Frequently Asked Questions

Pre-qualification is a quick estimate based on self-reported income and assets — useful for ballpark planning, but not binding. Pre-approval is a formal review where we verify your income, credit, and assets. Sellers take pre-approval seriously, and it significantly strengthens your offer. We recommend getting pre-approved before you start touring homes.

It depends on the loan type. Conventional loans typically require 620+. FHA loans can go as low as 580 with 3.5% down. VA and USDA loans have more flexible guidelines. A higher score usually means a better rate — we’ll look at your full picture and find the best path forward.

FHA loans start at 3.5% down. Conventional loans can go as low as 3% down. VA and USDA loans offer 0% down for qualifying borrowers. If you put less than 20% on a conventional loan you’ll pay PMI, but we can walk you through strategies to avoid or eliminate it faster.

Typically 21–30 days from a fully executed purchase contract, assuming nothing unusual comes up in underwriting. We’ll set clear expectations upfront and keep you updated at every step — no surprises. See how our process works.

Yes — it’s more documentation, not impossible. We typically use two years of tax returns to calculate qualifying income. Some Non-QM programs use bank statements instead, which works better if your returns don’t reflect your actual cash flow. We work with self-employed borrowers regularly.

Your interest rate is the cost to borrow the money. APR (Annual Percentage Rate) includes the rate plus fees like origination charges and mortgage insurance, spread over the loan term. APR gives you a better apples-to-apples comparison between loan offers — especially if you’re planning to stay in the home long-term. Use our mortgage calculators to run the numbers.

Closing costs typically run 2–5% of the loan amount and cover things like the appraisal, title insurance, lender fees, prepaid taxes, and homeowners insurance. We provide a detailed Loan Estimate early in the process so there are no surprises at the closing table. Estimate your costs here.

PMI (Private Mortgage Insurance) is required on conventional loans when you put less than 20% down. It protects the lender, not you. You can avoid it by putting 20% down, using a VA loan (which has no PMI), or choosing lender-paid PMI where it’s built into your rate instead. We’ll walk you through the trade-offs. Learn more about mortgage insurance.

Rate depends on your credit score, down payment, loan type, property type, and market conditions. As a broker, we shop your scenario across 50+ lenders — not just one bank’s menu. See today’s rates or book a free consultation to get a personalized quote.

FHA loans are government-backed and allow lower credit scores and smaller down payments (3.5%), but require mortgage insurance for the life of the loan in most cases. Conventional loans have stricter credit requirements but let you drop PMI once you hit 20% equity and offer more flexibility on property types. We’ll compare both for your specific situation.

VA loans are available to active-duty service members, veterans, and surviving spouses. They offer no down payment, no PMI, and competitive rates. If you’ve served, it’s usually the best loan available to you. We’ll verify your eligibility and walk you through the VA entitlement process.

DSCR (Debt Service Coverage Ratio) loans are for real estate investors who want to qualify based on rental income rather than personal income. If the property’s projected rent covers the mortgage payment, you may qualify — even without W-2s or tax returns. One of our most popular products for investors building a portfolio.

Non-QM (Non-Qualified Mortgage) loans don’t follow standard Fannie Mae/Freddie Mac guidelines. They’re designed for borrowers with unusual income situations — self-employed buyers, investors, foreign nationals, or those recovering from a credit event. They typically carry higher rates but open doors that would otherwise be closed.

A bank can only offer you their own loan products. A mortgage broker works with dozens of lenders and shops your scenario across all of them to find the best rate and terms for your situation. We’re not paid to push one product — we’re paid to find the right fit. That independence often means better rates and more options, especially for borrowers who don’t fit a perfect mold. Learn more about how we work.

Not typically — and often less expensive. Brokers are compensated by the lender, not out of your pocket in most cases. Because we shop multiple lenders, the competitive pricing usually offsets any cost. All compensation is fully disclosed in your Loan Estimate.

We’re compensated by the lender after your loan closes — not by charging you upfront fees. This is standard for mortgage brokers and is fully disclosed in your Loan Estimate. We don’t get paid unless your loan closes, which means our incentives are completely aligned with yours.

Yes, depending on how much time has passed and which loan program you’re using. FHA loans typically require 2 years after bankruptcy discharge and 3 years after foreclosure. Conventional loans have longer waiting periods. Non-QM programs can sometimes work sooner. We’ll look at your timeline and find the best path.

Most borrowers need recent pay stubs, two years of W-2s or tax returns, two months of bank statements, a government-issued ID, and information on any assets or debts. Self-employed borrowers may need additional documentation. We’ll give you a specific checklist based on your situation. Book a free consultation to get started.

Yes. A rate lock guarantees your interest rate for a set period — typically 30, 45, or 60 days — while your loan is processed. If rates rise during that time, you’re protected. We’ll help you decide when to lock based on market conditions and your timeline. Check today’s rates.

We’re currently licensed in Arizona, Colorado, Michigan, and Texas. If you’re outside those states, reach out and we’ll point you in the right direction. Contact us here.