What’s the difference between a fixed‑rate mortgage and an adjustable‑rate mortgage (ARM)?

A fixed‑rate mortgage keeps the same interest rate and payment for the life of the loan. An adjustable‑rate mortgage typically starts with a lower initial rate that can change over time based on market conditions. We’re happy to help you compare options and decide what makes sense for your plans.

How is my mortgage interest rate determined?

Rates are influenced by market conditions and individual factors such as credit profile, loan term, loan purpose, property type, occupancy, and loan amount. Our 15‑year fixed mortgage is designed to offer a highly competitive rate without layered pricing adjustments that can increase costs at closing.

What are closing costs?

Closing costs are collected at closing, with the appraisal fee paid earlier after your Intent to Proceed. Typical costs may include: Application Fee: $295 Processing Fee: $500 Appraisal Fee: Varies (collected upfront) Credit Report: Starting at $106 Tax Service Fee: Starting at $61 Flood Certification: $6 Title, attorney/closing fees, and mortgage tax (if applicable): Vary by state and county Your loan team will walk through these costs with you early in the process so there are no surprises.

What documents should I prepare for my application?

Basic information about income, assets, monthly expenses, and any other properties you own. Be sure to temporarily lift any credit freezes before submitting your application.

What happens after I apply?

Once you apply, here’s what to expect: A loan officer contacts you to review your application and rate‑lock options. You receive your Loan Estimate and required disclosures within 3 business days. You securely upload documents through our online portal. A dedicated processor guides you from application through closing. You’ll move through these steps: Application → Document Review → Appraisal → Underwriting → Final Approval → Closing.

How long does the mortgage process take?

Most 15‑year fixed mortgages close in as little as 30 days, depending on your loan details, appraisal timing, and how quickly documents are received.

When will my mortgage payment be applied?

Your first mortgage payment is due on the 1st of every month, but there is a 15-day grace period before any late fees or penalties will be applied to your loan. Your payment will be applied to your mortgage within 24-48 hours of the date you schedule your payment which accounts for the time taken to process this payment.

How do I make a payment on my first mortgage?

You can typically pay online, through automatic payments, or by mail. After closing, we’ll provide clear instructions and available payment methods.

What is a mortgage note?

A mortgage note is the legal agreement to repay the loan. It outlines the loan amount, interest rate, payment terms, and what happens in the event of nonpayment.

What is an escrow account?

An escrow account is typically used to collect and pay property taxes and homeowners insurance as part of your monthly payment, depending on your loan terms.

What is PMI (Private Mortgage Insurance)?

PMI is usually required when a down payment is less than 20% and protects the lender—not the borrower—if payments aren’t made. If your down payment is less than 20%, mortgage insurance may be required. We also offer alternative structuring options that may help reduce—or avoid—monthly PMI.

Do I need homeowners insurance?

Yes. Most lenders require homeowners insurance to protect the property against loss or damage.

What’s the difference between pre-qualification and pre-approval?

Pre-qualification is an estimate based on what you share. Pre-approval is a more detailed review (often including credit) that strengthens your offer when you’re ready to buy.

Why get pre-approved before shopping?

Pre-approval helps you set a realistic budget and shows sellers you’re a serious, qualified buyer—often making your offer more competitive.

Can I be notified when rates change?

Many lenders offer rate alerts or updates. If available, Quorum can share options for staying informed through your mortgage team.

How much do I need for a down payment?

Down payment requirements vary by loan type and borrower qualifications. Some loans allow lower down payments, while others may require more.

Can I use gift funds for a down payment?

Yes, gift funds are commonly allowed, but lenders typically require documentation showing the funds are a gift (not a loan) and may need a gift letter.

How can I calculate my mortgage payment?

Your payment generally includes principal and interest—and may also include property taxes, homeowners insurance, and PMI (if required). Use our Mortgage Calculator for an estimate.

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Find the right mortgage.

