FAQs

Mortgage lenders assess your affordability based on several factors, including your income, existing debts, and the price range of homes you're considering. Many lenders utilize online calculators to provide an initial estimate of your borrowing capacity.

A Loan Estimate is a standardized document that lenders are required to provide within three business days of receiving your mortgage application. It outlines the estimated interest rates, monthly payments, and closing costs associated with your potential loan.

Fixed-rate mortgages maintain the same interest rate throughout the loan term, offering consistent monthly payments. In contrast, Adjustable-Rate Mortgages (ARMs) typically start with a fixed rate for a set period, after which the rate may fluctuate, potentially impacting payment stability.