Let’s answer a few mortgage questions.

Not always. Some programs allow smaller down payments for eligible buyers. Ask how the down payment changes your payment, mortgage insurance and cash needed to close.

A lender reviews financial information and gives you a conditional indication of what you may be able to borrow. It is not a guaranteed loan offer. The property and your finances still need final approval.

Yes. Call (517) 580-5050 with your questions. You do not need a property picked out or every document ready to have a conversation.

Principal and interest are the loan portion. Your total housing cost may also include property taxes, homeowners insurance, mortgage insurance and association dues. Some costs may be paid separately.

The down payment is your contribution toward the purchase price. Closing costs cover fees and other charges involved in getting the loan and completing the transaction. Your Loan Estimate shows estimated cash to close.

Compare written Loan Estimates using the same loan amount, loan type and term. Look beyond the rate to points, lender fees, mortgage insurance and cash to close. Ask whether the rate is locked.

The interest rate is the cost of borrowing the principal. APR includes the rate plus certain loan charges, expressed as a yearly percentage. Compare APRs for similar loan products and terms.

Mortgage insurance generally protects the lender if a borrower defaults. The type, cost and cancellation rules depend on the loan. Ask what applies to your program and how it affects the payment.

It is an account the lender or servicer may use to pay property taxes and insurance bills. Part of your monthly payment goes into the account. Changes in those bills can change your total monthly payment.

It may be possible, depending on your finances and the program. Tell us about both properties, your current payment and the timing you need. We can explain what would have to be reviewed.

Start with recent income records, bank or investment statements, identification and details of debts. The exact list depends on how you earn income and the loan. Upload sensitive records only through the secure application portal.

Self-employed applicants can be considered for a mortgage. Income documentation may differ from that of a salaried borrower. Talk with the team about your business, tax returns and current income before assuming which loan will fit.

A mortgage application may involve a credit inquiry. Ask the loan officer when credit will be checked and what type of inquiry is used. A conversation about your plans is not the same as a submitted mortgage application.

Start with what you want to change, then compare the new loan with the one you have. Consider closing costs, the new term, total interest and how long you expect to keep the property. A lower payment alone does not establish savings.

It is a planning estimate of how long payment savings may take to cover refinance closing costs. It does not capture every difference between loans, including changes in loan balance, term or total interest.

It replaces your current mortgage with a new loan that may let you receive part of your home equity in cash. The new loan is secured by your home. Review the payment, costs and repayment term before deciding.

Timing varies with the loan, property, appraisal and documents needed. Ask for a timeline based on your situation. Responding promptly to requests can help, but no closing date is guaranteed before the necessary approvals.

The principal-and-interest payment is generally fixed for the loan term. The total payment can still change if taxes, insurance or other escrowed costs change.

Use Sign in in the website navigation to return to the secure borrower portal. If you cannot get into your account, call the team rather than sending financial documents by ordinary email.

The team serves borrowers in Michigan and Florida. Call to discuss the property location, loan program and licensing details that apply to your plans.