10 Mortgage Facts That Give Kentucky Homebuyers an Advantage
Mortgage rates change. Rates can move daily and sometimes during the same day. A rate is not protected until it is locked.
Lender fees vary. Rates, points, underwriting fees, processing fees, and lender credits can vary. Compare total payment, cash to close, and APR.
Loans can be sold. Your loan servicing may transfer after closing. The terms of your note do not change, but where you send payments may change.
Your middle credit score matters. Lenders generally pull all three mortgage bureau scores and use the middle score. With multiple borrowers, the lower middle score often controls.
Refinancing is possible. You can refinance later, but only do it when the numbers make sense after reviewing closing costs, payment savings, loan term, and break-even point.
You can buy after foreclosure. Waiting periods apply, but FHA, VA, USDA, and conventional loans may allow financing after the required time has passed and credit is reestablished.
Better credit usually means better options. Higher scores can improve pricing, mortgage insurance, approval strength, and loan-program flexibility.
APR matters. APR helps compare the broader cost of credit, including certain fees. It is different from the note rate.
Closing costs can sometimes be reduced. Seller credits, lender credits, and assistance programs may help reduce out-of-pocket funds, subject to program limits.
Documentation wins. Clean paperwork, stable income, sourced asset
