Down payment requirements vary based on the type of loan and your financial situation. Conventional loans typically require down payments ranging from 3% to 20% of the home's purchase price. FHA loans often require a minimum down payment of 3.5%, while VA loans and USDA loans may offer options with no down payment.

Credit score requirements vary depending on the loan type and lender. Generally, a higher credit score improves your chances of qualifying for favorable loan terms. Conventional loans may require a credit score of 620 or higher, while FHA loans may accept lower scores.

PMI is insurance that protects the lender in case the borrower defaults on the loan. It is typically required for conventional loans with down payments less than 20% of the home's purchase price. FHA loans require mortgage insurance premiums (MIP) regardless of the down payment amount.

Yes, refinancing allows you to replace your current mortgage with a new one, often to secure a lower interest rate or change the loan term. Refinancing may also be used to tap into home equity for cash-out refinancing.

Pre-Qualification: A preliminary assessment based on self-reported financial information to estimate how much you may be able to borrow. Pre-Approval: A more rigorous process involving verification of income, assets, and credit history, providing a conditional commitment for a specific loan amount.

Points, also known as discount points, are upfront fees paid to lower the interest rate on the mortgage. Paying points can reduce your monthly payments over the life of the loan, but it requires upfront cash at closing. Whether paying points is beneficial depends on factors such as how long you plan to stay in the home and your financial goals.

The application process involves completing a loan application, providing documentation, and undergoing a thorough review of your financial situation. After submission, the lender will evaluate your application, conduct an appraisal of the property, and issue a loan decision.

Missing a mortgage payment can result in late fees, damage to your credit score, and potential foreclosure proceedings. If you anticipate difficulty making payments, contact your lender as soon as possible to explore options such as loan modification or forbearance.