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Pre-qualification is an estimate of what you may be able to borrow, while pre-approval is a verified commitment from a lender based on your financial documents.
A higher credit score usually means you’ll qualify for a lower mortgage rate, while a lower score can come with a higher rate.
Closing costs are the fees and expenses you pay to finalize your home purchase, and they typically range from about 2% to 5% of the loan amount.
The homebuying process usually takes 30 to 60 days from when your offer is accepted to closing, though timelines can vary.
Yes, you can buy a home if you’re self-employed or have irregular income, but you’ll usually need to provide extra documentation to show stable earnings.
Your monthly mortgage payment typically includes the loan principal, interest, property taxes, and homeowners insurance (often called PITI).
A 2-1 buydown is a temporary financing option where your interest rate is reduced by 2% the first year and 1% the second year, before returning to the full rate in year three.
A 2-1 buydown can be paid for by the buyer, the seller as a concession, or sometimes the lender as part of a special program.
The amount you need for a down payment depends on the type of loan and your financial situation. While 20% is a common benchmark, many buyers put down less—some conventional loans allow as little as 3%, and FHA loans require just 3.5%.
Pre-qualification is an estimate of what you may be able to borrow, while pre-approval is a verified commitment from a lender based on your financial documents.
A higher credit score usually means you’ll qualify for a lower mortgage rate, while a lower score can come with a higher rate.
Closing costs are the fees and expenses you pay to finalize your home purchase, and they typically range from about 2% to 5% of the loan amount.
The homebuying process usually takes 30 to 60 days from when your offer is accepted to closing, though timelines can vary.
Yes, you can buy a home if you’re self-employed or have irregular income, but you’ll usually need to provide extra documentation to show stable earnings.
Your monthly mortgage payment typically includes the loan principal, interest, property taxes, and homeowners insurance (often called PITI).
A 2-1 buydown is a temporary financing option where your interest rate is reduced by 2% the first year and 1% the second year, before returning to the full rate in year three.
A 2-1 buydown can be paid for by the buyer, the seller as a concession, or sometimes the lender as part of a special program.



