Questions

A bank can offer you the loans that bank sells. A broker works for you, not for a single bank, and can use a network of wholesale lenders. We'll explain exactly how we're paid, and every fee shows up on your Loan Estimate before you commit. You still compare that estimate and decide.

We'll explain exactly how we're paid, and every fee shows up on your Loan Estimate before you commit. Appraisal, title, and credit-report fees, when they apply, are on that estimate too. If anyone quotes a fee you do not understand, ask before you pay it.

Sometimes, yes. A hard stretch caused by illness, a divorce, or a layoff does not automatically end the conversation, especially if you can show what happened and that you have paid on time since. Which programs will consider the file depends on the lender and the loan. We will tell you honestly if we do not have a fit.

The one that fits how you will pay it back, not the one with the smallest advertised payment. Fixed-rate loans keep principal and interest steady. Adjustable-rate loans can start lower and then change. An interest-only period pushes principal into the future and is a poor fit for many families. We ask about your plans before we recommend a product.

Look when the savings, after closing costs, are worth it for how long you expect to keep the loan — or when you have a reason other than the rate, such as dropping mortgage insurance, changing the term, or paying off higher-interest debt on purpose. A lower rate that resets the clock to 30 years can cost more interest over the life of the loan. Run both numbers. Our refinance calculator is a starting sketch, not a quote.

The interest rate is what the lender charges on the money you borrow. The APR folds in certain fees and spreads them over the loan term, so you can compare offers that have different fees. APR is less meaningful if you pay the loan off early, and it is not a clean comparison for an adjustable-rate loan. Ask for both, and ask what fees are inside the APR.

Twenty percent down is common advice, not a rule. Some conventional loans, and many FHA, VA, and USDA loans, work with less for borrowers and properties that qualify. A smaller down payment usually means mortgage insurance or a funding fee, and a higher monthly payment. We will lay out the choices for your file instead of guessing from a headline.

Plan on lender fees and third-party costs: appraisal, credit report, title insurance, recording, and prepaid taxes and insurance. On a purchase you may also have inspections and earnest money. Federal rules require a Loan Estimate once you have applied. Ask for a written estimate of costs before you get that far.

Lenders require a lender’s title policy for the amount of the loan. It protects the lender if a title problem shows up later. An owner’s policy is separate and protects you. The premium is typically paid at closing. Ask the title company what each policy covers.

A lock is the lender’s promise to hold a rate for a set number of days, often long enough to reach closing. Locks can expire, and extending one can cost money. If rates fall after you lock, you do not automatically get the new rate. Get the lock in writing: the rate, the fees, and the expiration date.

Many home loans do not have them, and some states limit them. If a loan has one, it usually applies only for the first few years. Ask before you apply, including whether the penalty applies if you refinance with the same lender. Do not assume. Read the Loan Estimate.

A complete purchase file often closes in roughly three to six weeks. Appraisals, title issues, condo reviews, and underwriting conditions can add time. Your contract date and your file decide the real calendar. We will tell you what we see once the documents are in.

A credit score is a number lenders use, along with the rest of the report, to judge how you have handled debt. FICO scores used in mortgages generally run from 300 to 850. You can get free reports from the official site, AnnualCreditReport.com. This website does not pull your credit.

Private mortgage insurance (PMI) on a conventional loan protects the lender when your down payment is under 20%. FHA loans use a mortgage insurance premium. VA loans do not use monthly PMI, but many borrowers pay a VA funding fee. USDA loans have their own guarantee fee. All of these change the payment. Ask which one applies, whether it can be cancelled, and what it costs.

The company advertises as a mortgage broker in Nebraska, Colorado, Iowa, Georgia, and Florida under company NMLS #2409884. Confirm the company on NMLS Consumer Access before you apply. If the property is in another state, ask us before you send documents.

No. The pre-qualification form tells Luke how to reach you and what you are trying to do. It does not ask for a Social Security number and it does not pull credit. The secure application is a separate portal. After you apply there, Luke follows up to review the details.