Question 1

Will I get flooded with calls if I request a quote?

Accepted Answer

No. Your request goes only to Real Mortgage — not to a lead marketplace. One dedicated advisor reaches out, and you can tell us how you prefer to be contacted.

Question 2

Does getting a quote affect my credit score?

Accepted Answer

No. Requesting a quote does not involve a credit check. We only review your credit after you give written permission and are ready to move forward to the application step.

Question 3

Do I need to give my Social Security number to see rates?

Accepted Answer

No. You can get a rate quote without providing your Social Security number.

Question 4

Is Real Mortgage a real lender, or will my information be sold?

Accepted Answer

Real Mortgage is a licensed independent mortgage broker (NMLS-registered) that shops 50+ wholesale lenders on your behalf. We never sell your information to third parties.

Question 5

How quickly will someone contact me after I request a quote?

Accepted Answer

Within minutes. A live agent is available to help and answer your questions quickly.

Question 6

How much house can I afford?

Accepted Answer

A common rule of thumb is that your total monthly housing payment (principal, interest, taxes, insurance, and HOA) should not exceed 28% of your gross monthly income, and your total debt payments should stay under 43% of gross income. For example, a household earning $8,000/month could typically afford a housing payment of around $2,240. Our mortgage calculator can give you a more precise estimate based on current rates, your down payment, and your location's property tax and insurance costs.

Question 7

How much should I save for a down payment?

Accepted Answer

Down payment requirements vary by loan program: conventional loans can go as low as 3% down, FHA loans require 3.5%, VA and USDA loans allow 0% down, and jumbo loans typically require 10–20%. While 20% down avoids private mortgage insurance (PMI), most first-time buyers put down less and refinance or wait to reach 20% equity. Don't forget to budget an additional 2–5% of the purchase price for closing costs.

Question 8

Should I get pre-qualified or pre-approved?

Accepted Answer

Pre-qualification is a quick estimate based on self-reported information, while pre-approval involves a full credit check and document verification. Sellers and agents take pre-approval much more seriously, and in competitive markets it's often required to make an offer. We can issue a fully underwritten pre-approval in as little as 24 hours.

Question 9

What credit score do I need to buy a house?

Accepted Answer

Minimum credit score requirements by loan type: FHA loans accept scores as low as 580 (or 500 with 10% down), VA loans typically require 580–620, conventional loans usually require 620+, and jumbo loans generally require 700+. However, a higher score (740+) qualifies you for the best interest rates and lowest monthly payments. Even a 20-point improvement can save tens of thousands over the life of a loan.

Question 10

Can I get a mortgage if I'm self-employed?

Accepted Answer

Yes. Self-employed borrowers can qualify through traditional loans using two years of tax returns, or through bank statement loans that use 12–24 months of business deposits to calculate income. We work with multiple lenders who specialize in self-employed borrowers, freelancers, and business owners.

Question 11

How does my debt-to-income ratio affect my loan?

Accepted Answer

Debt-to-income (DTI) is your total monthly debt payments divided by your gross monthly income. Most lenders prefer a DTI under 43%, though FHA loans can go up to 50% with compensating factors and VA loans have no hard DTI cap. Paying down credit cards before applying is one of the fastest ways to improve your DTI and qualify for a larger loan.

Question 12

How are mortgage rates determined?

Accepted Answer

Your individual rate depends on your credit score, down payment, loan type, loan term, property type, and the overall market environment (driven largely by 10-year Treasury yields and mortgage-backed securities pricing). As a broker, we shop your scenario across 50+ lenders to find the most competitive rate for your specific profile.

Question 13

Should I lock my rate or float?

Accepted Answer

Locking protects you from rate increases during the loan process (typically 30–60 days), while floating lets you benefit if rates drop. If you're within 30 days of closing and rates are volatile or trending up, locking is usually the safer choice. We monitor MBS markets daily and advise each client based on current conditions.

Question 14

What are closing costs?

Accepted Answer

Closing costs typically run 2–5% of the purchase price and include lender fees (origination, underwriting), third-party fees (appraisal, title insurance, escrow), prepaid items (property taxes, homeowners insurance, interest), and recording fees. As a broker we work to minimize lender fees and can sometimes structure a lender credit to offset closing costs in exchange for a slightly higher rate.

Question 15

What's the difference between FHA, VA, and conventional loans?

Accepted Answer

Conventional loans are not government-backed, require 3–20% down, and need 620+ credit. FHA loans are government-insured, allow 3.5% down with 580+ credit, but require mortgage insurance for the life of the loan. VA loans are guaranteed by the Department of Veterans Affairs, available to eligible veterans and active-duty service members with 0% down and no monthly mortgage insurance.

Question 16

When does a jumbo loan make sense?

