Ask our mortgage assistant

Related answers

• VA Loans

  Can I use a VA loan to build a home or buy new construction?

  Yes. You can use your VA loan to buy a brand-new home from a builder, and some lenders offer VA construction-to-permanent loans to build one. There are a few extra steps (a builder VA can work with, a VA appraisal, and inspection and warranty requirements), so work with someone who does VA new construction regularly. At The Mortgage Advisory, we'll put your builder's incentive package side by side with an outside VA offer so you can see which one really costs less.

• Common Fees

  What closing costs and fees do homebuyers pay, and how does escrow work?

  Buyers commonly pay about 2% to 5% of the loan amount in closing costs, for lender fees, appraisal, title, recording, and prepaid taxes and insurance. Escrow means two things: a neutral third party that holds money and documents until closing, and the account your lender uses to pay your property taxes and insurance afterward. The Mortgage Advisory shows every fee on your Loan Estimate before you commit.

• FHA & Conventional

  Can I get an FHA loan if I already own a home?

  Sometimes. FHA loans are for the home you'll live in, and you can generally have only one FHA loan at a time. But FHA makes exceptions, like relocating for a job too far to commute, needing more room for a growing family, or moving out of a home you co-own with someone who's staying. You don't have to be a first-time buyer. The Mortgage Advisory reviews your situation and arranges FHA loans through approved partner lenders.

• HELOC & Equity

  HomeSafe Second (reverse mortgage second) vs. HELOC: which is better if I'm 55 or older?

  Both let you keep your current first mortgage. A HELOC is usually a variable-rate line of credit with monthly payments and stricter credit and income rules. A reverse mortgage second, like HomeSafe Second from Finance of America, is a fixed-rate lump sum with no required monthly payment, for homeowners 55 and older (62 in Texas), with a minimum credit score around 640. The trade-off: its balance grows over time. The Mortgage Advisory arranges both and compares them with your real numbers.

• Buying

  With rates above 7%, should I choose an ARM, a rate buydown, or a 30-year fixed?

  It depends on how long you'll keep the loan and how much payment change you can handle. A 30-year fixed gives you certainty. An ARM gives you a lower rate for the first 5, 7, or 10 years, then it adjusts. A temporary buydown lowers your payment for the first year or two, usually paid for by a seller or builder. At The Mortgage Advisory, we lay out the full cost of each, side by side, before you choose.