FAQs

Yes, if your down payment on a conventional first mortgage is less than 20%. PMI protects the lender and typically cancels once your home equity reaches around 22%.

Most A-Lenders prefer a credit score of at least 680 or higher for first mortgage approval. A stronger score improves your chances of securing better rates and terms. Mega-Financial also offers tips to help improve your credit profile if needed.

For a conventional first mortgage, a 20% down payment is typically required to avoid Private Mortgage Insurance (PMI). However, first-time homebuyers may qualify for FHA first mortgages with as little as 3.5% down, or VA first mortgages with 0% down, depending on eligibility.

To qualify for a first mortgage under A-Lending, you’ll need a stable income, a good credit score, a valid ID, recent bank statements, and a down payment (usually between 3%–20%). Lenders also assess your debt-to-income ratio and employment history.

Your borrowing limit for a first mortgage (A-lending) depends on your income, credit score, debt load, and the property’s value. Mega‑Financial offers a free borrowing capacity assessment to help you find the right amount you can qualify for.

There’s no set limit on how often you can refinance, but some lenders may require a waiting period. Always weigh the closing costs against the potential savings or benefits.

Refinance when market rates drop below your current rate, or if you want to access home equity, reduce monthly payments, or switch to a fixed-rate mortgage for stability.

To qualify, you must pass a mortgage stress test, proving you can afford payments at a higher qualifying rate than your actual contract rate—even if mortgage insurance isn’t required. Lenders also assess income, credit score, and debt levels.

rates. A fixed rate stays the same for your entire mortgage term, offering stability. A variable rate changes based on the lender’s prime rate, meaning your payments can fluctuate. Most mortgages are amortized over 25–30 years, with terms ranging from 1 to 10 years.

We work with a network of trusted lenders and match you with one based on your credit profile, income, goals, and property type, ensuring the best fit for your needs.