Mortgage FAQs

Mortgage FAQs

Above & Beyond Mortgage

Though buying a home is exciting, it comes with the big M word: mortgage. If you’ve never had a mortgage before, it can seem really scary and intimidating at first. However, with a trusted partner like Motto Mortgage, it can be a great experience! We have compiled some frequently asked questions about mortgages.

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Frequently Asked Questions About Mortgages

It is possible to purchase a home if your credit score is low! Did you know that there is actually no minimum credit score required to buy a home? Of course, if your credit score is low, you may be dealing with a higher interest rate.

It’s generally recommended to keep your mortgage payment under 25% of your monthly take-home pay. So for example, if you make $4,000 take-home per month, you should keep your mortgage payment below $1,000/month. The experienced and helpful mortgage brokers at Motto will be able to help you figure out how much mortgage you can afford.

Think of it this way: all mortgages are loans, but not all loans are mortgages. A mortgage is a loan that’s tied to a specific piece of “real property”- specifically a piece of real estate, like land or a house. A loan, on the other hand, constitutes a relationship between a lender and a borrower. There are several different kinds of mortgages, and plenty of different loan terms, long or short.

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