Mortgage FAQs Answered
You asked! I'm answering! Without further ado, here are your mortgage questions answered:
Q: How long is a pre-approval good for?
A: You definitely will want to get a pre-approval, but wait until you’re ready to buy since a pre-approval is only valid for about 30-90 days.
Q: How much should my down payment be?
A: Twenty percent is the gold standard, but you can often put down less than depending on the loan type. For example, an FHA loan requires as little as 3.5% down.
Q: What are the different types of mortgage loans?
A: All sorts! You have conventional, FHA, VA, USDA, and more! Talk with several lenders to gather their opinions before deciding which is right for you.
Q: How much home can I afford?
A: A good rule of thumb? Two-and-a-half times your annual salary. But it’s best to speak with a lender to find out what you qualify for and to get a pre-approval letter.
Got more questions? Shoot me a message or drop it in the comments. I’d love to chat and point you in the right direction as you think about buying.