Question 1

How long does pre-approval take?

Accepted Answer

Once we have your documents, often a matter of days. The variable is almost always how quickly paperwork comes together, not the underwriting itself.

Question 2

How long is a pre-approval good for?

Accepted Answer

Typically 60 to 90 days, because credit and income documents go stale. Refreshing one is straightforward if your search takes longer.

Question 3

Does a pre-approval guarantee I'll get the loan?

Accepted Answer

No. It is a strong indication based on verified information, but final approval still depends on the property, the appraisal, and nothing material changing in your finances before closing.

Question 4

What credit score do I need?

Accepted Answer

It depends on the programme, and score is only one input. We have options across a wide range, and a lower score usually affects pricing before it affects eligibility.

Question 5

Will applying hurt my credit?

Accepted Answer

A mortgage credit check is a hard inquiry and can have a small, temporary effect. Multiple mortgage inquiries in a short window are generally treated as one, so shopping around is not penalised.

Question 6

Can I qualify after a bankruptcy or foreclosure?

Accepted Answer

Often yes, after a waiting period that varies by programme and circumstance. It is worth asking rather than assuming the answer is no.

Question 7

Do I really need 20% down?

Accepted Answer

No. That figure persists because it avoids mortgage insurance, not because it is required. Plenty of loans close with considerably less.

Question 8

Can my down payment be a gift?

Accepted Answer

In many cases yes, from an eligible source and with a gift letter documenting that it is not a loan. Rules vary by programme.

Question 9

What are closing costs?

Accepted Answer

Lender fees, title and escrow charges, the appraisal, and prepaid items like property tax and insurance. They are separate from your down payment.

Question 10

Can closing costs be covered by someone else?

Accepted Answer

Sometimes. A seller credit or a lender credit can cover part or all of them, though a lender credit usually means accepting a slightly higher rate. It can still be the right trade.

Question 11

Why won't you publish today's rate?

Accepted Answer

Because a rate without its APR, points and the exact borrower and property it assumes is not information. It is advertising. We quote your scenario instead.

Question 12

Should I pay points?

Accepted Answer

Only if you will keep the loan long enough to earn the cost back. It is the same break-even question as refinancing, and we will run it with you.

Question 13

How soon can I refinance after buying?

Accepted Answer

Sometimes quite quickly, though some programmes have a seasoning period. The better question is usually whether the numbers justify it yet.

Question 14

Does refinancing restart my loan?

Accepted Answer

Only if you choose a new 30-year term. You can refinance into a shorter term, and often that is the point.

Question 15

My tax returns show low income. Can I still qualify?

Accepted Answer

Very likely. This is the most common situation we see with self-employed borrowers, and bank statement programmes exist precisely because legitimate deductions make taxable income look smaller than actual cash flow.

Question 16

How long do I need to be self-employed?

Accepted Answer

Two years is the common expectation, though there are exceptions, particularly when you moved into the same line of work you were employed in previously.

Question 17

Can I qualify based on rental income?

Accepted Answer

With a DSCR loan, qualification centres on the property's cash flow rather than your personal income. That is often the difference for investors with several properties.

Question 18

Can I buy in an LLC?

Accepted Answer

Often yes with investor programmes. Conventional financing generally requires title in your personal name.

Question 19

Do I upload documents through this website?

Accepted Answer

No, never. Nothing on this site collects Social Security numbers, account numbers or documents. When your file progresses, those are gathered through a secure channel.

Question 20

Why do you need so much paperwork?

Accepted Answer

Because a lender has to verify rather than take your word for it. We try to ask once, ask clearly, and not come back repeatedly for things we could have requested up front.

Common questions

Getting pre-approved

Credit

Down payment

Closing costs

Rates

Refinance

Self-employed borrowers

Investors

Application and documents

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