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Learn & Understand

Educational Resources

Mortgages shouldn't be confusing. Browse our glossary, FAQs, and guides to understand your options clearly.

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Mortgage Glossary

Key terms you'll encounter during the mortgage process.

APR

Annual Percentage Rate - The yearly cost of a loan including interest and fees, expressed as a percentage.

Closing Costs

Fees and expenses paid when finalizing a mortgage, typically 2-5% of the loan amount.

DTI

Debt-to-Income ratio - Your monthly debt payments divided by gross monthly income. Most loans require under 43%.

Escrow

An account held by the lender to pay property taxes and insurance on your behalf.

LTV

Loan-to-Value ratio - The loan amount divided by the home's value. Lower LTV often means better rates.

PMI

Private Mortgage Insurance - Required when your down payment is less than 20%. Protects the lender.

Points

Fees paid to lower your interest rate. One point equals 1% of the loan amount.

Pre-Approval

A conditional commitment from a lender for a specific loan amount based on your financial review.

DSCR

Debt Service Coverage Ratio - For investment properties, the rental income divided by mortgage payment.

Underwriting

The process where the lender verifies your application and assesses lending risk.

Frequently Asked Questions

Common questions from homebuyers and refinancers.

How much do I need for a down payment?
Down payment requirements vary by loan type. Conventional loans start at 3%, FHA at 3.5%, and VA loans offer 0% down for eligible veterans. We can help you find programs that may provide down payment assistance.
What credit score do I need to buy a home?
Credit requirements vary: FHA loans accept scores as low as 580 (sometimes 500 with 10% down), Conventional typically requires 620+, and VA has no official minimum. We work with clients across the credit spectrum.
How long does the mortgage process take?
A typical mortgage closes in 30-45 days, though we often close faster. The timeline depends on your responsiveness with documents, property appraisal, and underwriting complexity.
Should I get pre-approved before house hunting?
Absolutely. Pre-approval shows sellers you're a serious buyer and helps you understand your budget. In competitive markets, it's often required just to make an offer.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate based on self-reported info. Pre-approval involves document verification and is a stronger commitment. Sellers prefer pre-approved buyers.
Can I buy a home if I'm self-employed?
Yes! We offer bank statement loans and other non-QM products designed for self-employed borrowers. You'll typically need 12-24 months of bank statements instead of tax returns.

In-Depth Guides

Comprehensive resources for every stage of your mortgage journey.

First-Time Homebuyer Guide

Everything you need to know about buying your first home

Read Guide

Refinancing 101

When it makes sense to refinance and how to do it

Read Guide

Investment Property Financing

DSCR loans and other investor-friendly options

Read Guide

VA Loan Benefits

A complete guide for veterans and service members

Read Guide

FHA Loan Guide

Low down payment options for qualified buyers

Read Guide

Cash-Out Refinance Guide

How to access your home equity

Read Guide

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