562 Lynnhaven Pkwy

Virginia Beach, VA 23452

(757) 300-6899

Teall Haycock
Licensed Mortgage Loan Officer

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Use the FairwayNOW app to get pre-qualified for your new home!

FAQ – Frequently Asked Mortgage Questions

General Mortgage Questions

What is a mortgage home loan?
What does your mortgage payment include?
What is an escrow account, and how does it work?
What would my mortgage payment be?
How much can of a mortgage payment can I afford?
How much home can you afford?
How do you qualify for a mortgage loan?
How much should you save for a down payment?
What’s the difference between being prequalified and preapproved?
How do you know which home mortgage option is right for you?
How do interest rates affect your mortgage?
What happens after you get preapproved for a home mortgage loan?
How long does it take to close on a house?
What happens at closing?
When should I consider refinancing?
What are mortgage points?
How do you lock your interest rate?
Can you get a mortgage without a credit score?
HOW WILL MY TAXES BE PAID?
WHAT IS PRIVATE MORTGAGE INSURANCE (PMI) AND HOW DOES IT BENEFIT ME?
WHAT IS AN ESCROW ACCOUNT? WHY DO I NEED ONE?
HOW LONG WILL IT TAKE TO CLOSE MY LOAN?
WHAT ARE THE BENEFITS OF OWNING A HOUSE? WHAT ARE THE ADVANTAGES OVER RENTING?
IS NOW THE TIME TO BUY?
DO I NEED TO FIND A HOME BEFORE I APPLY?
CAN I GET ADVICE FROM A LOAN ORIGINATOR EVEN IF I’M NOT READY TO APPLY JUST YET?
WHAT INFORMATION SHOULD I HAVE AVAILABLE WHEN I AM READY TO APPLY?
WHY IS THERE A DEPOSIT? WILL I GET IT BACK IF I DON’T QUALIFY?
HOW MUCH OF A MORTGAGE CAN I QUALIFY FOR?
HOW DOES MY PAST CREDIT HISTORY AFFECT ME?
WHAT DOES A LENDER LOOK FOR WHEN APPROVING MY LOAN?
Do I need great credit to get a mortgage?
How much of a down payment do I need?
What are closing costs, and how much should I expect them to be?
Should I choose a fixed-rate or an adjustable-rate mortgage?
Should I “lock” my interest rate?
What type of mortgage is best for me?
What are discount points, and should I pay them?
Should I get a 15-year or 30-year term loan?
What documentation should I gather?
What is a pre-qualification?
What is a pre-approval?
What is an escrow account?
Why does it take so long to close a mortgage?
How is my mortgage payment determined?
Will my monthly payments change during the loan term?

VA Mortgage Loan Questions

What is a VA mortgage home loan?
How does a VA home loan work?
How much can I afford with a VA loan?
How do you apply for a VA home loan?
How many times can you use a VA mortgage loan?
How do you become eligible for a VA loan?
How does someone qualify for a VA loan?

Renovation Mortgage Questions

What is a renovation home improvement loan?
Can you get a home loan that includes renovation costs?
How do you buy a house, and finance renovation costs?
Can equity be used to finance renovations?
How does a renovation mortgage home loan work?
What is renovation financing?
How do you get a renovation loan?
Can you get a home loan that includes renovation costs?
Can home improvements be included in your mortgage?
How much of a renovation loan can I get?
Can I get a loan to renovate my current house?
How to get a renovation mortgage home loan?
Can I use mortgage to renovate?
Can you add home improvement loan to mortgage?
Can I use my home loan for renovations?
Can you add home improvements to your mortgage?
Can renovation costs be included in your mortgage payments?
How to get a renovation loan?

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