Frequently Asked Questions
Buying a home comes with a lot of questions and I'm here to make the answers simple. Here are some of the ones I hear most. Don't see yours? Reach out anytime — I'd love to help!
Your Home Loan Questions, Answered
How much do I need for a down payment?
Not as much as you might think! While 20% is the classic benchmark, many loan programs allow as little as 3% to 5% down and some options like VA and USDA loans allow 0% down for those who qualify. Let's talk about what fits your situation.
What credit score do I need to buy a home?
Many conventional loans start around a 620 score and FHA loans can go much lower. But your score is just one piece of the puzzle. I can review where you stand and help you understand your options.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a quick estimate based on info you share with me. Pre-approval is stronger. It involves verifying your income, assets and credit and it shows sellers you're a serious, ready buyer.
How long does the mortgage process take?
On average, closing takes about 30 to 45 days from the time you're under contract, though it can move faster. Getting pre-approved early helps keep everything on track. If you're conditionally approved, we can move from contract to closing in two weeks.
What documents will I need to apply?
Generally: recent pay stubs, W-2s or tax returns, bank statements and ID. If you're self-employed or have other income sources, we may need a bit more. I'll give you a simple checklist.
Should I get pre-approved before I start house hunting?
Yes and here's why: it tells you your budget, strengthens your offers and saves you from falling in love with a home outside your range. It's the first step I recommend to every buyer.
What's the difference between a fixed-rate and adjustable-rate mortgage?
A fixed-rate keeps the same interest rate for the life of the loan, so your payment stays predictable. An adjustable-rate (ARM) starts lower but can change over time. Which is right depends on your goals and how long you plan to stay.
How is my interest rate determined?
Your rate depends on factors like your credit score, down payment, loan type and current market conditions. I'll help you understand what's influencing your rate and how to put yourself in the best position.
Can I buy a home if I have student loan or other debt?
Often, yes. Lenders look at your debt-to-income ratio, not just whether you have debt. Many buyers with student loans qualify comfortably. Let's run the numbers together.
What is the debt-to-income ratio?
This is your monthly debts divided by the income that you bring in. Some programs require that be under 43%, some allow up to 50%.
What is PMI and will I have to pay it?
Private mortgage insurance (PMI) usually applies when you put down less than 20% on a conventional loan. It protects the lender and the good news is it can often be removed later once you build enough equity.
What is an escrow account?
An escrow account lets your lender collect a portion of your property taxes and homeowners insurance with your monthly payment, then pays those bills for you when they're due. It spreads big expenses into manageable monthly amounts.
How much house can I actually afford?
It's less about the maximum a lender approves and more about the payment you're comfortable with. I look at your income, debts and goals to find a number that fits your life, not just the loan.
Can I still buy a home if I'm self-employed?
Yes! Self-employed buyers absolutely qualify. If you don't claim a lot of income on your tax returns, we have plenty of non-traditional options to explore.
Can I use gift money for my down payment?
Often, yes! Many loan programs allow gift funds from family toward your down payment or closing costs. There are a few simple rules to follow and I'll walk you through exactly what's needed.
Do first-time homebuyers have special programs available?
Yes! There are down payment assistance programs, grants and first-time buyer loan options that can make a real difference. I love helping first-timers discover what they qualify for.
What happens at closing?
Closing is the day you sign, get your keys and officially become a homeowner. I'll make sure you know what to expect and what to bring, so it's exciting rather than overwhelming.
What if I find a home before I'm fully approved?
It's best to be pre-approved first, but if things move quickly, reach out to me right away. I'll work fast to get you positioned so you don't miss out.
Do you help buyers throughout Montgomery County and the Main Line?
Yes! I serve buyers throughout Montgomery County, including Conshohocken, the Main Line and the greater Philadelphia area. I'm local and I love helping my community find home.
Why should I work with you instead of a big bank?
Because you get me. A dedicated partner who explains everything, answers your calls and genuinely cares about getting you home. I bring years of experience and a personal touch a call center just can't match.
Still have questions?
Let's connect! Whether you're just starting to think about buying or you're ready to make a move, I'm here to guide you every step of the way.