Frequently Asked Questions
💰 Loan Basics
A pre-qualification is a quick estimate based on basic info you provide. A pre-approval is a full review of your income, credit, and assets—with documentation—which gives you a real number and a much stronger position when making an offer.
It depends on the loan type:
- FHA loans: as low as 3.5% down
- Conventional loans: as low as 3% down for qualified buyers
- VA loans: 0% down (for eligible veterans)
We’ll review what fits your goals best.
Points are optional upfront fees you can pay to lower your interest rate. One point typically costs 1% of your loan amount.
🏠 Buying a Home
It’s a good-faith deposit (typically 1–3% of the purchase price) you submit with your offer to show you’re serious. It’s credited toward your down payment or closing costs later.
Closing costs are fees related to finalizing your mortgage—think appraisal, escrow, title, and lender fees. These usually total about 2–5% of the purchase price. Buyers typically pay them, but we can sometimes negotiate seller credits to help.
Once you’re in contract, we’ll send you disclosures, lock your rate, submit your loan to underwriting, and order the appraisal if needed. I’ll guide you through every step!
📟 Documents & Requirements
For most borrowers:
- ID
- Recent paystubs
- W-2s (2 years)
- Bank statements for assets
- Tax returns (if self-employed)
It varies by program. Many loans are available starting in the low 600s, and the higher your score, the better the pricing. I’ll help you review your credit and offer tips if it needs improvement.
DTI stands for Debt-to-Income ratio. It’s the percentage of your monthly income that goes toward debt (including your new mortgage). It’s a key factor in loan approval.
🔄 After You Close: What to Expect as a New Homeowner
Even after you’ve signed the papers and picked up the keys, there are still a few important steps and things to be aware of. Here's what to expect in the weeks and months after you close:
Make sure your utilities are up and running before you move in. This includes:
- Electricity & gas
- Water & trash
- Internet & cable
- Optional services like security systems or landscaping
Pro Tip: Some utility companies require a few days’ notice or a deposit, so don’t wait until move-in day.
In many areas (especially California), you’ll receive a supplemental tax bill a few months after closing. This happens when the property is reassessed based on your purchase price.
- This bill is separate from your regular mortgage payment
- It’s not typically paid through your escrow account
- I’ll flag this for you in advance so it doesn’t catch you off guard
Your loan may be transferred to a new servicing company after closing. This is common and nothing to worry about.
- You’ll get a notice from the new servicer with payment instructions
- Your rate and terms won’t change
If you’re ever unsure if a notice is legit, just send it my way and I’ll verify it for you.
Owning a home means you’re now the landlord too! Be ready to:
- Change your HVAC filters regularly
- Drain and flush your water heater annually
- Clean gutters and inspect your roof seasonally
- Budget for things like appliance repair, landscaping, and small upgrades
Even though your loan is done, I’m not going anywhere. Call, text, or email me if:
- You have questions about your new mortgage
- You’re considering renovations or upgrades
- You want to explore refinancing in the future
Owning a home is a journey—and I’m here for the long haul.
Still have questions?
I'm always happy to help. Click here to contact me or schedule a quick call. Let's talk through it together.