Frequently Asked Questions
Get answers to common mortgage questions from our expert team. Can't find what you're looking for? Contact us directly.
Getting Started
How fast can I get pre-approved for a mortgage?
With 1 Fast Home Loan, you can get pre-approved in as little as 2 minutes online. Our streamlined process uses advanced technology to quickly verify your information and provide instant pre-approval decisions for qualified borrowers.
What credit score do I need for a mortgage?
Credit score requirements vary by loan type. Conventional loans typically require 620+, FHA loans 580+, VA loans 580+, and USDA loans 640+. We work with borrowers across all credit ranges and can help improve your approval chances with credit repair guidance.
How much can I borrow for a home loan?
Your borrowing capacity depends on your income, debts, credit score, and down payment. Generally, you can borrow up to 28% of your gross monthly income for housing expenses. Our mortgage calculator can provide a personalized estimate based on your specific situation.
Application Process
What documents do I need for a mortgage application?
You'll need recent pay stubs (2 months), tax returns (2 years), bank statements (2 months), employment verification letter, and government-issued ID. For self-employed borrowers, additional documentation like profit & loss statements may be required.
How long does the mortgage process take?
Our typical mortgage process takes 21-30 days from application to closing. This includes underwriting, appraisal, and final approval. We provide regular updates throughout the process and work to close as quickly as possible.
Can I get pre-approved without affecting my credit score?
Our initial pre-qualification uses a soft credit check that doesn't impact your credit score. Once you decide to move forward with a full application, we'll perform a hard credit inquiry, which may temporarily lower your score by a few points.
Loan Types
What's the difference between FHA and conventional loans?
FHA loans are government-backed with lower down payment requirements and more flexible credit standards, but require mortgage insurance. Conventional loans typically require higher credit scores and down payments but may offer better rates for qualified borrowers.
Who qualifies for VA loans?
VA loans are available to eligible veterans, active-duty service members, National Guard members, reservists, and surviving spouses. These loans offer no down payment, no private mortgage insurance, and competitive interest rates.
What are USDA loans?
USDA loans are government-backed mortgages for rural and suburban homebuyers. They offer no down payment and competitive rates for borrowers who meet income requirements and purchase homes in USDA-eligible areas.
Rates and Fees
How are mortgage rates determined?
Mortgage rates are influenced by factors including your credit score, down payment, loan term, debt-to-income ratio, and current market conditions. We shop multiple lenders to find you the best available rate for your situation. No specific rates or APRs are advertised—contact us for your personalized quote.
What fees should I expect when getting a mortgage?
Common fees include origination fees, appraisal fees, title insurance, recording fees, and prepaid items like property taxes and insurance. We provide a detailed Loan Estimate within 3 days of application that outlines all costs.
Can I lock in my interest rate?
Yes, we offer rate locks for a set period, with extensions available if needed. This protects you from rate increases while your loan is being processed. Rate locks are usually free for standard timeframes. Contact us for details—no specific rates or APRs are advertised.
Still Have Questions?
Our expert loan officers are here to help. Get personalized answers to your specific mortgage questions.
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