FAQ

POPULAR QUESTIONS

• Is a down payment required to get a mortgage?

  Yes, a down payment is required, though the amount of the down payment will vary based on a variety of factors. Speak to a mortgage specialist to find out what it will be in your situation.

• What are the main types of mortgages?

  The two primary types of mortgages are: fixed-rate mortgages, and adjustable rate mortgages.

• What is the difference between fixed rate and adjustable rate?

  With a fixed rate mortgage, the payments are locked in for the duration of the loan and will not change. With adjustable rate mortgages, the amount you pay will fluctuate with the prevailing market conditions.

• Can I refinance to take cash out of my house?

  Yes, you can refinance to take cash out. The amount you can take is appraised on a case by case basis, so speak with a specialist to see what options are available to you.

• When is the best time to refinance?

  Typically, the best times to refinance are either when interest rates are falling, or when your house has appreciated significantly in value.

• Does my house need to be appraised before I refinance?

  In most cases, you will need to have your house appraised before you can refinance the mortgage.

• Can my closing costs be rolled into the loan?

  It is possible, but this is determined on a case by case basis. Speak to a mortgage specialist for more info.