First Time?

First, you'll want to get pre-approved, which helps you understand how much home you can afford and shows sellers you're a serious buyer. During this stage, we’ll review your credit score, income, debt, and savings to determine your loan options. There are several types of loans available, including FHA, VA, USDA, and conventional—each with its own benefits depending on your financial situation. You'll also hear terms like down payment (your upfront investment), closing costs (fees due at the end of the sale), and mortgage insurance (required in some loan types to protect the lender). Once you're pre-approved, you can shop for a home with confidence. After you find the right one, we’ll guide you through the offer, appraisal, inspection, and closing—making sure you understand every step. Whether you're just getting started or ready to make a move, we’re here to make the journey simple, supportive, and stress-free.

Feeling like this may be for you? Give us a call! 

***Disclaimer*** Every financial situation is unique, and loan requirements can vary based on your individual circumstances.

1.What is a mortgage?
A mortgage is a loan used to purchase a home, where the property itself serves as collateral for the loan. You repay the loan over time, usually 15 to 30 years, with monthly payments.

2. How do I know how much I can afford to borrow?
We will help determine how much you can borrow by evaluating factors like your income, credit score, debt-to-income ratio, and the down payment you're able to make. A good rule of thumb is that your monthly mortgage payment should not exceed 28%–30% of your gross monthly income.

3. What is a down payment?
A down payment is the upfront amount you pay toward the purchase of the home. It typically ranges from 3% to 20% of the home’s purchase price, depending on the loan type.

4. What is private mortgage insurance (PMI)?
PMI is insurance that protects the lender if you default on the loan. It's usually required if your down payment is less than 20% for conventional loans. Some government-backed loans, like FHA loans, also require mortgage insurance.

5. What’s the difference between a fixed-rate and adjustable-rate mortgage (ARM)?
A fixed-rate mortgage has an interest rate that stays the same for the entire term of the loan, offering predictable monthly payments. An adjustable-rate mortgage (ARM) has an interest rate that may change periodically, often starting lower than a fixed-rate mortgage, but can increase after a certain period.

6. How long does it take to get approved for a mortgage?
The approval process typically takes 30 to 45 days, but it may take longer depending on the complexity of your application or if there are any issues with the appraisal or title search.

7. What is an appraisal, and why is it necessary?
An appraisal is an independent evaluation of the home’s market value conducted by a licensed appraiser. It’s required by the lender to ensure the home is worth the loan amount.

8. What closing costs should I expect?
Closing costs typically range from 2% to 5% of the home’s purchase price and include fees like loan origination fees, title insurance, inspection fees, and attorney costs. These costs are paid at the closing of the sale.

9. Can I qualify for a mortgage with bad credit?
While it’s harder to get approved with a low credit score, there are options available. FHA loans and other government-backed loans are often more flexible with credit score requirements.

10. What is the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate of how much you can afford based on basic information like income and debts. Pre-approval is a more in-depth process where a lender verifies your financials, giving you a clearer idea of how much you can borrow.

11. Can I get a loan for a fixer-upper?
Yes! FHA 203(k) loans and renovation loans allow you to finance the purchase and renovation of a home in one loan. These loans are perfect if you’re looking to buy a home that needs repairs.

12. What is a "closing" and when does it happen?
The closing is the final step in the homebuying process, where ownership of the property is transferred to you. It typically happens about 30 days after your offer is accepted, and all necessary documents are signed to finalize the mortgage and sale.