{"id":6134,"date":"2025-10-14T20:52:40","date_gmt":"2025-10-14T20:52:40","guid":{"rendered":"https:\/\/cityviewmortgage.com\/?page_id=6134"},"modified":"2025-10-14T21:10:14","modified_gmt":"2025-10-14T21:10:14","slug":"faq","status":"publish","type":"page","link":"https:\/\/cityviewmortgage.com\/?page_id=6134","title":{"rendered":"FAQ"},"content":{"rendered":"
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Top 12 Common Mortgage Questions & Answers<\/h2>\n <\/div>\n <\/div>\n
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Pro Tip:<\/strong> Always stay in close communication with your loan officer \u2014 fast document turnarounds and open communication help you close on time and with confidence.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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What affects my mortgage interest rate?<\/h5>\n <\/div>\n <\/div>\n
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Your mortgage rate depends on several factors \u2014 including your credit score, loan type, down payment, loan term, and current market conditions<\/strong>. A higher credit score and larger down payment usually help you\n qualify for a lower rate.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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What does \u201clocking in\u201d my rate mean?<\/h5>\n <\/div>\n <\/div>\n
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Locking your rate means your lender guarantees your interest rate won\u2019t change<\/strong> for a set period (usually 30\u201360 days) while your loan is being processed. This protects you from market fluctuations that could\n raise rates before you close.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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What is LTV (Loan-to-Value Ratio)?<\/h5>\n <\/div>\n <\/div>\n
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Your LTV<\/strong> compares your loan amount to the value of the property. For example, if you buy a $400,000 home with a $320,000 loan, your LTV is 80%.\n
A lower LTV can mean better rates and fewer requirements, such as no private mortgage insurance (PMI).<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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What\u2019s the difference between a fixed-rate and adjustable-rate mortgage?<\/h5>\n <\/div>\n <\/div>\n
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A fixed-rate mortgage<\/strong> keeps the same interest rate for the life of the loan, so your payments never change.\n
An adjustable-rate mortgage (ARM)<\/strong> starts with a lower initial rate that can change over time based on the market \u2014 ideal for short-term homeowners or investors.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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How much should I put down on a home?<\/h5>\n <\/div>\n <\/div>\n
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While the traditional down payment is 20%, many loan programs allow as little as 3% down<\/strong> (or even 0% for VA and USDA loans).\n
Your lender can help you explore what works best based on your budget, goals, and loan type.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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What\u2019s the difference between pre-qualification and pre-approval?<\/h5>\n <\/div>\n <\/div>\n
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  • Pre-qualification<\/strong> is a quick estimate of what you may be able to borrow based on self-reported information.<\/li>\n
  • Pre-approval<\/strong> involves a more detailed review of your financials \u2014 including credit, income, and assets \u2014 and gives you a stronger position when making offers.<\/li>\n <\/ul>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n
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    What are closing costs, and how much should I expect?<\/h5>\n <\/div>\n <\/div>\n
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    Closing costs include fees for the loan, title, appraisal, and other services.\n
    Typically, they range from 2\u20135% of your loan amount<\/strong>.\n
    Your lender will provide a Loan Estimate<\/strong> early in the process so you know exactly what to expect.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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    Can I refinance my loan later?<\/h5>\n <\/div>\n <\/div>\n
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    Yes! Refinancing lets you replace your current loan with a new one \u2014 often to get a lower rate, shorten your term, or tap into your home\u2019s equity.<\/strong>\n
    Your lender can help analyze when it makes sense based on market conditions and your financial goals.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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    What is PMI (Private Mortgage Insurance)?<\/h5>\n <\/div>\n <\/div>\n
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    PMI is insurance that protects the lender if you default on your loan. It\u2019s usually required if your down payment is less than 20%<\/strong>.\n
    Once your loan balance drops below 80% of your home\u2019s value, you can often request to remove it.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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    How long does the mortgage process take?<\/h5>\n <\/div>\n <\/div>\n
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    On average, most home loans take about 30 to 45 days<\/strong> from application to closing.\n
    The timeline depends on the loan type, how quickly documents are submitted, and third-party services like appraisals and title work.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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    Do I need perfect credit to buy a home?<\/h5>\n <\/div>\n <\/div>\n
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    No! You don\u2019t need perfect credit<\/strong> to qualify for a mortgage. Many loan programs, such as FHA, VA, and USDA loans, are designed for buyers with less-than-perfect credit<\/strong>. Even if your score\n isn\u2019t ideal, your lender can help you find options that fit your situation and guide you on improving your score for better terms.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n

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    How does my credit score affect my loan rate?<\/h5>\n <\/div>\n <\/div>\n
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    Your credit score directly impacts your interest rate<\/strong>.\n
    A higher score signals lower risk to lenders, which can result in a lower rate and monthly payment.\n
    Even a small improvement \u2014 like going from a 660 to 700 credit score \u2014 can make a noticeable difference in what you pay over time.<\/p>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"

    Top 12 Common Mortgage Questions & Answers Pro Tip: Always stay in close communication with your loan officer \u2014 fast document turnarounds and open communication help you close on time and with confidence. What affects my mortgage interest rate? Your mortgage rate depends on several factors \u2014 including your credit score, loan type, down payment, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/full-width-page.php","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-6134","page","type-page","status-publish","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/cityviewmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/6134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cityviewmortgage.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cityviewmortgage.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cityviewmortgage.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cityviewmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6134"}],"version-history":[{"count":5,"href":"https:\/\/cityviewmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/6134\/revisions"}],"predecessor-version":[{"id":6168,"href":"https:\/\/cityviewmortgage.com\/index.php?rest_route=\/wp\/v2\/pages\/6134\/revisions\/6168"}],"wp:attachment":[{"href":"https:\/\/cityviewmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}