?
- How Do I Dispute Errors on My Credit Report?
- How Do I Estimate My Closing Costs?
- How Do I Qualify for Multiple Properties?
- How Do I Repair My Credit Before Applying for a Mortgage?
- How Do I Review My Closing Disclosure?
- How Do I Shop for the Best Mortgage Rate?
- How Do I Use Rental Income to Qualify?
- How Do Late Payments Affect My Mortgage?
- How Do Lenders Calculate Self-Employment Income?
- How Do Mortgage Cash Reserves Work?
- How Do Mortgage Lenders Use All Three Credit Bureau Scores?
- How Do Rates Compare Across Loan Types?
- How Does a Bank Statement Loan Work?
- How Does a Reverse Mortgage Actually Work?
- How Does an Asset Depletion Loan Work?
- How Does Bankruptcy Affect My Ability to Get a Mortgage?
- How Does Credit History Length Affect My Mortgage?
- How Does Credit Mix Affect My Mortgage Qualification?
- How Does Credit Utilization Affect My Mortgage?
- How Does Interest Compounding Affect My Mortgage?
- How Does Medical Debt Affect My Mortgage?
- How Does Mortgage Assumption Work in Detail?
- How Long After a Short Sale Can I Buy Again?
- How Long After Foreclosure Can I Buy Again?
- How Much Does a 0.125% Rate Difference Affect My Payment?
- How Much Does Flood Insurance Cost?
- How Much Does My Credit Score Affect My Interest Rate?
- How Should I Monitor My Credit During the Mortgage Process?
- How Should Self-Employed Buyers Plan for a Mortgage?
- Key Terms in a Mortgage Promissory Note
- Mortgage Rate Buydown Decision Framework
- Mortgage Recasting: How It Works and When to Use It
- PMI vs MIP: What Is the Difference Between Mortgage Insurance Types?
- Points Conventional vs FHA?
- Points if Refinancing in 3 Years?
- Points if Selling in 5 Years?
- Points on 15-Year vs 30-Year Mortgages
- Points on Construction Loans
- Points on Non-QM Loans
- Points on Portfolio Loans?
- Points on Reverse Mortgages
- Points vs Larger Down Payment
- Should I Buy Mortgage Points?
- Should I Use a Co-Borrower on My Mortgage?
- Should I Use a Credit Union Mortgage?
- Should We Apply Jointly or Separately?
- Timing Rate Buydowns with the Market
- What Are Jumbo Loan Requirements?
- What Are Lender Credits?
- What Are Mortgage Reserves and How Many Do I Need?
- What Are Seasoned Funds for a Mortgage?
- What Are the Benefits of Assuming Someone Else's Mortgage?
- What Are the Best Rate Lock Strategies?
- What Are the Closing Costs on a Refinance?
- What Are TRID Rules?
- What Consumer Protections Exist for Texas Homebuyers?
- What Does a Loan Originator Do?
- What Down Payment Grants Are Available?
- What Exactly Does the APR Include?
- What Exactly Is Included in the Origination Fee?
- What Factors Affect My Mortgage Interest Rate?
- What First-Time Buyer Programs Are Available in Texas?
- What HOA Documents Should I Review Before Buying a Condo?
- What If I Have a Judgment or Lien on My Record?
- What If Identity Theft Damaged My Credit?
- What Is a 2-1 Mortgage Rate Buydown?
- What Is a 3-2-1 Mortgage Rate Buydown?
- What Is a Balloon Payment?
- What Is a Bank Statement Loan?
- What Is a Construction Loan and How Does It Work?
- What Is a Deed of Trust?
- What Is a Graduated Payment Mortgage?
- What Is a Hardship Letter and When Do I Need One?
- What Is a Mechanic's Lien?
- What Is a Mortgage Credit Certificate (MCC)?
- What Is a Non-QM (Non-Qualifying) Mortgage?
- What Is a Non-QM Loan?
- What Is a Permanent Rate Buydown?
- What Is a Qualified Mortgage?
- What Is a Release of Lien?
- What Is a Renovation Loan and How Does It Work?
- What Is a Title Defect?
- What Is a Warrantable Condo?
- What Is Adverse Possession in Texas?
- What Is an Asset Depletion Loan?
- What Is an Escrow Shortage and Why Did My Payment Go Up?
- What Is an Interest-Only Mortgage and How Does It Work?
- What Is an Interest-Only Period on a Mortgage?
- What Is Cash to Close and How Much Do I Need?
- What Is Combined LTV?
- What Is Debt Service Coverage Ratio?
- What Is Loan-to-Value Ratio and Why Does It Matter?
- What Is Mortgage Insurance (PMI)?
- What Is Mortgage Recasting vs Refinancing?
- What Is Portfolio Lending?
- What Is Residual Income for VA Loans?
- What Is Texas Homestead Protection?
- What Is the Ability-to-Repay Rule?
- What Is the Best Seller Concession Strategy?
- What Is the Difference Between Residential and Commercial Mortgage?
- What Is the Texas CHFA Program?
- What Programs Does TDHCA Offer?
- What Renovation Loans Are Available?
- What Should I Know About Fair Housing in Texas?
- Which FICO Score Version Do Mortgage Lenders Use?
More Questions to Explore
- Should I Buy a Half Point? Understanding 0.5 Mortgage Points
- Can I Buy a Custom Amount of Mortgage Points?
- Can I Lock a Mortgage Rate with Alimony Income?
- Can I Use Rental Income to Qualify for a Mortgage?
- Does the Rate Lock Process Differ by Loan Type?
- How Does a Co-Buyer Affect My Mortgage Rate Lock?
- Buying Points vs Investing: Which Is the Better Financial Decision?
- Can I Lock My Mortgage Rate with Multiple Offers Out?
- Should I Buy 2 Points? A Detailed Look at Buying Multiple Points
- Can Seller Concessions Pay for Mortgage Points? A Detailed Guide
- Should I Buy 0.75 Points? Understanding Three-Quarter Mortgage Points
- Ultimate Mortgage Rate Lock FAQ: 20 Common Questions Answered
- How Do I Compare Today's Mortgage Rates?
- Why Does My Lender Want Money Left Over After Closing?
- Why Close Before the End of the Month?
- What Does "Clear to Close" Actually Mean?
- What Should I Fix Financially Before Applying for a Mortgage?
- What Happens After the Home Inspection Report Comes Back?
- What Happens If Repair Delays Push Past My Rate Lock?
- Does Property Type Affect My Rate Lock?
- Are Mortgage Points Tax Deductible? The Detailed Tax Rules
- Should You Buy Points? A Complete Scenario Analysis
- What Is a Mortgage Prepayment Penalty?
- What Is a Jumbo Loan?
- Can I Lock a Rate for Multiple Properties at the Same Time?
- Builder Buydowns: How New Home Builders Buy Down Rates
- What Happens If a Weather Delay Pushes Past My Rate Lock?
- What Happens If Contingency Delays Push Past My Rate Lock?
- Do I Need to Pay a Deposit to Lock My Mortgage Rate?
- How Does a Rate Lock Work for Refinancing?
- How Does a Mortgage Rate Lock Work?
- What Is Mortgage Recasting in Detail?
- What Does the Appraiser Actually Look For?
- What Is an Interest-Only Mortgage? How It Works and the Risks
- How Do I Calculate Whether to Buy Points?
- Can I Deduct Mortgage Interest on My Taxes?