5 Common Mortgage Questions

 In Agents, Buying a Home, Education, Market Trends, Marketing, Real Estate 101, real estate news, Selling Your Home

If you’ve got mortgage questions, you’ve come to the right place. Not exactly sure how a mortgage works? Don’t feel bad—the average home buyer doesn’t either.

When mortgage questions come up

The whole home buying process is filled with head-scratching questions, from how to find the right agent to figuring out which home is “the one.” But things tend to get even more complicated when it’s time to choose a home loan. You’re now faced with everything from how big a down payment has to be to why your interest rate isn’t as great as you’d hoped.

To help clear up some of your confusion, here are some of the most common mortgage questions home buyers ask, as well as some expert answers.

Q: Do I really need a 20% down payment?

And if you’re active or retired military (or a surviving spouse of a veteran), a Veteran Affairs loan allows you to put 0% down, says Todd Sheinin, mortgage lender and chief operating officer at New America Financial in Gaithersburg, MD. And those aren’t the only workarounds; some counties and states offer loan programs that enable borrowers with low income to receive a down payment subsidy.

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