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Pre-qualification
A quick estimate of what you might afford based on self-reported information. No documents or credit check are typically required. It’s informal and meant as a starting point.

Pre-approval
A lender reviews your financial documents and pulls your credit to determine a specific loan amount. It shows proof of buying power and strengthens your offer. This is what sellers take seriously.

Your credit score plays a big role in determining your mortgage rate. Higher scores typically qualify for lower interest rates, which can save you thousands over the life of the loan. Lower scores often mean higher rates because lenders see more risk. If you are experiencing credit issues, don't let that discourage you.  There are options available to assist in improving your credit score. A good basline score is 620 but some lenders will allow a score of 580+.

Closing costs are fees paid at the end of a real estate transaction to finalize your loan and transfer ownership. They explains things like lender fees, title services, appraisal, and escrow costs. Most buyers can expect to pay about 2–5% of the purchase price in closing costs.

The homebuying process typically takes 30–45 days once you’re under contract. This includes inspections, appraisal, loan approval, and final closing. Timelines can vary based on financing, negotiations, and market conditions.

Yes, you can buy a home if you’re self-employed or have irregular income. Lenders typically look at your income history over the past two years and may require additional documentation, like tax returns and bank statements. The key is showing consistent earnings and financial stability.

Your monthly mortgage payment typically includes principal and interest, plus property taxes and homeowners insurance (often bundled as PITI). If required, it may also include mortgage insurance. Utilities and maintenance are separate and not part of your mortgage payment.

A 2-1 buydown is a temporary interest rate reduction on your mortgage. Your rate is 2% lower the first year and 1% lower the second year, then returns to the full rate in year three. This cost can be paid by the seller or builder to help lower your initial monthly payments.