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A pre-qualification is an estimate of how much you may be able to borrow based on information you provide about your income, debts, and assets. A pre-approval is a more in-depth review where a lender verifies your financial information, credit, and supporting documents. A pre-approval carries more weight with sellers because it shows you've already been vetted by a lender and are financially prepared to purchase a home.

Closing costs are the fees associated with finalizing your home purchase. They may include lender fees, appraisal costs, title insurance, escrow fees, prepaid taxes, homeowner's insurance, and recording fees. In most cases, buyers should expect closing costs to range between 2% and 5% of the purchase price, although this can vary depending on the loan program, location, and negotiated seller concessions.

The average home buying process typically takes 30 to 45 days from the time your offer is accepted until closing. However, the overall timeline depends on how quickly you find a home, complete inspections, finalize financing, and satisfy any contract contingencies. Being pre-approved before you begin shopping can help speed up the process.

Yes. Self-employed borrowers, business owners, and individuals with variable income can absolutely qualify for a mortgage. Lenders generally review two years of tax returns, business financials, bank statements, and income history to determine eligibility. There are also specialized loan programs designed specifically for self-employed borrowers, including bank statement loans and other non-traditional financing options.

Your monthly mortgage payment typically includes four components, often referred to as PITI:

Principal – The amount applied toward paying down your loan balance.
Interest – The cost of borrowing the money.
Taxes – Property taxes collected monthly through an escrow account.
Insurance – Homeowners insurance, and if applicable, mortgage insurance (PMI).
If your home is part of a homeowners association (HOA), those dues are generally paid separately unless otherwise arranged.

A 2-1 buydown is a temporary mortgage financing option that reduces your interest rate during the first two years of your loan. During the first year, your interest rate is typically 2% lower than the note rate. In the second year, it's 1% lower, and beginning in the third year, your loan returns to the full fixed interest rate for the remainder of the mortgage. This can make monthly payments more affordable during the first two years of homeownership.

Refinancing replaces your current mortgage with a new home loan, often to achieve a lower interest rate, reduce your monthly payment, shorten your loan term, or access your home's equity through a cash-out refinance. The process is similar to purchasing a home and typically includes an application, credit review, appraisal (when required), underwriting, and closing. A mortgage professional can help determine whether refinancing makes financial sense based on your goals, current interest rates, and how long you plan to stay in your home.

Yes. Many borrowers qualify for specialized loan programs designed to make homeownership more affordable. These may include VA loans for eligible veterans and active-duty military, first-time homebuyer programs, down payment assistance, and financing options available to healthcare professionals, teachers, firefighters, law enforcement officers, and other community service professionals. Eligibility and benefits vary by program and location, so working with an experienced mortgage advisor can help you identify the options that best fit your needs.

Once you're under contract, it's important to keep your finances as stable as possible until your loan closes. Avoid making major purchases such as vehicles, furniture, or appliances, opening new lines of credit, changing jobs without consulting your lender, missing bill payments, making large unexplained bank deposits or withdrawals, or co-signing for someone else's loan. These actions can impact your credit, debt-to-income ratio, or loan approval. If you're unsure whether a financial decision could affect your mortgage, it's always best to speak with your lender before making any changes.