To qualify for a mortgage, lenders typically look at your credit score, income, employment history, debt-to-income ratio, and down payment amount. Providing documentation such as pay stubs, tax returns, and bank statements is usually required.

Pre-qualification is an initial assessment of your ability to borrow based on self-reported information. Pre-approval is a more thorough evaluation, including a credit check and verification of financial documents, giving you a more accurate estimate of how much you can borrow.

Common types of mortgages include fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, USDA loans, and jumbo loans. Each type has different terms and eligibility requirements.

A fixed-rate mortgage has an interest rate that remains constant throughout the life of the loan, providing predictable monthly payments.

An ARM has an interest rate that can change periodically based on an index. It typically starts with a lower rate than a fixed-rate mortgage but can increase or decrease over time.

Closing costs are fees and expenses associated with finalizing a mortgage, including appraisal fees, title insurance, and attorney fees. These costs typically range from 2% to 5% of the loan amount.

PMI is insurance that protects the lender if the borrower defaults on the loan. It is usually required if the down payment is less than 20% of the home's purchase price.

Yes, it is possible to get a mortgage with a low credit score, but it may come with higher interest rates and stricter terms. FHA loans are often a good option for borrowers with lower credit scores.

A down payment is the initial payment made towards the purchase of a home. The amount required varies by loan type, but it typically ranges from 3% to 20% of the purchase price.

The mortgage approval process can take anywhere from 30 to 45 days, depending on various factors such as the complexity of your financial situation and the efficiency of the lender.

Refinancing involves replacing your existing mortgage with a new one, typically to obtain a lower interest rate, change the loan term, or access home equity.

An escrow account is a separate account where funds are held to pay property taxes and homeowners insurance on behalf of the borrower. This ensures that these expenses are paid on time.

If you are having difficulty making your mortgage payments, contact your lender immediately. They may offer options such as loan modification, forbearance, or repayment plans to help you manage your payments.