From application to loan funding, the average time it takes to close on the purchase of a home is 30 days. We take our borrowers’ closing timelines seriously, and we work hard to close on time. We have closed loans in as little as 10 days and work hard to get your loan closed as quickly as possible.

Rates fluctuate daily, and no one can predict an exact time to lock the lowest possible rate. If you’re comfortable with the monthly payment at a certain rate, you should go ahead and lock. Your mortgage adviser will help explain more about rate locks as you reach that point in the process.

A pre-qualification is just your mortgage adviser’s estimate on your ability to buy a home. It’s based on your credit score and some other self-reported details. A pre-qual may give you a good idea on which loan program fits you best, and maybe even how much you’ll qualify for. 

A pre-approval officially confirms how much you’re able to borrow. Your income and asset documents go through a more formal review. After getting pre-approved, you’re able to take a more serious look at buying a house. If you’re not able to get pre-approved, your adviser will be able to offer some helpful tips on raising your credit score, lowering your debt, or working through any other financial obstacles preventing you from buying a home.

It depends on the program. I have even seen some programs that don't require a credit score. For an FHA or VA loan the minimum is 580, however, we can go lower than that with a higher down payment. Conventional loans usually require a minimum of a 620 credit score. The loan program will determine what the minimum score requirement is.

We recommend getting pre-approved with a mortgage lender first. Once you’re pre-approved for a mortgage, you’ll be able to shop with confidence. You’ll know exactly how much you’re able to purchase.