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The amount you need for a down payment depends on the type of loan and your financial situation. While 20% is a common benchmark, many buyers put down less—some conventional loans allow as little as 3%, and FHA loans require just 3.5%. Talk to a loan officer to find out what programs are currently available. Need a recommendation? Send me a message and I will put you in touch with some trusted mortgage professionals.

The difference comes down to verification.

Pre-Qualification: An informal estimate based on the financial information you provide. It’s a great "first look" to help you set a budget.

Pre-Approval: A formal commitment from a lender after they have verified your credit, income, and assets. This is what you need to make a winning offer on a home.
Ready to see what you qualify for? The mortgage market changes daily, and your specific financial "health" determines your rate. To get an official letter that proves to sellers you’re a serious buyer, you need a professional review.

Need to conect with a preferred lending partner and start your application today? 

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(503) 913-7615

Your credit score can make a big difference. A borrower with a 760 score can easily save over $100,000 in interest compared to someone with a 620 score.

Your "mortgage credit score" is often different from the one you see on free apps like Credit Karma. Because lenders use specific models and look at your entire financial picture—including debt-to-income and down payment size—the only way to get an exact rate is to have a professional run a formal analysis.

Closing costs are the fees and expenses paid at the end of a real estate transaction to finalize your loan. These typically include things like appraisal fees, title insurance, taxes, and loan origination charges.

On average, you should expect to pay 2% to 5% of the home’s purchase price in closing costs. For example, on a $400,000 home, your costs could range from $8,000 to $20,000.

Your exact costs depend on your loan type, your location, and even the time of month you close. Because these fees impact your "cash to close," it is vital to get an official Loan Estimate from a qualified professional.

On average, the journey from "just looking" to "moving in" takes 3 to 6 months. This varies based on market inventory and your specific needs, but the process generally follows this rhythm:

The Search (1–4 months): Finding the right home is the most variable part. Most buyers tour about 10 homes before making an offer.

The Contract (30–45 days): Once a seller accepts your offer, the "escrow" period begins. This includes inspections, the appraisal, and final loan underwriting.

It can take longer than you think and it's important to start early. Call to understand more about what current timelines look like.

(503) 913-7615

Yes!

Being your own boss doesn’t disqualify you from homeownership. While traditional "W-2" employees use pay stubs, lenders evaluate self-employed borrowers based on income stability and trends over a two-year period.

Traditional Path: Most lenders look at the "bottom line" of your last two years of tax returns.

Flexible Path: If you have high write-offs that lower your taxable income, specialized programs like Bank Statement Loans allow you to qualify based on your actual monthly deposits rather than your tax filings.

Self-employed files are naturally more complex because "net income" on a tax return doesn't always reflect your true "buying power." A mortgage professional can perform a "pre-underwrite" on your specific business structure—whether you're a 1099 contractor, S-Corp, or LLC—to find the specific loan program that maximizes your budget.

Most monthly payments consist of four main components, often referred to as PITI.

Principal: The portion that goes toward paying down the actual balance of your loan.

Interest: The cost of borrowing the money, determined by your interest rate.
Taxes: Property taxes collected by your local government, usually held in an escrow account.

Insurance: This includes your homeowners insurance and, if your down payment was less than 20%, Private Mortgage Insurance (PMI).

A 2-1 buydown is a mortgage feature that temporarily lowers your interest rate for the first two years of your loan. It is usually funded by the seller as an incentive to the buyer.

Year 1: Your interest rate is 2% lower than your locked rate.

Year 2: Your interest rate is 1% lower than your locked rate.

Year 3-30: Your rate returns to the original "note rate" for the remainder of the loan.

The Benefit: It gives you a lower monthly payment during your first two years in the home—perfect for covering moving costs or furniture—while you wait for the possibility of refinancing to a lower permanent rate later.

Not every loan type (like certain jumbo or investment loans) allows for a 2-1 buydown, and the "subsidy" must be calculated and funded correctly at closing. A mortgage professional can run the numbers to see if a buydown or a permanent rate reduction is the better long-term financial move for you.

Curious if a buydown is right for your move? Our lending partners can show you a side-by-side comparison of your monthly savings with a 2-1 buydown versus a traditional fixed-rate loan.

Typically, the seller pays for the 2-1 buydown in the form of a "seller concession."

Technically, anyone can pay the "subsidy" that covers the interest difference for those first two years, but it most often works like this:

The Seller: Uses a portion of their profit to "pre-pay" that interest to the lender on your behalf. This is a popular alternative to a price reduction.

The Buyer: While a buyer can pay for their own buydown, it is less common because it requires more cash at closing.

The Lender: Occasionally, lenders offer credits to cover these costs as a promotion, though this usually comes with a slightly higher base interest rate.

Each loan type (FHA, VA, Conventional) has strict limits on how much a seller is allowed to contribute toward your costs. If the buydown cost exceeds these limits, the deal won't work. A mortgage professional is essential here to ensure your contract is structured correctly and stays within legal lending guidelines.