About Chuck
This is Chuck's favorite drink.
What is Diet Mountain Dew?
This type of mortgage keeps the same interest rate for the entire life of the loan.
What is a fixed-rate mortgage?
This professional inspects the home for structural issues, faulty wiring, and other problems before you buy.
Who is a home inspector?
Lenders use this 3-digit number to determine how trustworthy you are as a borrower.
What is a credit score?
MYTH: You need a perfect credit score to get a mortgage. FACT: Many loan programs accept scores as low as this.
What is 580 (FHA loans)?
Chuck has had this many hole in ones.
What is 1?
This is the percentage of the home's purchase price you pay upfront, not covered by the loan.
What is a down payment?
This neutral third party holds your down payment and documents until the home sale is finalized.
What is escrow?
This monthly insurance is required when your down payment is less than 20% of the home's value.
What is PMI (Private Mortgage Insurance)?
MYTH: You must put 20% down to buy a home. FACT: Some loan programs allow you to put down as little as this percentage.
What is 0% (VA or USDA loans) or 3%?
Chuck has this many children.
What is 3?
This document from a lender tells you how much they're willing to lend you before you find a home.
What is a pre-approval letter?
This professional determines the market value of a home before the lender approves your mortgage.
Who is an appraiser?
Lenders use this ratio — comparing your monthly debt payments to your gross monthly income — to decide if you qualify.
What is the debt-to-income ratio (DTI)?
MYTH: Getting pre-approved will hurt your credit score significantly. FACT: A mortgage inquiry typically only drops your score by this many points.
What is fewer than 5 points?
Chuck has seen this band/musician the most in his life.
Who is Prince (over 15 times)?
This type of mortgage starts with a fixed rate for a set period, then adjusts periodically based on market conditions.
What is an adjustable-rate mortgage (ARM)?
This is the final step in buying a home where you sign all documents, pay closing costs, and get the keys.
What is closing day?
This process replaces your existing mortgage with a new one, often to get a lower interest rate or reduce monthly payments.
What is refinancing?
MYTH: You should always get a 30-year mortgage. FACT: This shorter loan term typically saves hundreds of thousands in interest, though monthly payments are higher.
What is a 15-year mortgage?
Chuck has officiated this many wedding(s).
What is 3?
Expressed as a percentage, this is the total yearly cost of a mortgage including interest and fees.
What is the APR (Annual Percentage Rate)?
These fees, typically 2–5% of the loan amount, cover things like title insurance, lender fees, and prepaid taxes.
What are closing costs?
This number, expressed in months, tells you how long it will take for your refinance savings to offset the closing costs you paid.
What is the break-even point?
MYTH: You can’t buy a home after a bankruptcy. FACT: You may qualify for an FHA loan after just this many years following a bankruptcy discharge.
What is 2 years?