Avoid large purchases, changing jobs, opening new credit accounts, or making significant financial changes that could affect your loan approval.
Refinancing can lower your interest rate, reduce monthly payments, shorten your loan term, or allow you to access home equity.
Yes! Most mortgage loans allow early payoff without penalties, but it’s essential to check your loan terms to be sure.
PMI is required for conventional loans with a down payment of less than 20%, and protects the lender if a borrower defaults on their loan.
Common documents include pay stubs, bank statements, tax returns and/or W2 statements, and identification cards.
Interest rates are based on factors such as your credit score, loan type, loan term, down payment, and current market conditions.
Pre-qualification is an initial estimate of how much you can borrow, while pre-approval involves a more detailed evaluation of your finances and credit.
Closing costs include fees for appraisal, title search, insurance, and other expenses. They typically range from 2% to 5% of the loan amount.
Down payments can range from 3% to 20% of the home’s purchase price, depending on the loan type.
Most conventional loans require a minimum credit score of 620, while government-backed loans (VA and FHA) may have lower requirements.
The process typically takes less than 30 days, but can vary based on the lender and complexity of your financial situation.