Current mortgage rates vary based on loan type and borrower qualifications. Fixed-rate home loans start at 8.50% APR for salaried professionals with 20-year terms. Self-employed borrowers may qualify for rates starting at 8.75% APR.

Pro Tip: We offer competitive rates for conventional mortgages, FHA loans, VA loans, and jumbo loans. Rates are subject to change without notice until rate lock is secured.

Your credit score is a critical factor in determining loan eligibility and interest rates. Generally, a credit score of 740 or higher qualifies for the best available rates and terms. Scores between 620-739 may still qualify but with slightly higher rates.

Impact on Terms: Higher creditworthiness scores improve your loan-to-value ratio possibilities and reduce mortgage insurance requirements. We also evaluate your payment history, credit utilization, length of credit history, and recent inquiries.

Fixed-rate mortgages maintain the same interest rate throughout the entire loan term, providing predictable monthly payments. Adjustable-rate mortgages (ARMs) have interest rates that adjust periodically based on market indices after an initial fixed period.

Common ARM Terms: 5/1 ARM (5 years fixed, then annual adjustments), 7/1 ARM (7 years fixed), 10/1 ARM (10 years fixed). Rate caps limit how much your rate can increase at each adjustment and over the loan lifetime.

Down payment requirements vary by loan type and borrower qualifications. Conventional loans typically require 3-20% down, with 20% avoiding private mortgage insurance (PMI).

Mortgage preapproval involves submitting a complete application with documentation including proof of income, employment verification, asset statements, and credit authorization. We evaluate your debt-to-income ratio, credit history, and financial stability to determine your loan amount and terms.

Timeline & Benefits: Preapproval can be completed in 24-48 hours with proper documentation. A preapproval letter strengthens your negotiating position with sellers and provides clarity on your budget. It's important to note that preapproval is conditional and subject to final underwriting approval.

Closing costs for refinancing typically range from 2-5% of the loan amount and include appraisal fees, origination charges, title insurance, attorney fees, and recording fees.

Break-Even Analysis: Calculate your break-even point by dividing total closing costs by monthly savings. If it takes 24 months to break even and you plan to stay for 5+ years, refinancing makes financial sense. Cash-out refinancing allows access up to 80% of home value, while rate-and-term refinancing simply replaces your existing loan.

Yes, self-employed borrowers can qualify for home loans, though the process requires additional documentation. Lenders typically review two years of tax returns, profit and loss statements, and business bank statements. We offer specialized programs for entrepreneurs, freelancers, and independent contractors with competitive rates starting at 8.75% APR.

Income Calculation: We use your average income over the past two years after business expenses. Maintaining organized financial records and demonstrating consistent income strengthens your application. If you've been self-employed for less than two years, we may consider your previous employment history or professional credentials.

Mortgage insurance protects the lender in case of borrower default and is typically required when the down payment is less than 20% on conventional loans. Private Mortgage Insurance (PMI) can be removed once you reach 20% equity in the property through payments or appreciation.

VA Loans: Do not require mortgage insurance but have a one-time funding fee. Mortgage insurance is not the same as homeowners insurance, which protects your property and belongings. Building equity faster through extra payments can help eliminate PMI sooner.

The mortgage approval timeline varies based on loan type, borrower responsiveness, and property complexity. Standard conventional loans typically take 30-45 days from application to closing.

Speed Tips: We offer expedited processing for qualified borrowers and can close in as little as 21 days with complete documentation. Responding quickly to document requests and scheduling appraisal early can significantly reduce timeline. Clear to close occurs when all conditions are satisfied and final approval is granted.

Refinancing can provide multiple benefits including lower interest rates, reduced monthly payments, cash-out equity for home improvements or debt consolidation, switching from an ARM to a fixed-rate mortgage, or shortening your loan term.

Current Market Analysis: Current market conditions may offer significant savings. We help evaluate your break-even point to ensure refinancing makes financial sense. Cash-out refinancing allows you to access up to 80% of your home's value, providing funds for home improvements, education expenses, or debt consolidation at lower rates than credit cards or personal loans.