Home loan questions
How do I know if I qualify for a home loan?
Credit reports
What is a credit report and why is it important?
How do I order a credit report?
Finding the right home loan
What type of loans does Flagstar offer?
Which loan is best for me?
Down payments
How do I determine the amount of my down payment?
Interest rates
What is the difference between an interest rate and an annual percentage rate (APR)?
What is the difference between fixed-rate and adjustable-rate mortgages?
Home loan insurance
What is homeowner's insurance?
What is windstorm/hail or hurricane insurance? When is it required?
What is flood insurance? When is it required?
What is private mortgage insurance (PMI) and how does it work?
When is PMI required?
If I have an existing mortgage, is my PMI now tax deductible?
Home inspection
What is a home inspection? Do I need one?
Closing on your home loan
What is the total amount I will pay for closing costs? What do these costs include?
What are prepaids?
What happens at closing?
If I am refinancing, do I need to make my existing mortgage payment when it is due?
Is my loan-to-value (LTV) based on the purchase price or appraised value?
What are escrow accounts and how much do I need in my escrow account?
What is an escrow waiver?
Monthly payments
Can I make a mortgage payment online? Can my mortgage payment be automatically deducted from my checking account?
What is MyLoans?
Can I pay my monthly loan payments by credit card?
Can I change the monthly payment due date on my loan?
Mortgage payment relief
I lost my job or have had a cut in my hours or rate of pay, making it difficult to make my payments. Is foreclosure my only option?
I owe more on my loan than my property is worth. Does this mean that I can't sell the property?
Will I have to make up the difference between what I owe on the loan and what I can sell it for?
What information will I have to provide to take advantage of one of the relief options?
I don't understand the forms required to take advantage of the relief options, can someone help me complete the forms?
How will my credit report be impacted by these relief options?
Will I continue to get phone calls during the process?
Are there any tax considerations?
I'm also past due on some of my other debts. How will that impact the process?
I've made extra principal payments on my mortgage in the past, can these amounts be reapplied as regular payments to bring my loan current?
I'm currently in foreclosure. Are there any options for me?
Home Loan Glossary

We hope that these mortgage FAQs were helpful. If you have additional home loan questions, please call a Flagstar Bank home loan advisor at (855) 372-5626 or contact your local branch.