Click here for Mortgage Calculators What is the difference between pre-approval and pre-qualification? "The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer. " When does it make sense to refinance? "Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation: Calculate the total cost of the refinance Calculate the monthly savings Divide the total cost of the refinance (#1)by the monthly savings (#2)This is the ""break even"" time. If you own the house longer than this, you will save money by refinancing." What is a rate lock? "A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock." What does APR mean? "The cost of a mortgage stated as a yearly rate; includes such items as interest, mortgage insurance, and loan origination fee (points)." How much can I qualify for? "Visit our mortgage calculator to find out how much you can qualify for How much can I afford?." How long does it take to close a loan? "While most loans close within 3 weeks, some loans take a little longer and others can be done within a week. Let us take a look at your situation and we can give you an idea on how long it will take?"