Find quick answers to common mortgage questions and learn the terminology used in home financing.
We know mortgages can be confusing. Here are answers to some of the questions we hear most often. If you don’t see your question here, feel free to reach out — we’re happy to help.
Pre‑qualification is an estimate of how much you may be able to borrow based on information you provide. Pre‑approval is a more thorough process where the lender verifies your credit, income and assets. A pre‑approval carries more weight when you make offers on a home.
The ideal down payment varies based on the loan program and your financial goals. While 20% eliminates mortgage insurance, many programs allow down payments as low as 3% or 0% for VA and USDA loans. Talk with your lender to determine the best option for you.
Closing costs include lender fees, appraisal fees, title insurance, escrow fees, recording fees and prepaid items such as property taxes and homeowners insurance. They typically range from 2–5% of the loan amount.
Use the checklist on this page and reach out when you’re ready—we’ll map a clean path to “clear to close.”