The short answer is this: the best product is the one that meets your needs and does so timely. For purchase transactions, this likely means hitting your closing date. For refinances, that may be more about your monthly payment. Most mortgage borrowers, statistically, seek conventional loans. Other loans, such as FHA loans, can also be very popular for certain purchase prices and borrowers with less-than-perfect credit scores. Eligible Veterans enjoy VA benefits, while rural properties may allow USDA, etc. I am happy to help you understand which product is best for you - just reach out to me or start with one of my short forms!

The minimum down payment can be 0% for certain government loans like VA and USDA mortgages. A typical FHA file features a 3.5% down payment unless down payment assistance is involved. Otherwise, most conventional loans feature 3% down for first-time homebuyers and 5% down for existing homeowners. Only in certain cases are minimum down payments as high as 10% or 20%.

An accurate answer is more involved than you may think. Our advice is simple: accurately describe your scenario to your licensed loan officer and ask her/him to price it for you. Interest rate pricing often changes twice every business day. Also, rates are contingent on credit score, loan type, length of rate lock, down payment percentages, and many other factors. Many lenders will advertise inaccurate rates without proper consultation; interest rates and their corresponding prices are not available to customers with the click of a button. However, if you start with one of my short forms, I can get you a good estimate in a short period of time!

Basic documents needed for a mortgage often include paystubs, W2 forms, tax returns, mortgage statements for any existing mortgage loans, valid ID (i.e., driver’s license), and bank statements.

One qualifies through a legitimate pre-approval and proper underwriting. Most loans involve the review of your loan application, your income, your assets, and many other personal, financial, and property details. Remember, YOU are applying for a loan and advertising yourself as a good investment to the mortgage investor. The more organized your paperwork and application details, and the stronger your credit scores, the better your chances of becoming fully approved for a home loan.

Most mortgage deals close within 30 days of going under contract. Certain time-sensitive scenarios call for a shorter closing timeline, and other situations call or a longer timeline. The timing is flexible! I am always happy to work with you to the best of my ability - contact me today!