Mortgage FAQ: Top Questions Answered by Avi Bastajian, Your #1 Mortgage Expert

Welcome to the Avi Mortgage Team's ultimate mortgage FAQ's guide - I'm Avi Bastajian, Branch Manager at Primary Residential Mortgage, Inc. Orlando (PRMI), with over 24 years in the game and 10,000+ happy clients under my belt.  Whether you're a first-time buyer in Orlando, refinancing in Pensacola, or eyeing a VA loan in Georgia, I've heard it all.  And with 400+ 5-star reviews on Zillow, Birdeye, and Experience.com, you know I'm delivering straight talk and real results.

In this page, we'll tackle your burning questions on everything from pre-approvals to closing costs, refinancing timelines to appraisal hiccups.  Think of it as your stress-free cheat sheet for navigating the mortgage market.  Got a curveball not covered? Call me at (850) 473-0070- I'm here to handhold you to the finish line.

We've organized these frequently asked mortgage questions into categories for easy scanning.  Let's jump in and empower you to make smart moves.

Getting Started: Basics of Qualifying for a Mortgage

These FAQs cover the entry point- figuring out if you're mortgage-ready and what docs to gather.

What is a mortgage pre-approval, and why do I need one?

A mortgage pre-approval is a lender's conditional commitment to loan you a specific amount, based on your income, credit, and assets.  It's not a guarantee but shows sellers you're serious- boosting your offers in competitive markets like Orlando's.

Why it matters: Pre-Approval buyers, snag 75% more deals.  At Avi Mortgage Team, we issue yours within 24-48 hours with no hard credit pull up front.  Pro tip: Shop with me first to lock in competitive rates without dinging your score.

How do I qualify for a mortgage? Qualifying boils down to the "big three": credit score (aim 620+ for conventional, (550+ for FHA), debt-to income ratio (DTI under 43-50%), and stable income/assets.  Self-employed? No sweat- we verify with tax returns.

How much do I need for a down payment on a mortgage? It varies by loan type: 3% for conventional first-timers, 0% for VA/USDA, 3.5% FHA.

Reality Check: Gifts from family count.  Call to explore low-down options tailored to you. 

Loan Types & Options: Finding the Right Fit

Confused by FHA vs. VA? These mortgage FAQs break down choices for buyers and refi pros.

What's the difference between conventional, FHA, and VA loans?

• Conventional: Flexible for good credit (620+) 3% down, no upfront fees-ideal for jumbo loans
• FHA: Forgiving (550+ score, 3.5% down), great for first-timers, but includes mortgage insurance.
• VA: Zero down for vets/active military, no PMI, competitive rates- 

Can I get a mortgage with bad credit? Absolutely - FHA and non-QM options start at 500-580 scores.  Rebuild with secured cards or on-time payments first.

My Edge: With 24+ years, I've turned "no's" into "yeses" .

What about jumbo, construction, or reverse mortgages?

• Jumbo: For loans >$766k- perfect for Winter Garden luxury buys; we handle seamless closings.
• Construction/Renovation: One-time close loans funds builds or flips- I've streamlined 100+ for Florida contractors.
• Reverse: For 62+ homeowners, taps equity without payments. 

Quick Fact: PRMI's #1 satisfaction ranking means faster funding.  Ready to build or retire comfy? Let's align options to your goals.

Costs & Fees: Budgeting for the Hidden Stuff

No surprises here- these FAQs on mortgage costs demystify the numbers.

What is PMI, and how do I avoid it? Private Mortgage Insurance (PMI) kicks in for conventional loans <20% down.  It drops once you hit 20% equity.

Avoid It: For VA/USDA, it's build-in but cheaper.  

What is a mortgage escrow account? An escrow account holds your property taxes and insurance payments, paid monthly with your mortgage.  

The Upside: Predictable budgeting - no year-end tax bombs. 

How much are closing costs on a mortgage? expect 2-5% of a loan amount: appraisal, title fees, $500 loan origination fee, interest, taxes, inspection, and insurance.

The Mortgage Process: Timelines & Steps

How long does it take to get a mortgage? 30-45 days standard.  Avi Bastajian has done them as little as 10 days.  Call Avi and he will go over your timeline. (850) 473-0070

What is the home appraisal process for a mortgage? It's a pro valuation about $500 pro inspection, comps, and report.  

What documents do I need for a mortgage application? Core list: ID, pay stubs, tax returns, bank/asset statements, divorce decrees (if applicable). Self-employed? Add P&Ls. 

Refinancing & Advanced FAQs: Leveling Up Your Loan

Build on your refi curiosity- these target swaps for savings:

When should I refinance my mortgage? Refi when rates drop 2% less than your current rate or for cash-out on rising equity.

How does refinancing affect my credit card debt or equity?

• Cash Out Refi: Tap equity to consolidate high-interest debt (avg 20% cards vs. 6.5% mortgage)- I've erased %40k+ in balances for clients, freeing cash flow.

How do I Avoid foreclosure?

Act Early: Contact me at first missed payment. Options: forbearance, loan mod, short sale, or refi.  Timeline 90-120 days from notice. 

What is the Difference Between Pre-Approval and Pre-Qualification?

Pre-qual: Soft chat, no docs- rough estimate. pre-approval: Credit pull, verified income/ assets. 

Ready to make moves? 

Call Avi Bastajian Team for a free no obligation consultation (850) 473-0070 today!