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Mortgage Questions (FAQ)
Private mortgage insurance (PMI) is required on conventional loans with less than 20% down and can be removed at 80% loan-to-value. Closing costs vary and include fees like origination, appraisal, and title insurance. Pre-approval requires verified documents and is stronger than pre-qualification. Mortgage rates fluctuate daily; locking a rate secures it. Key disclosures include the Loan Estimate, APR, and amount financed. Online bank statements are acceptable if they show the bank logo and account number. Loan commitment occurs only at closing.