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Frequently Asked Questions

When should I consider refinancing my mortgage?

Refinancing may be a good option if you want to lower your interest rate, reduce your monthly payments, switch from an adjustable-rate to a fixed-rate mortgage, or tap into your home’s equity for cash. It’s best to evaluate your financial goals and market conditions before making a decision.

Will refinancing my mortgage impact my credit score?

Refinancing involves a credit inquiry, which may cause a slight dip in your score. However, if you make timely payments on your new loan, your credit can recover quickly, and you may even see improvements over time.

How much does it cost to refinance my home?

Refinancing costs typically range from 2% to 5% of the loan amount and may include fees for the application, appraisal, title search, and closing. Some lenders offer no-closing-cost refinancing, which rolls these fees into the loan balance.

What credit score do I need to qualify for a home loan?

While requirements vary by loan type, a conventional mortgage typically requires a credit score of 620 or higher. FHA loans allow for lower scores, often starting at 580 with a low down payment. VA and USDA loans also have flexible credit requirements.

How much down payment do I need to buy a home?

The down payment depends on the loan type. Conventional loans typically require 5%–20%, FHA loans allow as little as 3.5%, and VA or USDA loans offer 0% down payment options for eligible borrowers. Down payment assistance programs may also be available.

70 East Main St. Marlton, NJ 08053

(267) 385-1905

Acre Mortgage & Financial Inc.

NMLS# 13988

Acre Mortgage is an Equal Housing Lender. We fully comply with the Equal Credit Opportunity Act (ECOA) and all other Federal regulations. All applicants applying for credit from Acre Mortgage will never be discouraged on on the basis of race, color, religion, national origin, sex, military status ,marital status, age, or because you get public assistance. All information we request is voluntary, and will be kept confidential. For more information on the ECOA, please visit:

http://www.ftc.gov/bcp/conline/pubs/credit/ecoa.shtm

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