Frequently Asked Questions

Mortgage FAQBelow are Frequently Asked Questions that often are encountered through the course of the home buying process. You also can use our Mortgage Dictionary to address additional terms or questions that arise.

What types of mortgage options does PrimeLending offer?
What is a prequalification letter, and why should I have one?
Should I go through the prequalification process before I begin searching for a home?
Do I have to pay for the prequalification process?
When I apply for a mortgage, what documents will I need?
Is it still possible to qualify for a loan even if I have past credit problems?
How does the annual percentage rate (APR) differ from the interest rate?
Will I get a copy of my credit report and appraisal?
How will I know which loan program is best for me?
What is the difference between a VA and an FHA loan?
How do I know what my interest rate will be?
Should I get a loan with a fixed or adjustable interest rate?
What are “origination points”, “discount points”, and “origination fees” in regard to my mortgage?
How much will I need for a down payment?
What is a loan-to-value ratio?
When mortgage lenders say “PITI”, what are they referring to?
When my loan officer asks me if I want to waive escrows, what exactly does this mean?
What is a “pre-payment penalty”?
What inspections or appraisals does the lender require?
My first mortgage payment is due but I don’t have my payment slips yet. Where should I send the payment?
Will I have two separate payments if I have a second lien?
What is the difference between a mortgage broker and a direct lender?
Who can answer questions not addressed here?

Eiric’s goal is to exceed your expectations and make clients for LIFE!

You can reach Eric at his office at (877) 586-1865 or by directly at (512) 381-4896.