Question 1

What is the best loan option for me?

Accepted Answer

There are many types of financing available, and with your help, Global Funding will provide the options that best match your goals, whether it’s a VA, FHA, USDA, conventional or construction loan. Click to get started.

Question 2

What is the difference between a mortgage broker and a mortgage banker?

Accepted Answer

A mortgage broker is someone who helps match borrowers with lenders. Mortgage brokers have access to many lenders who offer many different types of loans and can provide many flexible financial options. A mortgage banker has limited loan options and less flexibility.

Question 3

What's the difference between a fixed-rate mortgage and a variable-rate mortgage?

Accepted Answer

A fixed-rate mortgage is a home loan with a set interest rate and consistent monthly payments that do not change during the life of the loan. A variable-rate mortgage has an interest rate and monthly payments that can change over the life of the loan, depending on market fluctuations.

Question 4

What is the minumum down payment for a mortgage?

Accepted Answer

For conventional loans, usually between five and twenty percent is required. Eligible veterans may have a no-down-payment option with a VA loan.

Question 5

What are lender fees?

Accepted Answer

Fees that usually range between two to five percent of the loan amount. The fees may include appraisal costs, document preparation, and application costs, as well as other costs.

Question 6

What is a rate lock?

Accepted Answer

Locking in an interest rate at the beginning of the mortgage process protects the buyer from fluctuations in the financial market that could cause the rate to increase. The homebuyer can choose whether to lock in the interest rate for a set period of time, or wait to set the rate at closing.

Question 7

What is a reverse mortgage?

Accepted Answer

A loan that allows a homeowner to transfer some of their home equity into cash. Unlike traditional home loans, reverse mortgages do not require the borrower to repay the loan until the borrower no longer lives at the home, even though they still own the residence.

Question 8

I'm ready to get financing. What should I do?

Accepted Answer

Great! The professionals at Global Funding are ready to help you. Click to get started.

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