Frequently Asked Questions

Less than most people think. Conventional loans can go as low as 3% down for qualified buyers, FHA loans start at 3.5%, and VA and USDA loans can offer 0% down for those who qualify. There's no single “right” number — it depends on your loan program, your goals, and how comfortable you want your monthly payment to be. Curious what your specific down payment options look like? A quick call, text, or email is the easiest way to find out.

It depends on the loan program. Conventional loans typically start around 620, FHA loans can go as low as 500–580 depending on your down payment, and VA loans are often more flexible than people expect. Your score also affects your interest rate, so even if you qualify, it's worth knowing where you stand before you start shopping for a home. Send us your general numbers and we'll tell you where you land.

A pre-qualification is a quick, informal estimate based on what you tell us about your income, debts, and credit. A pre-approval goes deeper — we verify your documents and run your file through underwriting, so it carries real weight with sellers and agents. If you're serious about house hunting, a pre-approval is what you want in hand. Ready to get started? We can usually turn one around quickly — just reach out.

Affordability comes down to more than just your income — it's your income, your other monthly debts, your down payment, and current interest rates all together. A common rule of thumb is keeping your total housing payment under 28–30% of your gross monthly income, but your real number could be higher or lower depending on your full financial picture. Our mortgage calculator is a great starting point — and we're happy to run your exact numbers with you.

Your payment is usually made up of four parts, often abbreviated “PITI”: Principal (paying down the loan), Interest (the cost of borrowing), Taxes (property taxes, collected monthly and paid on your behalf), and Insurance (homeowners insurance, plus mortgage insurance if applicable). If your home has an HOA, that's typically a separate bill on top. Not sure what your full payment would look like on a specific home? Let's run the numbers together.

PMI (private mortgage insurance) protects the lender — not you — when you put down less than 20% on a conventional loan. The good news: it's not permanent. Once you reach roughly 78% loan-to-value (through payments, appreciation, or both), it automatically drops off, and you can often request removal a bit earlier. FHA loans work a little differently, since their mortgage insurance can last the life of the loan unless you refinance. Want to know how PMI would apply to your scenario? Call or text and we'll walk through it.

Most purchase loans close in about 30 to 45 days from the time your offer is accepted, though it can move faster or slower depending on the loan program, the property, and how quickly documents come together. We'll give you a realistic timeline up front so there are no surprises. Have a closing deadline you're working around? Let us know and we'll build a plan for it.

A fixed-rate mortgage keeps the same interest rate for the life of the loan — predictable and steady. An adjustable-rate mortgage (ARM) usually starts with a lower rate for an initial period, then adjusts based on the market. Fixed rates tend to make sense if you're staying long-term; ARMs can make sense if you know you'll move or refinance within a few years. There's no universal right answer — it depends on your plans. Tell us your timeline and we'll help you weigh it.

Yes — it just usually means a bit more documentation. Most lenders want to see two years of tax returns to establish an average income, though some programs (like DSCR loans for investment properties) can qualify you based on other factors entirely. Being self-employed doesn't disqualify you; it just changes the paperwork. If your income is more complex, that's exactly the kind of conversation worth having early — reach out and we'll map out your options.

Closing costs typically run about 2–5% of the loan amount and cover things like lender fees, appraisal, title insurance, and prepaid taxes/insurance. Buyers usually pay most of them, but in many cases sellers can be asked to contribute (a “seller credit”) as part of your offer, and some loan programs allow costs to be rolled in or covered through lender credits. Want an estimate for your specific purchase price? Just ask.

A bank can only offer you their own loan products at their own rates. A mortgage broker works with multiple lenders and can shop your loan across that network to find competitive pricing and the program that actually fits your situation — often with more flexibility if your scenario isn't textbook. It's why so many buyers work with a broker instead of walking into a single bank. Curious what that looks like in practice? Let's talk through your options.

In most cases, yes. Lenders look at your debt-to-income ratio (DTI) — your monthly debt payments compared to your gross monthly income — rather than requiring you to be debt-free. Plenty of buyers close on a home while still paying off student loans or a car payment. The key is understanding how your specific debts factor into your numbers. Send us a rundown of what you're carrying and we'll tell you where you stand.

Paying points means paying money upfront in exchange for a lower interest rate over the life of the loan. Whether it's worth it depends on how long you plan to stay in the home — there's a “break-even point” where the upfront cost pays for itself in monthly savings. If you're staying put for years, it can make sense; if you might move or refinance soon, it may not. We can run the break-even math for your specific scenario — just ask.

Yes. VA loan benefits aren't a one-time-use perk — many veterans use them multiple times over their lives, whether that's moving to a new duty station, upgrading homes, or refinancing. Depending on your entitlement, you may even be able to have more than one VA loan at once. It's one of the most underused parts of VA benefits. Want the full breakdown? Grab our free Arizona VA Loan Guide below.

You're not stuck. If rates drop meaningfully after you close, refinancing is usually an option — and if you close with us, we'll keep an eye on the market and let you know if refinancing starts to make sense for you. It's one of the advantages of having an actual relationship with your loan officer instead of a one-time transaction. We're just a call, text, or email away whenever that day comes.