Frequently Asked Questions

Starting the mortgage process is simple. You can fill out our pre-qualification form, use our AI assistant for instant guidance, or call us directly. We will review your financial information, discuss your goals, and help you understand your options — all at no cost to you.

The average mortgage closing takes 30-45 days from application to closing. Purchase transactions may close faster if all documentation is provided promptly. Refinances can sometimes close in as little as 2-3 weeks with streamline programs.

Typically you will need: recent pay stubs (30 days), W-2s or tax returns (2 years), bank statements (2-3 months), a valid photo ID, and information about your debts and assets. Self-employed borrowers may need additional business documentation.

The minimum credit score depends on the loan program. FHA loans accept scores as low as 580 (or 500 with 10% down). Conventional loans typically require 620+. VA and USDA loans generally need 580-640. Higher scores qualify you for better rates.

A general rule is that your total monthly housing costs should not exceed 28-31% of your gross monthly income. Use our affordability calculator for a personalized estimate based on your income, debts, and down payment.

Pre-qualification is an initial estimate based on self-reported financial information. Pre-approval is a more thorough process where the lender verifies your income, assets, and credit, providing a conditional commitment for a specific loan amount. Pre-approval carries more weight with sellers.

Down payment requirements vary by loan type: VA and USDA loans require 0% down, FHA loans require 3.5%, and conventional loans as little as 3%. Jumbo and non-QM loans typically require 10-20%. Gift funds from family are often allowed.

Yes, many states and local governments offer down payment assistance programs for first-time homebuyers. These can include grants, forgivable loans, and matched savings programs. We can help you identify programs you may qualify for in your area.

Your mortgage rate is determined by several factors: credit score, down payment amount, loan type, loan term, property type, and current market conditions. Larger down payments and higher credit scores typically result in lower rates.

A fixed rate stays the same for the life of the loan, providing payment stability. An adjustable rate (ARM) starts lower but can change after the initial fixed period. Fixed rates are ideal if you plan to stay long-term; ARMs can save money if you plan to sell or refinance within 5-7 years.

Closing costs typically range from 2-5% of the loan amount and include lender fees, appraisal, title insurance, attorney fees, prepaid taxes and insurance, and recording fees. Some costs can be negotiated or paid by the seller.

Private Mortgage Insurance (PMI) is required on conventional loans with less than 20% down payment. It protects the lender if you default. You can avoid PMI by putting 20% down, using a piggyback loan, or choosing lender-paid mortgage insurance (higher rate). PMI is automatically removed when you reach 20% equity.

First-time homebuyers have access to special programs including FHA loans with low down payments, down payment assistance grants, state-specific tax credits, and reduced PMI rates. Even if you have owned a home before, you may qualify as a first-time buyer if you have not owned in the past 3 years.

Yes, VA loans (for veterans and military) and USDA loans (for eligible rural/suburban areas) offer 100% financing with no down payment. Some conventional programs also offer low or no down payment options with assistance programs.

Absolutely. Self-employed borrowers have several options including bank statement loans (12-24 months of statements), traditional documentation (2 years tax returns), 1099 income programs, and asset-based qualification. We specialize in helping self-employed professionals find the right mortgage.

This is common for self-employed borrowers. Bank statement loans solve this problem by using your actual bank deposits to qualify instead of tax return income. We can analyze 12-24 months of personal or business bank statements to determine your qualifying income.

Yes, we offer multiple investment property financing options including conventional loans (15-25% down), DSCR loans (qualify based on rental income), and non-QM programs. DSCR loans are especially popular because they do not require personal income verification.

A DSCR (Debt Service Coverage Ratio) loan qualifies you based on the investment property's rental income rather than your personal income. If the property's rent covers the mortgage payment (DSCR of 1.0+), you can qualify without showing tax returns, W-2s, or employment verification.

Consider refinancing when rates drop at least 0.5-1% below your current rate, when you want to switch from an ARM to a fixed rate, when you need to access home equity (cash-out), or when you want to shorten your loan term to save on total interest.

For a rate-and-term refinance, most programs require at least 3-5% equity. For a cash-out refinance, you typically need at least 20% equity. FHA and VA streamline refinances may have more flexible equity requirements.