Mortgage lenders tend to hide additional fees in their loan agreements, essentially adding an extra cash advantage to their loans, hoping that you won't question or question the fees. Remember, the mortgage company is not so much about you as it is about making money.

Mortgage lenders are aware of your intentions and can focus on what you're looking for right away with a very limited number of questions. A mortgage refinancing officer will usually ask you what you are trying to accomplish by refinancing your “home renovation mortgage program” (which is also known as programa hipotecario para reformas de viviendas in the Spanish language). 

Variable rate mortgages seem attractive because the interest rates on this type of mortgage may initially be very low, and thus the monthly payments will also be low. This "adjustment" means that many homeowners can no longer pay their mortgages after much higher interest rates. This resulted in many people losing their homes.

Using one of their accessibility calculators is the first thing you'll do when you get started. The "availability calculator" takes into account your gross monthly income, total monthly obligations, and the amount of money you have to leave to live. That way, you get the total parking space for how much you can afford to borrow and pay each month.

Now that you know the common general loan options and down payment requirements, it will be easier for you to determine your next steps. Home ownership is still the American dream for many. With careful planning, focus, and strong determination, this is a dream that can be achieved.