Straight Answers, No Lecture

Every application comes down to three things: proof of the property, proof of income, and proof of funds. Self-employed borrowers or anyone with commission, bonus, or rental income should expect a couple extra steps.

• Property: signed sales contract, deposit verification
• Income: recent pay stubs, W-2s for the past two years
• Self-employed / commission / rental income: two years of tax returns plus a year-to-date P&L
• Funds: bank statements, or a gift letter if part of your down payment is a gift

No — and it's one of the most common misconceptions in homebuying. More than 6 in 10 Americans believe 20% down is required, even among people who already own a home.

• FHA loans start at 3.5% down
• VA and USDA loans can go to 0% down for eligible borrowers
• Conventional loans start around 3% down

A guided quote shows you which programs you actually qualify for, based on your situation — not a guess.

Pre-qualification is a quick, informal estimate based on what you tell us about your income, debt, and credit — a starting point, not an application. Pre-approval goes further: a loan officer verifies your documents and gives you a real number you can put in an offer. Our guided quote gets you the first step in minutes; the second happens in a conversation with your loan officer.

Most purchase loans close in 30 to 45 days from a signed contract, though it can move faster or slower depending on the loan type, how quickly documents come in, and the property itself. Refinances often move a bit quicker since there's no purchase contract to coordinate around.

Yes — and we'll tell you that even though it might mean you don't choose us. Borrowers who compare more than one lender tend to end up with a better rate than those who don't. We'd rather earn your business by being the loan officer worth staying with, not by being the only one you asked.

The full lineup — Conventional, FHA, VA, USDA, Construction, Reverse, and low-down-payment programs, plus Jumbo for properties above the conforming limit. A guided quote matches you to the programs you're actually likely to qualify for, rather than whatever's easiest to sell.

A point is 1% of your loan amount — $1,000 on a $100,000 loan. Discount points are paid up front to lower your rate over the life of the loan.

It depends how long you're staying. Paying points generally pays off if you'll be in the home several years; if you're planning to move in a year or two, the upfront cost usually outweighs the monthly savings. A loan officer can run the exact breakeven math for your loan.

Your Annual Percentage Rate reflects the true yearly cost of a loan — not just the interest rate, but the fees layered on top. It's the fairest way to compare two loans side by side.

• Included: points, prepaid interest, processing and underwriting fees, mortgage insurance
• Not included: title fees, appraisal, credit report, home inspection

Locking guarantees your rate for a set window — typically 30 to 60 days — so market movement during underwriting doesn't change your payment. Your loan officer will time the lock around your closing date.

No — getting a rate estimate typically uses a soft credit pull, which doesn't affect your score. Even a formal application usually doesn't move the needle much: multiple mortgage inquiries within a short shopping window count as a single inquiry to most scoring models. Shopping around is safe, and it's smart.

A common rule of thumb: refinancing starts to make sense when rates are roughly 2% below what you're currently paying, though even a 1% gap can be worth it depending on your loan size, income, and how long you plan to stay. Refinancing isn't automatically the right move — the real value is a loan officer telling you honestly when it isn't, too.

A rate-and-term refinance changes your rate, your term, or both, without touching your equity. A cash-out refinance replaces your mortgage with a larger one and gives you the difference in cash, usually at a slightly higher rate since you're borrowing more. Which one makes sense depends on whether your goal is a lower payment or access to your equity.

Yes — refinancing carries closing costs similar to a purchase loan: appraisal, title, and lender fees. Whether it's worth it comes down to comparing those costs against what you'll save, which is exactly the math a loan officer works through with you before you commit to anything.

PMI is required on most conventional loans when your down payment is under 20% — it protects the lender, not you, in case of default. It can be avoided with 20% down, or with certain loan structures built specifically to skip it.

Instead of one loan, you take an 80% first mortgage and a 10% second mortgage, then put 10% down in cash — no PMI required, since the first loan stays at 80% of the home's value. It's a common option for borrowers with strong income but less cash on hand for a full 20% down.

• FHA: 3.5% down
• VA and USDA: as low as 0% down for eligible borrowers
• Conventional: as low as 3% down

The trade-off is usually mortgage insurance at lower down payments — which is where PMI and structures like 80-10-10 financing come in.

Often, yes. Utah Housing Corporation pairs a below-market first mortgage with down payment assistance through approved lenders. Program funding can fluctuate throughout the year, so the most reliable way to know what's currently available is to ask your loan officer directly.

Ownership officially transfers from seller to buyer. It usually involves your real estate agent, the seller's agent, a title or escrow company, and sometimes attorneys — most borrowers attend, though you can arrange to sign remotely if needed.

• A final walkthrough happens beforehand to confirm agreed repairs and included items
• Paperwork and funds are handled by the title/escrow company
• Keys are handed over once everything is signed and funded

An appraisal is a licensed, independent estimate of your home's fair market value — required by most lenders to confirm the loan amount matches what the property is actually worth.

It happens, and it isn't the end of the deal. Depending on your contract, you may be able to renegotiate the price with the seller, cover the difference in cash, dispute the appraisal with additional comparable sales, or walk away if you have an appraisal contingency.

A valid government-issued ID, and any funds due at closing as a cashier's check or verified wire — personal checks typically aren't accepted for final numbers. Your loan officer or title company will confirm the exact amount and payment method a few days before your closing date.

Lenders use a credit score — most commonly FICO, ranging from 350 to 850 — built from a few core factors. No single factor decides it; it's the mix that matters.

• Payment history
• Outstanding debt relative to your limits
• Length of credit history
• Recent credit inquiries
• Mix of account types

There's no single fix, but scoring models consistently weigh the same handful of factors. Improvement is more about consistency than any one dramatic move.

• Pay bills on time, every time
• Pay down balances relative to your credit limits
• Avoid opening several new accounts in a short window
• Let older accounts stay open — length of history counts in your favor

No. Different loan programs have different minimum requirements, and FHA loans in particular are built to work with less-than-perfect credit. There's no single "magic number" that applies across every situation — the most useful answer is the one your loan officer can give you after actually looking at your file.