Purchase a Home
Mortgage FAQs
Straight answers to the questions buyers ask most.
How much do I need for a down payment?
It depends on the program. Eligible VA and USDA borrowers may put 0% down, FHA starts at 3.5% with qualifying credit, and some conventional programs start at 3% for eligible first-time buyers.
What credit score do I need?
Requirements vary by program and lender. Higher scores usually mean better rates. If your score needs work, we can talk through steps that may help before you apply.
What is private mortgage insurance (PMI)?
PMI protects the lender on conventional loans with less than 20% down. You can usually request to remove it once you reach 20% equity, and it ends automatically at 22% equity based on the original value, if you are current on payments.
What are closing costs?
Fees for the lender, appraisal, title, recording and prepaid items such as taxes and insurance. Your Loan Estimate shows them within three business days of your application.
What is the difference between a rate and an APR?
The interest rate sets your monthly principal and interest. The APR includes the rate plus certain fees, so it shows the total yearly cost of the loan.
How long does it take to close?
Many purchase loans close in about 30 to 45 days. Timing depends on the appraisal, title work and how quickly documents come in.
Can I buy a home if I am self-employed?
Yes. You may qualify with tax returns, or with bank statements through a non-QM program. We will review which option fits your situation.
Should I refinance?
Refinancing may make sense to lower your rate or payment, change your loan term, remove mortgage insurance or take cash out. We compare the savings against the closing costs.
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