Accepted Answer

A jumbo loan is needed when your loan amount exceeds the conforming limit ($806,500 in most areas for 2026, higher in expensive markets). Jumbo loans typically require 10–20% down, 700+ credit, and 6–12 months of reserves. Rates are often competitive with or lower than conventional loans for well-qualified buyers.

Question 17

Should I refinance my mortgage?

Accepted Answer

Refinancing makes sense when you can lower your rate by at least 0.5–0.75%, switch from an adjustable to a fixed rate, drop mortgage insurance, shorten your loan term, or pull cash out for major expenses. The general rule is to refinance only if you'll stay in the home long enough to recoup closing costs through monthly savings (the break-even point).

Question 18

How long does it take to close on a home loan?

Accepted Answer

Most purchase loans close in 21–30 days from a fully executed contract. Refinances typically close in 30–45 days. The timeline depends on appraisal turn times, how quickly you provide documentation, and the underwriting workload. We routinely close purchase loans in under 21 days for clients who respond quickly to documentation requests.

Question 19

What documents do I need to apply for a mortgage?

Accepted Answer

Standard documents include: 2 years of W-2s or 1099s, 2 years of tax returns (if self-employed), 30 days of pay stubs, 2 months of bank/asset statements, a government-issued ID, and information on any other properties you own. We send a personalized document checklist after your initial consultation so you only gather what your specific loan requires.

Question 20

Will applying for a mortgage hurt my credit score?

Accepted Answer

A mortgage credit pull is a hard inquiry that may temporarily lower your score by a few points. However, all mortgage inquiries within a 45-day window count as a single inquiry for scoring purposes, so you can shop multiple lenders without additional damage. Don't open new credit cards, finance a car, or make large purchases while your loan is in process.

Question 21

How much do I need for a down payment on a California home?

Accepted Answer

California's higher home prices mean a 3% conventional down payment on a $900,000 home is still $27,000, and homes above the 2026 conforming limit move into jumbo territory where 10–20% down is typical. Many California buyers combine a low down payment loan with gift funds or a state down payment assistance program.

Question 22

What credit score do I need to buy a house in California?

Accepted Answer

Conventional loans in California generally start at 620, FHA at 580, and jumbo loans — common in coastal markets like San Diego and Los Angeles — usually require 700+ with reserves. Higher scores matter more here because loan sizes are larger, so each rate tick costs more per month.

Question 23

How long does closing take in California?

Accepted Answer

Most California purchases close in 21–30 days, and escrow is handled by an independent escrow company rather than an attorney. Appraisal turn times in coastal counties are the most common source of delay.

Question 24

What closing costs should Colorado buyers expect?

Accepted Answer

Colorado closing costs typically run 2–4% of the purchase price, including lender fees, title insurance (often negotiated in the contract), and prepaid taxes and insurance. Colorado's property tax rates are relatively low, which keeps escrow reserves smaller than in Texas.

Question 25

Should I lock my rate in a competitive Denver market?

Accepted Answer

In fast-moving Front Range markets, most buyers lock once they are under contract — usually a 30–45 day lock — because a rate rise during a short escrow can change your qualifying payment. We monitor markets daily and advise per file.

Question 26

What documents do Colorado lenders ask for?

Accepted Answer

The core list is the same statewide: two years of tax returns or W-2s, 30 days of pay stubs, two months of asset statements, and ID. Self-employed and equity-compensated buyers common in Denver tech often add K-1s and vesting schedules.

Question 27

Why are Texas closing costs and escrow payments higher?

Accepted Answer

Texas has no state income tax but comparatively high property taxes, so your escrow portion of the monthly payment is larger and lenders collect bigger reserves at closing. Title insurance rates in Texas are also state-regulated.

Question 28

What causes closing delays on Texas home purchases?

Accepted Answer

The most common causes are homeowners insurance quotes (especially in coastal and hail-prone areas), survey issues, and late documentation. Getting insurance quotes early is the single biggest time-saver in Texas.

Question 29

How fast can I close in Austin, Dallas or Houston?

Accepted Answer

Most Texas purchase loans close in 21–30 days when documents come back quickly. Texas cash-out refinances have a state-required waiting period, so those take longer.

Question 30

Do I need a jumbo loan in Seattle or Bellevue?

Accepted Answer

King County has a higher conforming loan limit than most of the country, so many Seattle and Bellevue buyers stay conventional. Above that limit, jumbo financing usually requires 10–20% down, 700+ credit and reserves.

Question 31

Can I use a VA loan near Joint Base Lewis-McChord?

Accepted Answer

Yes. Eligible service members and veterans can buy with 0% down and no monthly mortgage insurance, and there is no county loan limit for borrowers with full entitlement. We work with many JBLM families.

Question 32

What paperwork do Washington buyers need for RSU or bonus income?

Accepted Answer

Lenders typically want a two-year history plus evidence the income continues — offer letters, vesting schedules and pay stubs showing the year-to-date amount. Puget Sound tech buyers should gather these early.

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