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  • Q: What is a conventional loan?

    A: Conventional mortgages are typically underwritten according to the guidelines set by Fannie Mae and Freddie Mac. These come in two different types: fixed-rate and variable-rate mortgages. Call 1-800-620-6292 for more information.
  • Q: What is the difference between fixed and variable rate mortgages?

    A: A fixed-rate mortgage is perfectly predictable because you never have to worry about your interest rate or your mortgage payments going up. That means they are easy to budget for over the long term (usually 15 or 30 years). Variable-rate mortgages, also known as
    adjustable-rate mortgages (ARMs), are more complicated than fixed-rate mortgages. Their initial interest rate will usually be lower than a fixed-rate mortgage. However, the interest rate of the mortgage will change over time, and as a result, your payments may go up or down accordingly. Many factors, like how long you intend to keep your home, go into determining which is right for you.  An Embrace Mortgage Specialist will help you determine the exact loan that’s right for you based on your unique needs. Call 1-800-620-6292 for more information.
  • Q: What is an FHA insured loan?

    A: FHA insured loans are mortgages that are insured by the Department of Housing and Urban Development—which means the government is essentially guaranteeing it will pay the mortgage if you cannot. FHA insured loans require a much lower down payment on a house than most other financers…usually just 3.5%. Plus, qualifying for an FHA insured loan is often easier than qualifying for a conventional mortgage—making it attractive for homebuyers and homeowners alike. Call 1-800-620-6292 for more information.
  • Q: What loans are available to veterans and members of the military?

    A: VA Loans are specifically for veterans and are backed by the Department of Veterans Affairs (VA). These loans allow veterans to buy a home with little or NO down payment and are easier to qualify for than conventional mortgages. To be eligible, you need to have served at least 181 days of active duty or at least 6 years in the National Guard. Call 800-620-6292 for more information.
  • Q: What is PMI, and do I need it?

    A: Private mortgage insurance (PMI) is an insurance policy that protects your lender in case you default on your mortgage. You may be required to purchase it, especially if you plan to make a down payment of less than 20% of your home's purchase price, which means you have a loan-to-value ratio (LTV) greater than 80%. PMI is purchased through a third-party insurance company, and paid via your monthly mortgage payments. How much it costs depends on several factors, but once your LTV is below 80%, you can refinance your mortgage to get rid of the PMI. Call 1-800-620-6292 for more information.
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Finding your way through the mortgage process starts with getting answers to your questions. At Embrace, we want you to rely on our expertise for the information you need to make informed decisions about your finances. We've listed the most commonly asked questions on the right. Some answers will depend on your situation, so please don't hesitate to give us a call at 1-800-620-6292 for more detailed information. We're always happy to help.

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