Whether you prefer long-term predictability or added flexibility, Quorum offers mortgage solutions to fit your needs.

Fixed-Rate Mortgages

Lock in the same interest rate and monthly payment for the life of the loan. Ideal for homebuyers who value long-term payment stability.

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Adjustable-Rate Mortgages (ARMs)

Benefit from an initial fixed rate, with the potential for rate and payment adjustments over time. Designed for flexibility as financial needs change.

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We look at the full picture so you can get a loan tailored to you and your financial goals.

Track your progress in real-time

Stay informed with updates throughout the mortgage process.

Transparent costs

Understand your rates, fees, and financing options upfront.

A fixed-rate vs. adjustable-rate mortgage: what's the difference?

Compare payment stability, interest rate structure, and flexibility to determine which mortgage best fits your financial goals.

Choose this option if you

Monthly payments

Budgeting

Interest rate structure

Fixed-Rate Mortgage

Want greater payment stability with a consistent rate and payment

Consistent monthly payments

Easier long-term budgeting

No future rate changes

Adjustable-Rate Mortgage

Need more flexibility with a lower initial rate and future rate adjustments

Lower initial interest rate

Flexible financing option

Fixed rate for the initial term

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FEATURED MORTGAGE

Is a 15-year fixed mortgage right for you?

A 15-Year fixed-rate mortgage pays your home off in half the time—building equity faster and cutting the total interest you pay, in exchange for higher monthly payment than a 30-year loan. If you can manage the payment, it's one the more cost-effective ways to own your home outright.

Pay off your home sooner
Build equity faster
Pay less interest overall
Lock in a payment that never changes

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RESOURCES

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How to Make an Offer on a House Like a Boss

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What is Debt-To-Income (DTI) Ratio?

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What is a Home Appraisal?

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What to Expect During the First Mortgage Process

Learn step-by-step what you can expect when applying for a first mortgage, from submitting your application to closing!

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Earn 4.20% APY* on a Certificate Account.

15-Yr Fixed Mortgage

100% Online Estate Accounts

Build equity faster with a Quorum Mortgage.

Find the right mortgage.

Fixed-Rate Mortgages

Adjustable-Rate Mortgages (ARMs)

Why choose a Quorum Mortgage?

Fully online application

Human support, when you need it

Common sense underwriting

Track your progress in real-time

Transparent costs

A fixed-rate vs. adjustable-rate mortgage: what's the difference?

Fixed-Rate Mortgage

Adjustable-Rate Mortgage

Is a 15-year fixed mortgage right for you?

Use our mortgage calculators to help you plan better.

Trusted by experts and members.

Monica S.

Arden M.

Jennifer A.

Nikhil B.

Ready to learn more about your options?

Tips and tools that help you navigate the mortgage process.

Don't Forget to Follow Up On Your Home Inspection!

Real Estate Investing: One of the Best Uses for a HELOC

Home Improvement Scams

Should you Refinance to a 15-Year Mortgage?

How to Make an Offer on a House Like a Boss

Does Upgrading Your Appliances Make Financial Sense?

What is Debt-To-Income (DTI) Ratio?

What is a Home Appraisal?

What to Expect During the First Mortgage Process

Mortgage FAQs.

What’s the difference between a fixed‑rate mortgage and an adjustable‑rate mortgage (ARM)?

How is my mortgage interest rate determined?

What are closing costs?

What documents should I prepare for my application?

What happens after I apply?

How long does the mortgage process take?

When will my mortgage payment be applied?

How do I make a payment on my first mortgage?

What is a mortgage note?

What is an escrow account?

What is PMI (Private Mortgage Insurance)?

Do I need homeowners insurance?

What’s the difference between pre-qualification and pre-approval?

Why get pre-approved before shopping?

Can I be notified when rates change?

How much do I need for a down payment?

Can I use gift funds for a down payment?

How can I calculate my mortgage payment?

Let's connect.

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