Education & Resources

Frequently Asked

Common questions

How does the process work?

It's simple: first, we talk about your goals in a free consultation. Then, as a broker, we shop multiple lenders to find your best fit. Finally, we guide you from application through closing, keeping you informed at every step.

What's the difference between a broker and a lender?

Evergreen Mortgage Advisers is an independent mortgage broker in Pennsylvania. Instead of offering one bank's products, we compare options across multiple lenders and advise you on the best fit for your situation.

What documents will I need to apply?

Typically: recent pay stubs, W-2s or tax returns, bank statements, and photo ID. Exact requirements vary by loan type — we'll give you a precise checklist after a quick conversation.

What credit score do I need?

Minimum credit scores vary by loan program, and a lower score doesn't necessarily mean no — it's one of several factors lenders weigh. Try our Mortgage Readiness Check, or ask us directly.

What is a reverse mortgage?

A reverse mortgage lets homeowners 62 and older convert home equity into funds without a monthly mortgage payment. It's a significant decision, and we walk clients through it carefully, including the HUD-required independent counseling session.

When does refinancing make sense?

Refinancing replaces your current mortgage — usually to lower the rate or payment, change the term, or take cash out. Whether it makes sense depends on your current rate and goals; we're happy to run the real numbers with you.

How can I access my home's equity?

Through a cash-out refinance or a home equity product, most commonly. The right choice depends on your current rate and how much you need — we compare both for you.

How are mortgage rates determined?

Rates change daily with the bond market. Our Rates & Terms page shows current market data — and remember, your personal rate depends on your credit, loan type, and down payment, not just the market average.

What will this cost me?

Costs vary by loan size and program, and as your broker we disclose everything clearly up front — no surprises. A conversation with an adviser will give you real numbers for your specific situation.

How can I reach Evergreen?

Call (484) 222-0358, email connect@evergreen-mtg.com, or schedule a call directly — whichever's easiest for you.

I've heard "no-doc" mortgages don't exist anymore — is that true?

Traditional no-doc loans (no income verification at all) are gone. What replaced them are legitimate, fully-documented alternatives: bank statement loans for self-employed borrowers, and asset depletion loans that convert liquid assets into a qualifying income figure. Both are real underwriting paths, just different documentation than a standard W-2 loan.

Are reverse mortgage closing costs different in Pennsylvania?

Pennsylvania's realty transfer tax adds to the picture too — typically around 2% combined (state plus local) in most of the state, though Philadelphia (4.578%) and Pittsburgh (5%) run notably higher. See our full transfer tax breakdown for the exact numbers by location. We'll walk through the full, itemized breakdown for your specific property before you commit to anything.

Plain English

Mortgage glossary

The terms you'll hear most often, defined simply.

Adjustable-Rate Mortgage (ARM): A mortgage with an interest rate that changes periodically after an initial fixed period, based on a market index.
Amortization: The process of paying off a loan over time through regular payments that cover both principal and interest, with the split between the two shifting as the loan matures.
Annual Percentage Rate (APR): The total yearly cost of a loan, including the interest rate plus certain fees, expressed as a percentage. APR is usually higher than the interest rate and is the better number for comparing loan offers.
Appraisal: A professional assessment of a property's market value, typically required by lenders before approving a loan.
Closing Costs: Fees and expenses paid at the end of a real estate transaction, beyond the property price — such as loan origination fees, title insurance, and recording fees.
Closing Disclosure: A federally required document outlining the final terms and costs of a mortgage, provided to the borrower at least three business days before closing.
Conventional Loan: A mortgage not insured or guaranteed by a government agency, typically requiring stronger credit and a larger down payment than government-backed loans.
Debt-to-Income Ratio (DTI): The percentage of a borrower's gross monthly income that goes toward debt payments, used by lenders to assess repayment ability.
Down Payment: The portion of a home's purchase price paid upfront in cash, reducing the amount that needs to be financed.
Earnest Money: A deposit made to show a buyer's good faith when making an offer on a home, typically held in escrow and applied toward closing costs or the down payment.
Equity: The difference between a home's current market value and the outstanding balance on any loans secured against it.
Escrow: A neutral third-party account that holds funds or documents during a transaction — or an ongoing account a lender uses to collect and pay a homeowner's property taxes and insurance.
FHA Loan: A mortgage insured by the Federal Housing Administration, often allowing for lower down payments and more flexible credit requirements.
Fixed-Rate Mortgage: A mortgage with an interest rate that stays the same for the entire loan term.
Home Equity Line of Credit (HELOC): A revolving line of credit secured by a home's equity, allowing a homeowner to borrow, repay, and borrow again up to a set limit.
Loan Estimate: A standardized document lenders must provide within three business days of a loan application, detailing estimated rates, payments, and closing costs.
Loan-to-Value Ratio (LTV): The loan amount expressed as a percentage of the property's appraised value. A lower LTV generally means less risk to the lender.
Mortgage Insurance (PMI / MIP): Insurance that protects the lender if a borrower defaults, typically required when the down payment is below a certain threshold. PMI applies to conventional loans; MIP applies to FHA loans.
NMLS: The Nationwide Multistate Licensing System — the database that licenses and tracks mortgage professionals and companies across the U.S.
Origination Fee: A fee charged by a lender or broker for processing a new loan application.
Points (Discount Points): An upfront fee paid to reduce the interest rate on a loan. One point typically costs 1% of the loan amount.
Pre-Approval: A lender's conditional commitment to lend a specific amount, based on a review of the borrower's financial documents — a stronger position than pre-qualification.
Pre-Qualification: An informal estimate of how much a borrower might be able to borrow, based on self-reported financial information, without verification.
Principal: The amount of money borrowed, not including interest.
Rate Lock: A lender's guarantee to hold a specific interest rate for a set period while a loan is being processed.
Refinance: Replacing an existing mortgage with a new one, typically to secure a better rate, change the loan term, or access home equity.
Title Insurance: Insurance that protects against losses from defects in a property's title, such as unknown liens or ownership disputes.
Underwriting: The process by which a lender evaluates a borrower's creditworthiness and the property's value to decide whether to approve a loan.
VA Loan: A mortgage guaranteed by the U.S. Department of Veterans Affairs, available to eligible veterans, service members, and some surviving spouses — often with no down payment required.