Clear answers before you make a big financial decision.
Start with the most common mortgage questions, then connect with an HMCO Loan Officer for guidance based on your specific goals.
A better mortgage conversation starts with better questions.
Mortgage programs and underwriting requirements can change. Use these answers to prepare for a more productive conversation with your Loan Officer.
Ask HMCO a questionWhat does a mortgage broker do?
A mortgage broker helps a borrower explore loan programs available through approved third-party lenders. HMCO helps compare available options, explain important tradeoffs, coordinate the application and support the borrower through the closing process. The lender, not HMCO, makes the final underwriting and credit decision.
Is HMCO a bank or direct mortgage lender?
No. HMCO is a mortgage broker. Mortgage loans are arranged with third-party providers, and the lender or another company may service the loan after closing.
Do I always need a 20% down payment?
No single down-payment amount applies to every borrower or mortgage program. Available options depend on the loan type, occupancy, property, borrower profile and current lender guidelines. A Loan Officer can help compare the estimated cash needed for eligible programs.
What is the difference between prequalification and pre-approval?
The terms are sometimes used differently across providers. A prequalification may begin with borrower-provided information, while a pre-approval generally involves a more detailed review of credit, income, assets and supporting documents. Neither is a final loan approval, and property and underwriting conditions still apply.
Will checking mortgage options affect my credit?
A general conversation or calculator does not require a credit inquiry. A formal application or pre-approval may include authorization to review credit. Ask your Loan Officer what type of inquiry will be used and when before proceeding.
What documents may be requested?
Documentation varies by borrower and loan program. Common requests may include identification, income records, asset statements, housing history, business or tax records for some self-employed borrowers, and documents related to the property and transaction.
Is the national average mortgage rate my HMCO rate?
No. The national average shown on the site is general market context, not an HMCO rate quote or commitment to lend. Actual interest rates and annual percentage rates depend on the borrower, property, program, loan structure, lender and market conditions at the time of a request.
How should I compare two mortgage offers?
Compare official Loan Estimates rather than rate alone. Review the loan type, interest rate, annual percentage rate, projected payment, mortgage insurance, lender credits, closing costs, cash to close, adjustable features, prepayment terms, service and expected closing timeline.
Where is HMCO currently available?
The website currently identifies Florida as licensed and New York as pending. Availability can change, so confirm the current licensing page and speak with HMCO before submitting an application for a property outside Florida.
Does applying guarantee approval?
No. All loans are subject to credit, income, assets, property, program eligibility, lender requirements and underwriting approval. An application is not a commitment to lend.
Turn general information into a plan built around your scenario.
An HMCO Loan Officer can discuss available programs, estimated costs and the documents that may be needed for a complete application.