What's the minimum down payment required for a mortgage?

You're typically required to put down at least 3% of the loan amount, but it could be more depending on the lender. A down payment of more than 20% allows you to avoid paying private mortgage insurance (PMI).

Can I get rid of PMI before I fully repay my mortgage?

Yes. Once you pay down your mortgage to 78% of the original sale price of your home, you can contact your lender to cancel the PMI on your mortgage.

Do I need good credit to get a mortgage?

Good credit definitely helps. It is possible to get a mortgage with a low credit score, but you'll likely face higher interest rates. It may be worth taking steps to raise your credit score before you get a mortgage.

What documents will I need to get a mortgage?

While specific documentation will vary by lender, you'll typically provide two forms of government-issued ID, verification of your last two years of income, bank statements and proof that you have the funds for closing costs.

Can I get a personal loan to pay off my mortgage?

In many instances, you can get a personal loan to pay off your mortgage. Keep in mind that many mortgages come with lower interest rates than personal loans. Be sure to evaluate the APR and the final cost of both loans before making a decision to pay off your mortgage with a personal loan.