Your Mortgage Questions Answered

Understanding the mortgage process can feel overwhelming, but we’re here to help. Find answers to common questions about home loans, interest rates, credit requirements, and more.

Mortgage Basics: What You Need to Know.

What is a mortgage?

A mortgage is a loan used to purchase a home, where the property acts as collateral until the loan is fully repaid.

How do mortgage interest rates work?

Your interest rate is based on factors like credit score, loan type, and market conditions. Lower rates mean lower monthly payments.

What’s the difference between pre-qualification and pre-approval?

• Pre-qualification: A quick estimate of how much you may qualify for.

• Pre-approval: A lender-reviewed approval based on credit, income, and financials.

How long does it take to get a mortgage?

The process typically takes 30-45 days, but pre-approvals can happen in as little as 24 hours.

What credit score do I need to buy a home?

• 580+ for FHA loans

• 620+ for Conventional loans

• No strict minimum for VA & USDA loans

Check Your Loan Eligibility

Buying Your First Home? Here’s What You Should Know.

How much do I need for a down payment?

• 0% Down: VA & USDA Loans

• 3-3.5% Down: FHA & Conventional 97 Loans

• 5-20% Down: Conventional Loans (to avoid PMI)

Are there grants or assistance programs for first-time buyers?

Yes! Many states offer down payment assistance (DPA) programs, grants, and forgivable loans.

What is PMI (Private Mortgage Insurance)?

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How do I know how much home I can afford?

Use our Mortgage Calculator to estimate your payment based on income, interest rates, and down payment.

Find the Best First-Time Buyer Loan

Understanding Your Mortgage Options.

What’s the best loan type for me?

It depends on credit score, down payment, and financial goals.

• FHA Loans: Best for low credit scores & small down payments.

• Conventional Loans: Best for buyers with strong credit.

• VA Loans: Best for veterans & active military (zero down).

• USDA Loans: Best for rural homebuyers (zero down).

• Non-QM Loans: Best for self-employed & real estate investors.

What’s the difference between a fixed-rate and an adjustable-rate mortgage (ARM)?

• Fixed-Rate Mortgage: Interest stays the same for the life of the loan.

• Adjustable-Rate Mortgage (ARM): Starts with a lower rate, but adjusts over time based on the market.

Can I buy a home with bad credit?

Yes! FHA loans accept scores as low as 500 (with 10% down). Improving your credit score before applying can also help.

Can I get a mortgage if I’m self-employed?

Yes! Non-QM Loans allow self-employed buyers to qualify using bank statements, 1099s, or assets instead of W-2s.

Compare Mortgage Options

Is Now the Right Time to Refinance?

What is mortgage refinancing?

Refinancing replaces your current loan with a new loan at a lower interest rate or better terms.

When should I refinance my mortgage?

Consider refinancing if:

✔ Interest rates have dropped.

✔ You want to lower your monthly payment.

✔ You need to cash out equity for home improvements.

✔ You want to pay off your mortgage faster.

Can I refinance with bad credit?

Yes! FHA Streamline and VA IRRRL programs allow refinancing with minimal credit checks.

What are the costs of refinancing?

Expect to pay 2-5% of your loan amount in closing costs, but savings can outweigh the cost over time.

See If Refinancing Is Right for You

What to Expect During the Mortgage Process.

What documents do I need to apply for a mortgage?

• Pay stubs (last 30 days)

• Tax returns (last 2 years)

• Bank statements (last 2 months)

• Credit report check

• Employment verification

What happens after I apply for a mortgage?

1️⃣ Pre-Approval: Lender reviews your financials.

2️⃣ Home Search & Offer: Find a home and make an offer.

3️⃣ Loan Processing & Underwriting: Lender verifies income, credit, and property details.

4️⃣ Closing: Finalize paperwork and get the keys to your new home!

What are closing costs?

Closing costs cover lender fees, title insurance, and other transaction expenses. They typically range from 2-5% of the home’s purchase price.

How do I speed up the loan process?

✔ Keep financial documents ready & organized.

✔ Avoid opening new credit lines before closing.

✔ Respond quickly to lender requests.

Start Your Mortgage Process Today

Let’s Make Homeownership Simple.

We know the mortgage process can feel overwhelming, but you don’t have to figure it out alone. Whether you’re a first-time buyer, refinancing, or looking for the best loan option, our team is here to help.

Schedule a Free Consultation

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Harmony Home Mortgage provides expert home loan solutions, including FHA, VA, Conventional, USDA, and Non-QM loans. Licensed in FL, GA, NC, SC, and MI, we make homeownership simple and stress-free.