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  1. What is the difference between a mortgage and a home loan? A mortgage and a home loan are essentially the same thing, but the term "mortgage" is typically used to refer to a loan used to purchase a property, while "home loan" can refer to any type of loan used to finance a home, including refinancing or home equity loans.

  2. How much of a down payment do I need for a mortgage? The down payment required for a mortgage can vary, but generally, a minimum of 3% to 20% of the home's purchase price is required. A larger down payment can help reduce the monthly mortgage payments and potentially result in a lower interest rate.

  3. What is a pre-approval for a mortgage? A pre-approval is a preliminary approval from a lender that states how much you are qualified to borrow based on your credit score, income, and other financial factors. Having a pre-approval letter can help you when making an offer on a home, as it shows that you are a serious buyer and can afford the home.

  4. What is a mortgage rate? A mortgage rate is the interest rate that is charged on a mortgage loan. It can be fixed or adjustable, and can vary based on factors such as the borrower's credit score, the amount of the down payment, and market conditions.

  5. How long does it take to get a mortgage? The time it takes to get a mortgage can vary depending on the lender, the complexity of the loan, and other factors. Typically, the process can take 30 to 45 days from the time of application to closing; with Parada Mortgage our average is 15 days. 

  6. What happens if I miss a mortgage payment? If you miss a mortgage payment, you may incur late fees and penalties, and your credit score could be negatively impacted. If you continue to miss payments, the lender could initiate foreclosure proceedings and ultimately take possession of the property.

  7. Can I refinance my mortgage? Yes, it is possible to refinance a mortgage. Refinancing involves taking out a new mortgage to replace the existing one, with the goal of obtaining a lower interest rate or more favorable terms. Refinancing can potentially save you money on monthly payments or reduce the overall cost of the loan.

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