Mortgage Tools | Independent Bank

Mortgage FAQs

Answers to Common Questions About Mortgages

How much do I need for a down payment?

That depends on the loan! Some options require as little as 0%, while others may need more. We’ll help you find the right fit—without draining your savings.

What’s the difference between pre-qualification and pre-approval?

Pre-qualification gives you a quick estimate of how much you may borrow. Pre-approval goes deeper—verifying your finances to make you a stronger buyer.

Can I still get a mortgage with less-than-perfect credit?

Yes! Credit is important, but it’s not everything. We have loan options and strategies to help you move forward, no matter where you’re starting from.

How long does the mortgage process take?

Every loan is unique, but most close within 30 days, if approved. We’ll keep things moving and keep you informed—so there are no surprises along the way.

What’s the difference between fixed-rate and adjustable-rate mortgages?

A fixed-rate mortgage has the same interest rate and monthly payment for the life of the loan. An adjustable-rate mortgage (ARM) has an interest rate that may change periodically based on market conditions, which means your monthly payment could go up or down over time.