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FREQUENTLY ASKED QUESTIONS
Clear answers to common mortgage questions.
These answers are general education. Your specific options depend on a complete review and applicable requirements.
Is a consultation a loan application?
No. The public consultation form starts a conversation. A formal application and sensitive documents should be completed only through an approved secure lender system.
How much down payment do I need?
It depends on the loan program, occupancy, property, qualification, and transaction. Some qualified programs may permit less than 20%, while others require more.
What is included in a mortgage payment?
Principal and interest are central, but many borrowers also pay property taxes, homeowners insurance, mortgage insurance, and other applicable costs.
Does preapproval guarantee final approval?
No. Preapproval is conditional and typically depends on verified information, an acceptable property, appraisal when required, title, underwriting, and no material changes.
Should I refinance when rates fall?
Not automatically. Compare the new payment, term, closing costs, break-even period, total interest, and how long you expect to keep the loan.
Can I use home equity without refinancing?
Potential structures may include a home-equity loan or HELOC, depending on provider availability and qualification. Each adds debt secured by the home.
Will checking options affect my credit?
A general conversation does not require a credit inquiry. A formal preapproval or application may involve credit authorization; ask what type of inquiry will be used before proceeding.
Is guidance available in Spanish?
Yes. Litehouse provides mortgage guidance in English and Spanish.
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