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

REIA United December Meeting

REIA United

You are personally invited to hear one of our areas most well-known and successful #realestate investors, Bob Allwein - better known as "Bob the Flipper - share valuable advice on fixing and flipping houses right here in OUR local market! ✨...

Build, Automate, and Maintain (BAM!) .NET Core Web Applications!

Frederick .NET Meetup

/* What: */ We're going to build a website and deploy it. We're going to live code--what could go wrong?! We'll go from zero to automated build pipeline in (hopefully) under an hour. We'll use the command line interface, and we'll use Visual...

Dinner Meeting to discuss upcoming trips and activities

Frederick Travel Meetup

Dinner and social hour is from 6:30pm - 7:30om at Mexicali Cantina located at 467 W. Patrick Street in Frederick, MD. We will begin our meeting at 7:30pm to talk about the upcoming trips and activities . The meeting should be finished by 8:30pm....

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