PJ Mortgage's FAQ

How will my credit score affect my mortgage?

Unfortunately your credit score will be a major starting point in the mortgage process. If you have a lower credit score, then your interest on the mortgage will usually be larger. But do not worry. We will work with you in any situation to get you the best mortgage possible for you. We will not hinder your process just because you have a low credit number. If you have a high credit score, congrats, we will help you to.

How do I know what my best down payment option is?

This will ultimately be judged by your credit score. But if you want to manage your finances in advance, the number is generally 20%.

How do I figure out how much equity I have?

In order to find that out, you need to subtract the value of your house by the amount of your mortgage.

I know the mortgage process can be drawn out. How do I prevent that from happening?

To make sure the process goes smooth, you need to make sure you have all the correct information available to you. The process can be held up when you are not aware of information you need to provide in order to obtain a quote. We will not ask you for your life story, but we do need some information. It is important for you to have all the information ready and available.

What if I want to refinance? When is the best time to do so?

The general time is when the market interest rate is less than 2% of your current rate. But really, the best time to refinance is whenever you feel as though you can save yourself money. You want to make sure you look to save money. But do not jump into anything. You need to do your homework, and make sure it works out for you.

Well, then does that mean refinancing is too good to be true?

Right away you will experience short term savings, which is always good. But because you are extending your mortgage, you will end up paying a larger amount over time. The money you save in the beginning can often off set the back end cost however.