Closing times vary by lender, but we aim to fund your loan within 20–45 days of application. Choosing a responsive lender and providing documents quickly can help keep your timeline on track.

Your Loan Amount and monthly savings will determine when refinancing makes sense. Larger loan amounts don't require a significant interest rate change to realize large savings. A .25% lower rate than your existing rate can reduce your payment significantly

Approval typically depends on three factors:

  • Credit Score: Each loan program sets a minimum credit score (often as low as 500+ for FHA, 580+ for conventional)
  • Down Payment:Lenders require anywhere from 3% to 20% down, depending on the program.
  • Debt-to-Income Ratio (DTI): Your total monthly debts (including mortgage) can go as high as 50% of your income.

A mortgage is a loan used to purchase real estate, where the lender pays for your home upfront and you repay that amount (plus interest) over a specified term. It enables buyers to afford a home without having to pay the full purchase price in cash.

A common guideline is to keep your housing payment—including principal, interest, taxes, and insurance—below 50% of your gross monthly income. Use our mortgage calculator to estimate your monthly payment and adjust the loan amount until it fits your budget.

Mortgage (or discount) points are upfront fees—each equal to 1% of your loan amount—you can pay at closing to “buy down” your interest rate. One point typically lowers your rate by about 0.125%–0.25%.

Pre-Qualification: An informal estimate of your borrowing power based on self-reported income, debts, and assets.

Pre-Approval: A lender-verified commitment after reviewing documents (pay stubs, bank statements, credit report), giving you a stronger offer in a competitive market.

  • Conventional: Privately insured loans with competitive rates—best for borrowers with good credit and down payments of 3–20%.
  • FHA: Government-insured mortgages with low down payments (3.5%) and flexible credit requirements—popular among first-time buyers.
  • USDA: Zero-down financing for qualifying rural properties, backed by the U.S. Department of Agriculture.
  • VA: Zero-down, no-PMI loans exclusively for veterans, active military, and eligible spouses—backed by the Department of Veterans Affairs.

The Annual Percentage Rate (APR) reflects your loan’s true yearly cost by combining the interest rate plus prepaid finance charges (points, fees). Since APR includes these extras, it’s usually higher than the nominal interest rate and helps you compare loan offers accurately.

Yes. Your loan officer can secure (lock) your quoted rate for an agreed period—often 30–60 days—so market fluctuations won’t affect it. You’ll receive a written rate-lock agreement detailing the terms and duration.

Closing costs cover fees for services required to finalize your loan—such as appraisal, title insurance, escrow, and lender charges. They typically range from 2% to 5% of your purchase price. You’ll see a detailed breakdown on your Closing Disclosure at least three days before your closing date.