Darren Ahearn
Darren Ahearn
240-317-2722240-317-2722

Frequently Asked Mortgage Questions

Frequently Asked Mortgage Questions

Does the term “amortization” leave you perplexed? Are you unsure how preapproval differs from prequalification? If so, you’re not alone. Here are some mortgage basics to help you become more familiar with the process.

What’s the difference between prequalification and preapproval?
Getting prequalified is often the first step when searching for a home. You supply basic financial information, such as your income, assets and debts, and the lender then provides a preliminary estimate of the amount for which you may qualify.

Preapproval involves an in-depth look at your finances and usually requires an application fee, but this process brings you closer to determining your potential interest rate and monthly payment. Being preapproved also puts you in a better position in a competitive market because it shows you have your finances in order.

What is amortization?
Amortization is the process of paying off a home loan’s principal and interest over time within a consistent, planned repayment schedule. In the beginning, a large portion of each payment goes toward interest, but as the loan matures, larger amounts go toward paying down the principal.

What types of loans are there?
Fixed and adjustable rate mortgages operate as their respective names imply. The former has a rate that stays the same for the life of the loan. The latter’s rate may start low, but it can increase after a predetermined period or depending on market conditions.

Government-guaranteed mortgages include FHA and VA loans. These are usually easier to qualify for and typically require lower down payments than other types of loans.

About Darren Ahearn

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Darren Ahearn

darrenahearn@gmail.com

7210 Corporate Court Suite B, Frederick, MD 21703

240-317-2722240-317-2722 main

240 344 1713240 344 1713 office

240 344 1713240 344 1713 mobile

RE/MAX Results

7210 Corporate Ct. Suite B Frederick, MD. 21703

It’s not about the home, It’s about serving you!

Community Events

Western Maryland Rail Trail Bike Ride #2

Frederick Ski Club...much more than just skiing!

On Sunday April 21, 2019 at 9:00 am, Frederick Ski Club goes to the Western Rail Trail in Hancock, Md. We will meet in the parking lot/ boat ramp on the C&O Canal. We will meet at 9:00 am and start the ride soon after. We will ride west on the...

Meetup 4th Tuesday of the month, Mark your calendar. Lets Network & brainstorm!

Frederick Fusion Real Estate Investing Network Meetup

This Meetup is for anyone interested or already investing in any kind of real estate. It does not matter what level investor you are. You can be just starting out or well seasoned. This group welcomes all investors! Wholesalers, Rehabers,...

Networking for business professionals! - LeTip of Frederick

LeTip of Frederick (Business Networking)

Hello All, our meeting starts promptly at 7:16am at IHOP in south Frederick. Please arrive no later than 7am to allow time for mingling and ordering your coffee/breakfast. Feel free to bring plenty of business cards to exchange with other...

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