Jul 7, 2025
Answers to the Most Common Questions About Mortgages
How does the mortgage process work?
The mortgage process starts with pre-qualification or pre-approval, followed by house shopping, making an offer, applying for the loan, underwriting, and closing.
Each step involves paperwork, checks, and coordination with lenders, agents, and attorneys. Want a personalized walkthrough? Use our AI Mortgage Advisor to guide you step-by-step.
What documents are required to apply for a mortgage?
You typically need to provide proof of income, tax returns, bank statements, identification, and details about your debts and assets.
Lenders use these to verify your financial stability. Would you like a checklist tailored to your specific situation? Try our AI Mortgage Advisor.
What credit score is needed to get a mortgage?
Most lenders require a minimum credit score of 620, but better rates are typically available for scores of 740 and above.
Some programs accept lower scores. Not sure where you stand? Our AI Mortgage Advisor can help you evaluate your options.
What’s the difference between pre-approval and pre-qualification?
Pre-qualification is a quick estimate based on self-reported info, while pre-approval requires verification and holds more weight with sellers.
Pre-approval shows you're serious and ready to buy. Want to know which you need? Ask our AI Mortgage Advisor.
How much should I put down on a house?
You can put down as little as 3% with some loans, but 20% helps you avoid private mortgage insurance (PMI).
The right amount depends on your budget and goals. Our AI Mortgage Advisor can recommend the option that makes the most sense for you.
If you’re prepping your application, don’t miss our Mortgage Document Checklist.
What are the points, and should I pay for them?
Points are upfront fees you pay to lower your interest rate; one point equals 1% of your loan amount.
Paying points can save money in the long term if you stay in your home. Use our AI Mortgage Advisor to run the numbers.
What’s the difference between FHA, VA, and conventional loans?
The government backs FHA loans and requires low down payments. VA loans are available to eligible veterans with no down payment required. Conventional loans have stricter requirements but lower overall costs.
Which is right for you? Our AI Mortgage Advisor can match you with the best fit.
What fees should I expect when getting a mortgage?
Expect to pay for appraisal, credit checks, origination, title, and closing costs — typically 2% to 5% of the loan amount.
Some fees are negotiable. Want a precise estimate? Use our AI Mortgage Advisor to break down your total costs.
Should I go with a fixed or adjustable rate?
Fixed-rate mortgages offer consistent payments, whereas adjustable-rate mortgages (ARMs) start at a lower rate but can fluctuate over time.
The best choice depends on how long you plan to stay. Our AI Mortgage Advisor can help you compare.
How do I compare mortgage offers?
Look beyond the interest rate — compare APR, points, fees, and loan terms to get the whole picture.
A slight difference can cost thousands. Use our AI Mortgage Advisor to compare offers side by side.
Need help navigating all those variables? Our AI Mortgage Advisor breaks them down for you.
Want a Smarter Way to Navigate Your Mortgage?
Want to skip the confusion? Try AI Mortgage Advisor now — it’s fast, free, and personalized.