Mortgage Resources

Pre-approval involves submitting documentation such as pay stubs, tax returns, and bank statements. We run a credit check and review your financial profile, then issue a pre-approval letter stating how much you can borrow. The process typically takes 24 hours or less.

Requirements vary by loan type. FHA loans allow scores as low as 580, while conventional loans typically require 620 or higher. VA and USDA loans have flexible guidelines. Sarah will review your full financial picture and find the best program for your situation.

Down payment requirements range from 0% for VA and USDA loans, to 3% for conventional loans, to 3.5% for FHA loans. There are also down payment assistance programs available in many areas.

A rate lock guarantees your interest rate for a specified period, typically 30 to 60 days, while your loan is being processed. This protects you from rate increases during the application process.

Closing costs typically range from 2% to 5% of the loan amount and include fees for the appraisal, title search, title insurance, origination, and recording. We provide a detailed estimate early in the process.

Refinancing generally makes sense when you can lower your rate by at least 0.5%, when you want to switch from an adjustable to a fixed rate, when you need to access equity, or when you want to shorten your loan term.