The Mortgage House, Incorporated
Holland, Michigan
Muskegon, Michigan
Grand Rapids, MI

FAQ - Index of Questions

Part I: Getting Started

1. How do I know if I'm ready to buy a home?
2. How do I begin the process of buying a home?
3. How does the lender decide the maximum that I can afford?

Part II: Finding A Home

4. What tax issues should I take into consideration?
5. What should I look for when walking through a home?
6. What questions should I ask when looking at a home?

Part III: You've Found It

7. What does a home inspector do, and how does an inspection figure in the purchase of a home?
8. Do I need to be there for the inspection?
9. Are other types of inspections needed?
10. How can I protect my family from lead in the home?
11. Do I need a lawyer to buy a home?
12. Do I really need homeowner's insurance?
13. What steps could I take to lower my homeowner's insurance costs?
14. What other issues should I consider before buying a home?
15. How do I make an offer?
16. How I determine the initial offer?
17. What are "Home Warrantees," and should I consider them?

Part IV: General Information

18. What is a mortgage?
19. What types of loans are available and what are the advantages of each?
20. When do ARMS make sense?
21. What are the advantages of 15- and 30-year loan terms?
22. Can I pay off my loan ahead of schedule?
23. Are there special mortgages for first-time homebuyers?
24. How large of a down payment do I need?
25. What is included in a monthly mortgage payment?
26. What factors affect mortgage payments?
27. What is an escrow account? Do I need one?

Part V: First Steps

28. What steps need to be taken to secure a loan?
29. How are pre-qualifying and pre-approval different?
30. How can I find out information about my credit history?
31. How can I improve my score?

Part VI: Finding The Right Loan For You

32. How do I choose the best loan program for me?
33. Are there any costs or fees associated with the loan origination process?
34. What is a Good Faith Estimate, and how does it help me?
35. What responsibilities does the lender have?
36. What responsibilities do I have during the lending process?

Part VII: Closing

37. What happens after I've applied for my loan?
38. What make up closing costs?
39. What can I expect to happen on closing day?
40. What do I get at closing?

Part VIII: How Can HUD And The FHA Help ME Become A Home Owner?

41. What is the U.S. Department of Housing and Urban Development?
42. What is the FHA?
43. How can the FHA assist me in buying a home?
44. How much income do I need to have to qualify for an FHA loan?
45. Can I carry debt and still qualify for FHA loans?
46. How large a down payment do I need with an FHA loan?
47. Can I qualify for an FHA loan without a credit history?
48. What types of closing costs are associated with FHA-insured loans?
49. Can I roll closing costs into my FHA loan?
50. What should I do if I can't make a payment on my loan?
51. How can I contact HUD?

Part IX: Mortgage Insurance

52. What is Mortgage Insurance?
53. How does Mortgage Insurance work? Is it like home or auto insurance?
54. Do I need Mortgage Insurance? How do I get it?
55. What is PMI?

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