Find straightforward answers to common questions about mortgage programs, eligibility, interest rates, down payments, loan approval, closing costs, refinancing, and the home-buying process.
Explore answers to common questions about loan terms, application requirements, pre-approval, and closing timelines.
Generally, you will need proof of income (recent pay stubs, W-2s, or tax returns for self-employed borrowers), bank statements for asset verification, a copy of your government-issued ID, and details about your current debts and liabilities.
Pre-qualification gives an informal estimate based on self-reported data. Pre-approval is a formal evaluation where an underwriter verifies income, credit, and assets to issue an official commitment letter.
Requirements depend on the program. Conventional loans start at 3% down, FHA requires 3.5%, while eligible VA and USDA loan borrowers can access 0% down payment options.
Most mortgage loans close within 21 to 45 days after application submission, depending on appraisal timelines, document verification, and underwriting schedules.
Fixed-rate loans lock in interest rates for predictable long-term payments. Adjustable-rate mortgages (ARMs) offer lower initial rates for a set period, suitable if you plan to move or refinance early.
Closing costs cover lender, title, and third-party fees (usually 2% to 5% of the loan amount). Buyers typically pay them, though seller concessions can offset costs depending on negotiations.