Explore Your Home Financing Options with Confidence
Discover the best loan solutions tailored to your needs. Whether you’re refinancing or exploring new loan types, we provide the guidance you need to make informed decisions.
Top Mortgage FAQs
Find answers to the most common queries about refinancing, loan types, and the borrowing process.
How much home can I afford?
Your purchasing power depends on factors such as income, credit, debts, down payment, interest rate, and the type of loan you choose.
What credit score do I need to buy a home?
Credit requirements vary by loan program. FHA, VA, conventional, jumbo, and Non-QM loans each have different guidelines.
How much do I need for a down payment?
Down payment requirements vary by loan type and borrower qualifications. Some programs may offer low-down-payment or down payment assistance options.
What documents do I need to apply for a mortgage?
Common documentation includes identification, income documentation, bank statements, tax
returns when applicable, and information regarding your assets and debts.
How long does the mortgage process take?
The timeline varies based on the loan program, property, documentation, appraisal, underwriting, and other factors. Your mortgage professional can provide an estimated timeline based on your situation.
Can I get a mortgage if I’m self-employed?
Yes. Self-employed borrowers may qualify through conventional, FHA, VA, jumbo, and NonQM programs, depending on their income, credit, assets, and overall financial profile.
What is a pre-approval, and why do I need one?
A pre-approval provides an estimate of how much you may be qualified to borrow and can help you shop for homes with greater confidence. It can also strengthen your offer when competing with other buyers.
What is the difference between pre-qualification and pre-approval?
A pre-qualification is generally an initial estimate based on information provided by the borrower. A pre-approval typically involves a more detailed review of your financial information and documentation.
What types of mortgage loans do you offer?
Depending on your needs and eligibility, mortgage options may include conventional, FHA, VA, jumbo, Non-QM, bank statement, DSCR, and down payment assistance programs.
What is a Jumbo Loan?
A Jumbo Loan is designed to finance properties with loan amounts that exceed applicable conventional conforming loan limits.
What are Non-QM loans?
Non-QM loans are mortgage programs designed for borrowers who may not fit traditional qualified mortgage guidelines. They can offer alternative income documentation and qualification methods.
Do you offer loans for self-employed borrowers?
Yes. Depending on your financial profile, options such as bank statement, P&L, 1099, asset based, and other Non-QM programs may be available.
Can I buy an investment property with a mortgage?
Yes. Financing may be available for eligible investment properties. Certain programs, including DSCR loans, may allow qualification based primarily on the property’s rental income.
Can I refinance my current mortgage?
Yes. Refinancing may allow you to change your interest rate or loan term, access equity,
consolidate debt, or accomplish other financial objectives, depending on your circumstances.
What are closing costs?
Closing costs are expenses associated with obtaining a mortgage and completing a real estate transaction. They may include lender fees, appraisal, title and escrow costs, prepaid taxes and insurance, and other applicable expenses.
Can the seller pay my closing costs?
In some transactions, seller concessions may be permitted toward eligible closing costs and prepaid expenses, subject to the loan program and applicable guidelines.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing expressed as a percentage. APR incorporates the interest rate along with certain finance charges to provide a broader measure of the cost of the loan.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage generally offers a shorter repayment period and may result in less total interest paid, while a 30-year mortgage typically provides a lower monthly principal and interest payment. The right option depends on your financial goals.
Can I get a mortgage with a high debt-to-income ratio?
Possibly. DTI requirements vary by loan program, lender, credit profile, assets, and other qualifying factors. Some programs offer more flexibility than traditional financing.
How much money should I have in the bank before buying a home?
In addition to your down payment and closing costs, it’s generally wise to maintain funds for reserves, moving expenses, repairs, and unexpected costs. Required reserves vary by loan program.
Do mortgage rates change every day?
Yes. Mortgage rates can change frequently based on market conditions and other factors. The rate available to you will also depend on your loan type and financial profile.
Can I lock in my mortgage interest rate?
Depending on the loan and stage of the transaction, borrowers may have the option to lock their interest rate for a specified period.
Can I qualify for a mortgage if I have student loans, car loans, or credit card debt?
Yes. Existing debts don’t automatically prevent you from qualifying. Lenders will evaluate your monthly obligations along with your income, credit, assets, and the requirements of the loan program.
Can I get a mortgage after bankruptcy or foreclosure?
Possibly. Waiting periods and qualification requirements vary depending on the loan program, type of bankruptcy or foreclosure, circumstances, and your current financial profile.
What is the first step to getting a mortgage?
The best place to start is with a consultation or pre-approval. We can review your financial profile, discuss your goals, and identify loan options that may be appropriate for you.
Ready to Start Your Loan Journey?
Contact us today for personalized assistance or to begin your loan application. Our team is here to help you every step of the way.