Questions everyone asks. Answers without the jargon.

Pre-qualification is a quick estimate based on the information you share — useful for early planning. Pre-approval goes further: we verify your income, assets, and credit, then issue a letter showing sellers you’re a serious, vetted buyer. In a competitive market, a pre-approval letter is what makes your offer stand out. Ours takes minutes to start online.

Less than most people think. Conventional loans start at 3% down for qualified first-time buyers, FHA at 3.5%, and VA loans require no down payment at all for eligible service members and veterans. 20% down avoids mortgage insurance, but it is not the price of admission — and waiting years to save it often costs more than PMI would.

It depends on the program. Conventional loans generally look for 620+, FHA can work with lower scores, and VA has flexible guidelines. A higher score usually means a better rate, but a less-than-perfect score is rarely a dead end — we’ll look at your full picture and, if needed, map out steps to strengthen it.

Most purchase loans close in roughly 3–4 weeks once you’re under contract, and refinances often run on a similar timeline. The biggest variable is how quickly documents come together — which is why we tell you exactly what we need up front and keep you updated at every step.

Plan on recent pay stubs, W-2s or tax returns (two years), bank statements, and a photo ID. Self-employed borrowers typically provide business tax returns as well. Your loan officer will give you a precise checklist so nothing surprises you mid-process.

A mix of the overall market and your specific file: credit score, down payment, loan type, loan amount, property type, and how you occupy the home. Rates move daily with the market, so the rate you see advertised anywhere is a snapshot — the rate that matters is the one quoted for your scenario, in writing.

Closing costs cover the services it takes to make the loan happen: appraisal, title, underwriting, recording, and prepaid items like taxes and insurance. They typically run about 2–5% of the loan amount. You’ll receive a Loan Estimate early on that itemizes every dollar — no mystery fees.

Private mortgage insurance protects the lender when your down payment is under 20% on a conventional loan. You can avoid it with 20% down, remove it later once you reach 20% equity, or skip it entirely with a VA loan. FHA loans carry their own version (MIP) with different rules. Our payment calculator shows you exactly how PMI affects your monthly number.

Discount points are prepaid interest: you pay more at closing for a lower rate. Whether that trade makes sense depends on how long you’ll keep the loan — the longer you hold it, the more a lower rate pays you back. We’ll run the break-even math with you rather than guessing.

Your loan officer reviews your application, we lock in your documentation list, and the file moves to processing and underwriting. Along the way an appraisal is ordered and title work begins. You’ll always know which of the six steps you’re on — see the loan journey on our Calculators & Tools page.

Underwriting verifies the “three C’s”: credit (how you’ve handled debt), capacity (income and debts — your DTI), and collateral (the home’s appraised value). If the underwriter needs anything extra, it’s called a condition — normal, and usually quick to clear.

Yes — big financed purchases, new credit cards, moving large sums between accounts without a paper trail, or changing jobs can all cause turbulence. The rule of thumb: keep your financial life boring between application and closing, and call us before making any big money moves.

You’ll review and sign the final documents, wire or bring your cash to close, and the loan funds. On a purchase, you get the keys. You’ll receive your Closing Disclosure at least three business days beforehand so you can review every number in advance.

When the savings outweigh the cost within the time you’ll keep the loan. Divide your closing costs by your monthly savings to find your break-even point — if you’ll stay past it, the math works. Rate isn’t the only reason, either: dropping PMI, shortening your term, or consolidating debt can all justify a refinance. Try the Refinance Savings calculator on our tools page.

If your current first-mortgage rate is high, a cash-out refinance replaces it entirely. If your current rate is one you want to keep, a HELOC (flexible line of credit) or a closed-end second (fixed lump sum) lets you tap equity without touching your first mortgage. The right answer depends on your rate, your goal, and how you want to repay.

Most programs allow you to borrow up to 80–90% of your home’s value (minus what you owe), depending on credit — and eligible veterans can access up to 100% with a VA cash-out. Our Available Equity calculator gives you a personalized estimate in seconds.

A reverse mortgage (HECM) is a heavily regulated, FHA-insured product: you keep the title, you can never owe more than the home is worth at repayment, and independent HUD-approved counseling is required before you can proceed. The honest requirements: you must live in the home and keep up taxes, insurance, and maintenance. We’ll walk through the pros and cons openly — it’s the right tool for some retirements and the wrong one for others.