A fixed-rate mortgage has a constant interest rate for the entire loan term, providing predictable monthly payments. An adjustable-rate mortgage (ARM), on the other hand, has an interest rate that may change after an initial fixed period, potentially resulting in fluctuating payments.

The down payment required depends on the loan type and lender. Typically, conventional loans require around 5% to 20%, but government-backed loans like FHA may require as little as 3.5%, and VA or USDA loans can offer 0% down options for eligible buyers.

Key factors include your credit score, down payment, loan type, loan term, and the current market conditions. Generally, a higher credit score and larger down payment can help secure a lower interest rate.

To qualify for a mortgage, lenders will assess your credit score, debt-to-income ratio (DTI), employment history, and income. It’s also essential to provide documentation like tax returns, pay stubs, and bank statements during the application process.

Private mortgage insurance (PMI) is required by most lenders when the borrower makes a down payment of less than 20%. PMI protects the lender if the borrower defaults on the loan and is typically added to the monthly mortgage payment.

Yes, you can get pre-approved. Pre-approval involves a thorough review of your financials by a lender, giving you a clear idea of how much you can borrow. It also shows sellers that you are a serious buyer, which can strengthen your offer.