Address: 6100 Blue Lagoon Dr
Call: 803-334-8411
Email: [email protected]
FAQ
Frequently Asked Questions
Frequently Asked Questions
Iconic mortgage corp - Jason darby - Real estate agent and Mortgage Professional nmls#1519543
Looking for answers to common questions about mortgages? You've come to the right place. Below, we've compiled a list of frequently asked questions to help you navigate the mortgage industry and make informed decisions about your home financing options.
Can I prepay my mortgage, and are there any penalties for doing so?
Yes, you can prepay your mortgage, which means making extra payments towards the principal balance of the loan. Some lenders may charge a penalty for prepaying the loan, while others do not. It's important to check with your lender about their prepayment policies before making additional payments.
What factors affect my mortgage interest rate?
Your mortgage interest rate may be affected by your credit score, debt-to-income ratio, down payment amount, loan term, and market conditions such as interest rates and inflation.
What documents do I need to apply for a mortgage?
You will typically need to provide proof of income, employment, and assets, as well as your credit report and other financial information.
How long does the mortgage application process take?
The mortgage application process can take several weeks to a few months, depending on the complexity of the loan and other factors such as property appraisals and title searches.
What types of mortgages are available?
The most common types of mortgages are fixed-rate mortgages, adjustable-rate mortgages, and government-backed mortgages such as FHA loans and VA loans.
How much can I afford to borrow for a mortgage?
The amount you can borrow for a mortgage depends on your income, credit score, and other factors. A lender will evaluate your financial situation to determine your borrowing power.
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
A fixed-rate mortgage has a set interest rate for the life of the loan, while an adjustable-rate mortgage has an interest rate that can change over time based on market conditions.
What is mortgage insurance and do I need it?
Mortgage insurance is typically required for borrowers who make a down payment of less than 20% of the home's value. It protects the lender in case the borrower defaults on the loan.
Contact Info
For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Iconic Mortgage, Corp. |1 (800) 916-0449| Miami Florida NMLS# 1547953 www.nmlsconsumeraccess.org| Equal Housing Opportunity.| 1 (800) 916-0449 |NMLS# 1549543 Consumeraccess.org | Equal Housing Opportunity.
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