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Frequently asked questions
(by category)
Selecting a mortgage
Prequalifying and Applying
Rates and Costs
Escrow questions
Closing
Mortgage Payments and Payoffs
Most Common
Mortgage Payments and Payoff questions
Q.
Can I
pay off
my mortgage before my term is up?
A.
Certainly, at anytime you can pay off your mortgage in full. Most of our loans do not have a pre-payment penalty. However, in some instances there is a penalty to repay the loan before a specified time period. Please check with your loan officer to see the pre-payment details of the loan you are interested in.
Q.
Will you sell my mortgage?
A.
As is most common in the mortgage industry today, after we originate your loan, it is possible we will sell it to another lender for servicing. Nothing will change with your mortgage, other than the address you send your payments to.
Q.
What makes up my mortgage payment?
A.
Typically, a mortgage payment is made up of three parts: principal, interest and escrow. Your escrow portion of the payment is composed of the required monthly payment to your property taxes, insurance, and mortgage insurance. This escrow portion of the payment can vary from year to year.
Choose another topic:
Selecting a mortgage
Prequalifying and Applying
Rates and Costs
Escrow questions
Closing
Mortgage Payments and Payoffs
.
