Frequently Asked Questions

Should I lock in my mortgage now?

If you're debt-free, have a fully funded emergency fund with 3–6 months of your typical expenses, and can put at least 20% down on a home (or 5–10% if you’re a first-time home buyer), you should lock in your mortgage rate now. One reason not to wait is because home prices will keep going up as supply drags behind demand. And you can always refinance your mortgage down the road if rates drop.

What type of mortgage makes the most sense for my situation?

A 15-year fixed-rate conventional mortgage is the only kind of loan we ever recommend at Ramsey. It keeps you on track to pay off your house fast and has the lowest total cost. Other types of mortgages—like FHA, VA and 30-year loans—keep you in debt for decades and cost you tens or even hundreds of thousands of dollars more in the long run. No, thanks!

Should I refinance my home?

The answer depends on your situation: your income, the interest rate when you bought your home versus interest rates now, etc. Refinancing isn’t worth it unless you can lock in a lower interest rate and a shorter term. But remember, refinancing also comes with closing costs, so make sure you’re not just breaking even. To get a clear picture of when and why you should refinance, you need to talk through your situation with an expert to know if it’s right for you.

What happens after you get preapproved for a home mortgage loan? 

Getting preapproved for a mortgage is just the beginning. Once the financial pieces are in place, it’s time to find your perfect home! While it’s one of the most exciting stages of the process, it can also be the most stressful. That’s why it’s important to partner with a buyer’s agent.

A buyer’s agent can guide you through the process of finding a home, negotiating the contract, and closing on your new place. Through our RamseyTrusted^® program, our team can match you with the top real estate agents we recommend in your area.

Can you get a home mortgage loan without a credit score?

The answer is yes! If you apply for a mortgage without a credit score, you’ll need to go through a process called manual underwriting. Manual underwriting simply means you’ll be asked to provide additional paperwork—like paystubs and bank statements—for the underwriter to review. This is so they can evaluate your ability to repay a loan. Your loan process may take a little longer, but buying a home without the strain of extra debt is worth it! Keep in mind, not having a credit score is different from having a low credit score. A low credit score means you have debt, but having no credit score means you don’t like debt! Not every lender offers manual underwriting. But our friends at Churchill Mortgage can help.