Home loans that help you reach your goals.

Closing costs vary because they depend on your loan program, purchase price, lender and location. They typically include lender and origination fees, the appraisal, title insurance, recording fees, prepaid property taxes and your first year of homeowners insurance.

A good rule of thumb is to budget 2% – 6% of the purchase price. Because we compare 100+ lenders, we can often find lower fees and show you every cost clearly on your Loan Estimate before you commit.

What a lender reviews depends on how far along you are. A prequalification gives you an early estimate of your loan amount based on basic, self-reported details like income, employment, monthly debts and assets. It usually doesn’t affect your credit score.

A pre-approval is a deeper look. Lenders verify your credit history, employment, income, assets, existing debts and overall debt-to-income ratio. It involves a credit inquiry, and the result is a letter that shows sellers you’re a serious buyer and sets your price range.

Lenders usually review about two years of employment history. Depending on how you earn, you’ll typically be asked for:

• A government-issued photo ID
• Recent pay stubs
• W-2s and/or tax returns
• Recent bank statements
• For self-employed borrowers: business or personal bank statements, 1099s or a profit and loss statement

A pre-approval isn’t a final approval. Once you’re under contract, the home is appraised and your file goes through underwriting. Sending documents quickly helps keep your loan on schedule.

Requirements depend on the loan program and the lender. As a general guide:

• Conventional loans: typically 620+
• FHA loans: 580+ with 3.5% down, or 500–579 with 10% down
• VA loans: no VA minimum; lenders set their own
• USDA loans: typically 640+

Your credit score is only one part of the picture. Lenders also look at your payment history, existing debt and income. Because we work with 100+ lenders, we can often find options when one lender says no.

Typically, the buyer pays for the home appraisal, and it’s usually collected early in the process. In some cases, buyers negotiate with the seller to cover this cost as part of the purchase agreement.

An appraisal confirms the home’s market value, so the lender knows the loan amount doesn’t exceed what the property is worth. It’s also used to calculate your loan-to-value (LTV) ratio.

Some programs add their own standards. For example, an FHA appraisal also checks that the home meets FHA property requirements. On a conventional loan, reaching 80% LTV (20% equity) is what lets you remove private mortgage insurance (PMI).

Most mortgages require a down payment, but it’s often much less than 20%. VA and USDA loans can offer 0% down for eligible buyers, conventional loans start at 3% down and FHA loans start at 3.5% down.

Your down payment doesn’t have to come entirely from savings. Many programs allow gift funds from family, and first-time buyers may qualify for down payment assistance programs that can cover part or all of the down payment.

Your loan term is the length of time you have to repay the mortgage. The most common term is 30 years (360 months). Some buyers choose a 15-year term to pay off the home faster, while others prefer a 30-year loan for a lower, more affordable monthly payment.

Shorter terms often come with lower interest rates, but the monthly payment is higher because the balance is repaid over fewer months. Longer terms lower the monthly payment, but you pay more interest over the life of the loan.

Rates also depend on the market, your credit and your down payment. Use our mortgage calculators to compare estimated payments for different terms, or ask a loan officer to run the numbers for you.