Why is there a deposit? Will I get it back if I donít qualify?
This deposit is charged for access and review of your credit and / or property in order to make a lending decision. Once the application process is started, under certain circumstances, some or all of the deposit may not be refundable. If Mortgage Center and your credit union determine that we are unable to provide you with a mortgage (and the appraiser has not performed an appraisal on the property) we will gladly issue you a refund.
- Will my fixed rate mortgage payment fluctuate throughout the life of the loan?
- How will my taxes be paid?
- What is private mortgage insurance (PMI) and how does it benefit me?
- What is an escrow account? Why do I need one?
- How long will it take to close my loan?