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Frequently asked questions
New Purchase Mortgages
Mortgage Refinancing
Home Equity Line of Credit HELOC
Mortgage Renewals
General Mortgage Questions
General
What is mortgage default insurance, and do I need it?
If your down payment is less than 20%, you must pay for mortgage default insurance, which protects the lender in case of default.
What is a pre-approval, and why is it important?
A pre-approval determines how much you qualify to borrow, locks in an interest rate for up to 120 days, and strengthens your offer when buying a home.
How long does it take to get a mortgage pre-approval?
At PMT Mortgage, we promise pre-approvals in just 6 hours, ensuring you can move forward with confidence quickly.
How does my credit score affect my mortgage approval?
Lenders assess your credit score to determine your eligibility and interest rate. A higher score (typically 680+) results in better terms.
Can I buy a home if I’m self-employed?
Yes! Self-employed buyers may need to provide additional documentation, such as tax returns and business financial statements.
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