Frequently asked questions
Answers to the things people ask us most. Still stuck? Reach out and we'll help.
How much can I afford to borrow?
Your approval amount and your real budget are two different numbers. Approval is based on income and debt, budget is based on what you're actually comfortable paying every month. Jack covers both before you start touring homes.
How much should I put down on a home?
It depends on the loan type. Some programs allow far less than the 20 percent most people assume is required, including options with little to no down payment for eligible veterans.
What are the different types of mortgages?
The most common are conventional, FHA, VA, and jumbo loans. Each fits a different situation, from a first purchase to a larger loan amount. Jack walks through which type fits your specific situation before you apply.
What is PMI and when is it required?
Private mortgage insurance is typically required when a down payment is below 20 percent on a conventional loan. It protects the lender, not the borrower, and Jack can explain how to avoid it or remove it later.
What is the difference between a pre-approval and a pre-qualification?
A pre-qualification is a quick estimate based on what you report. A pre-approval verifies your income, credit, and assets, and carries real weight with a seller. Most competitive offers need a pre-approval, not just a pre-qualification.
What is the mortgage application process like?
In general: pre-approval, house hunting, offer and contract, full loan application, underwriting, and closing. Jack walks you through each step so nothing catches you off guard.