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

Picture of Darren Ahearn

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

Business Networking | Tuesday Morning | Frederick, MD | IHOP

SFN Group (Business Networking) MD, VA & DC

Business Owners! We will meet at IHOP, 7:00am, 2421 Osprey Way S, Frederick, MD 21701. Business knowledge will be passed by Brandon Swisher, Real Estate Agent at Keller Williams Realty Centre.Be open to receiving referrals!  Bring Business...

Frederick Sahaja Meditation Weekly Meetup

Frederick Sahaja Meditation

Let us explore together the inner workings of our empowered self through inner energy meditation. There will be plenty of time for information gathering and discussion. The main emphasis, however, will be on the experience of exploring our inner...

Baker Park Walk

Frederick Walkers

Meet outside William Talley Recreation Center (West side) in Baker Park. We walk to the northwest end of the park and back - a little over two miles. (https://www.cityoffrederick.com/DocumentCenter/Home/View/1740)

Facebook Feed

Darren Ahearn of Remax Results - Some home sellers have asked is selling by owner really worth the effort and time? In many cases the answer is no! When selling alone you limit yourself to a smaller pool of buyers compared to the broader access available to skilled, top producing agents. Zillow, Trulia and Craigslist are just the t ...Read More

5 hours ago

Darren Ahearn of Remax Results - Darren Ahearn of Remax Results shared a link.

12 hours ago