Frequently Asked Questions regarding Mortgages

Call us for answers to your mortgage questions

Prime Mortgage Lending, Inc.

Founded in 2005

Scan through the list below or search for a question similar to the one you have. If you don’t understand a term, check the Glossary. If you can’t find the answer you’re seeking on this Frequently Asked Questions regarding mortgages page, call Zachery and his his Team at 828-348-1907 or send them your question. They will get an answer back to you.

Let's Talk

11 + 2 =

Is now a good time to buy a house?
One of the most popular frequently asked questions regarding mortgages. The answer to this question constantly changes. It’s based not just on the market and location, but also on your unique situation. Before you decide if you’re ready to buy a house, ask yourself these questions:
• Have you saved money toward a down payment?
• Are you a veteran or eligible for other assistance?
• Is your income stable and your credit score high enough?
• Do you understand the responsibilities that come with home ownership?
How can I compare one mortgage loan to another? What should I look for?
You’ll find many different types of mortgage loans, especially at an independent mortgage lender like Prime, but most have the same basic components. To decide between loans, compare these factors:
• How much you are borrowing (in other words, the size of the loan)
• How long you have to repay the loan (the term of the loan)
• How much interest you’ll pay (the interest rate or Annual Percentage Rate)
• Whether the interest can change over the life of the loan (is it fixed or adjustable)
• Whether you have to pay for discount points
• How much you have to pay for closing costs and when you have to pay them
Do I have to work at the same job for two years before buying a house?
Mortgage questions like this one are based on outdated assumptions. While it used to be standard procedure for mortgage lenders to require two years of employment, it’s not always the case anymore. Lenders still want to verify a stable income, but there are other factors to review, such as your debt-to-income ratio. Compare the requirements of your bank’s mortgage department with an independent mortgage lender.
Are there other costs besides the basic mortgage that I’ll have to budget for?
This important question often gets overlooked. You do have other costs when buying a house. Mortgage lenders all require that you carry adequate homeowners insurance. And of course, you need to determine how much property tax you will owe, which usually is paid monthly with your mortgage payment.
Is it better to get a fixed-rate mortgage or an adjustable-rate mortgage?
The most common mortgages have a set duration (say, 30 years) and a fixed rate (an interest rate that stays the same for the life of the loan). But before you play follow the leader, sit down with an independent mortgage lender like Zachery Adam and his Team. The right mortgage loan for you depends on your financial resources and your ability to repay the loan faster. For some people, an adjustable-rate mortgage (ARM) can save money, but they are not for everyone. Zachery will work with you to perfectly match your needs to the right mortgage.
Do I need a 20 percent down payment?
This is one of the most common frequently asked questions regarding mortgages. While banks often require a significant down payment when applying for a mortgage, certain types of loans and specific government programs can reduce the amount you need (even to zero dollars down), especially if you’re a first time homebuyer. However, having the down payment can ensure good terms for your mortgage loan. Talk to an independent mortgage lender before starting to look for a house.
How do I find out how much I can borrow?
For a quick estimate, check out our Mortgage Calculator. It gives you a rough idea how much your mortgage payments will be for a specific amount that you borrow. You enter the cost of the house, an interest rate and the life of the loan. That assumes you know or can find these amounts. For a better understanding of how much you can borrow, contact Zackhery Adam of Prime Mortgage Lending, Inc. He can get you pre-qualified or pre-approved for a loan, so you’ll have a better idea how much house you can afford.
What’s the difference between getting pre-qualified and getting pre-approved?
In general, pre-qualification is a nonbinding estimate of how much you can borrow and pre-approval determines exactly how much the lender is willing to loan you. For more information, read the Get Pre-Qualified page.
What’s the difference between a loan’s APR and its interest rate?
The APR, which stands for the Annual Percentage Rate, refers to the total yearly cost to you, which encompasses the interest and fees you pay over the life of the loan. The interest rate is simply the interest percentage on the principal amount of money you are borrowing. So while the interest rate may seem enticing, the APR — what you actually pay — is always going to be more.
What do I need to apply for a mortgage loan?
You’ll have to supply financial documents that show your income, debts and past payment history. Which specific paperwork you will need to provide depends on many factors. Check out the full list on the Document Checklist page, but you likely won’t need everything. Speak to an independent mortgage lender for the documents that you will need for your specific case.

Thinking of Becoming a Home Owner?

Preparation is Key.

We’re Here to Help.

We want to be more than your mortgage lender.

Enjoy a mortgage process built for the modern world.

Borrowers can easily complete a loan application, upload supporting documentation, eSign disclosures, and monitor the status of their loan — in a single, easy-to-use location.

About Us

How we can help you

Although labeled an independent mortgage lender, Prime Mortgage Lending, Inc. is not a one-man operation. Zachery Adam and his Team has the support of a streamlined operation, with professionals who assist in every phase of the loan process. His team includes an appraisal vendor, loan processors, underwriters, closers and even the CEO or president if needed. When you choose to work with Zachery, you get the support of his team as well.

Zachery Adam

It’s important to Zack that he and his team are approachable and can provide assistance to home buyers who are often inundated with misinformation about the financial picture and mortgage options. In an automated culture reliant on digital communication, it’s time to put the human element back into these conversations. He could never be behind the scenes.

Daniel Clancy

Today, Dan likes working with first time home buyers to help them through the often intimidating process of buying a home. In just the time he’s been with Prime Mortgage Lending, Inc., Dan has been able to work with a number of diverse products including USDA, FHA, and VA loans. This has given him great insight very quickly about the best ways to work with homebuyers.

Buying Your Next Home

Buying Your Next HomeA Complete Guide to Buying Your Next Home  in Asheville. Is this your situation? You currently own a home that’s not suitable for all your needs. Maybe your family is growing so you need more space. Or maybe you’re empty-nesters looking to...

Tax Refunds

Tax RefundsTax Refunds and Buying Your Next Home Tax Day is here. April 15th is the official day that accountants all across America can breathe easier now that tax season is over. While tax refunds were down this year on the whole, some filers still managed to escape...

Outdoor Space in Asheville

Outdoor Space in AshevilleBuilding and Using Outdoor Space in Asheville   While March heralds the beginning of spring in the South, winter weather can sneak in for a last hurrah any time before April. Now that we’re into the fourth month of the year, we are all itchy...

Offer simple, strategic solutions for all homebuyers

Don’t be Shy

Be sure to check the Glossary for definitions of mortgage terms and concepts. Did we miss a question on our Frequently Asked Questions regarding Mortgages page? Call Zachery Adam and his Team at Prime Mortgage Lending, Inc. at 828-242-4780 or send him a message if you have mortgage questions not listed here. We could add your question to our Frequently Asked Questions regarding Mortgages.

Zack is happy to help get you into your new home.

Pin It on Pinterest