Ask our mortgage assistant

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• Common Fees

  What closing costs and fees do homebuyers pay, and how does escrow work?

  Buyers commonly pay about 2% to 5% of the loan amount in closing costs, for lender fees, appraisal, title, recording, and prepaid taxes and insurance. Escrow means two things: a neutral third party that holds money and documents until closing, and the account your lender uses to pay your property taxes and insurance afterward. The Mortgage Advisory shows every fee on your Loan Estimate before you commit.

• FHA & Conventional

  Can I get an FHA loan if I already own a home?

  Sometimes. FHA loans are for the home you'll live in, and you can generally have only one FHA loan at a time. But FHA makes exceptions, like relocating for a job too far to commute, needing more room for a growing family, or moving out of a home you co-own with someone who's staying. You don't have to be a first-time buyer. The Mortgage Advisory reviews your situation and arranges FHA loans through approved partner lenders.

• Debt Consolidation

  I'm a homeowner with credit card debt. What are my options to pay it off?

  As a homeowner, you have more options than most people: balance transfer cards, a personal loan, a debt management plan, and your home equity through a HELOC, home equity loan, cash-out refinance, or, if you're 62 or older, a reverse mortgage. At The Mortgage Advisory, we steer people toward the option that lowers their Life Rate, the blended rate on everything they owe, and their total cost.

• VA Loans

  Can I use a VA loan to build a home or buy new construction?

  Yes. You can use your VA loan to buy a brand-new home from a builder, and some lenders offer VA construction-to-permanent loans to build one. There are a few extra steps (a builder VA can work with, a VA appraisal, and inspection and warranty requirements), so work with someone who does VA new construction regularly. At The Mortgage Advisory, we'll put your builder's incentive package side by side with an outside VA offer so you can see which one really costs less.

• Reverse Mortgage

  Can I get a reverse mortgage if my home is worth more than the FHA limit?

  Yes. An FHA-insured HECM only counts your home's value up to $1,249,125 in 2026, so owners of higher-value homes often get more from a jumbo (proprietary) reverse mortgage, with loans up to about $4 million from some lenders in select states. Jumbo reverse mortgages aren't FHA-insured HECMs and have their own terms. The Mortgage Advisory compares both for your home.