Your Path to Homeownership Starts Here

There is no single down-payment amount for every borrower or loan program. The amount can affect your loan size, monthly payment, mortgage insurance, and cash needed at closing. Your eligibility and lender terms determine the requirement.

Closing costs can include lender fees, appraisal, title and settlement services, recording or government charges, prepaid interest, and initial escrow deposits. The exact items and amounts vary by loan, property, location, and provider.

Mortgage points are upfront fees paid to the lender at closing in exchange for a lower interest rate. Whether paying points makes sense depends on the cost, potential savings, how long you expect to keep the loan, and the terms of the offer.

The interest rate is the cost of borrowing used to calculate interest. Annual percentage rate (APR) combines the rate with certain loan costs to show a broader yearly cost. Compare both and review the lender’s disclosures because the included costs depend on the loan.

A rate lock holds a quoted interest rate for a stated period while the loan moves toward closing, subject to the lender’s terms and conditions. Ask what happens if the lock expires, the loan changes, or closing is delayed; a lock does not remove other loan or market conditions.

An application commonly starts with contact and income details, assets and debts, employment history, property information, and authorization to verify credit. A lender may request pay stubs, W-2s or tax returns, bank statements, and identification depending on your situation. A loan officer will provide a secure way to share documents.