Frequently Asked Questions – My Loan Partners

At My Loan Partners, we believe informed clients make confident decisions. Below, we’ve answered some of the most common mortgage-related questions to help you navigate the process. Don’t see your question here? Contact Us – we’re happy to help!

General Mortgage Questions

What is the first step in getting a mortgage?

The first step is to get pre-approved. This involves reviewing your financial details so we can determine how much you’re eligible to borrow.

How do I know which loan is right for me?

Every situation is unique. We’ll evaluate your needs, goals, and financial situation to recommend the best loan options for you. Visit our Services page for details.

What factors affect my loan eligibility?

Key factors include your credit score, income, debt-to-income ratio, and the size of your down payment. We’ll help you understand how these influence your options.

Loan-Specific Questions

What is a first-time homebuyer loan?

First-time homebuyer loans often offer lower down payments and flexible terms to make homeownership accessible. Check out our First-Time Loans for more information.

What benefits do veterans get with VA loans?

VA loans provide exclusive benefits like no down payment, low interest rates, and no private mortgage insurance. Learn about our Veteran Loans to see if you qualify.

How do FHA loans work?

FHA loans are backed by the government and designed to help buyers with lower credit scores or smaller down payments. Explore our FHA Loans page for details.

Refinancing and Loan Maintenance

When should I consider refinancing my mortgage?

Refinancing is a good option if you can secure a lower interest rate, reduce monthly payments, or need funds for major expenses. Learn About Refinancing.

How does cash-out refinancing work?

Cash-out refinancing lets you replace your current mortgage with a larger loan and take the difference as cash. This can be used for home improvements or debt consolidation.

Can I change the terms of my loan later?

In some cases, yes! Options like refinancing or loan modifications can help adjust your terms to better fit your financial situation.

Have More Questions? Contact Us!

Still have questions? We’re here to help! Contact My Loan Partners to speak with one of our friendly experts and get personalized answers tailored to your needs.

I Have A Question

Quick Links

Contact Us

349 Creekside Trail, Argyle, TX 76226, United States

[email protected]

(651) 417-1085

Find Us Here

349 Creekside Trail, Argyle, TX 76226, USA

Kenneth Merdan NMLS# 1504326. My Loan Partners, LLC Company NMLS# 2059996 NMLS Consumer Access / Legal Disclaimer - This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply.