Pre-qualification gives you an estimate of what you may be able to borrow based on the financial information you provide. Pre-approval is a more thorough lender review of your finances and shows sellers you’re a more serious, qualified buyer.

A higher credit score can help you qualify for a lower mortgage interest rate, which may reduce your monthly payment and the total interest you pay. Your rate also depends on factors like your loan type, down payment, and overall financial profile.

Closing costs are fees and expenses associated with finalizing your home purchase, such as lender fees, title services, and prepaid expenses. Buyers typically pay about 2%–5% of the home’s purchase price, depending on the loan and transaction.

The timeline varies, but once you’re under contract, closing typically takes about 30–45 days. Your overall home search may take longer depending on your needs, financing, and the local market.

Yes! Self-employed buyers can qualify for a mortgage, but lenders may require additional documentation to verify income and financial stability. Loan options and requirements vary, so working with a knowledgeable lender can help you understand what you qualify for.

Your monthly mortgage payment typically includes principal, interest, property taxes, and homeowners insurance. Depending on your loan, it may also include mortgage insurance and HOA fees.

A 2-1 buydown temporarily lowers your mortgage interest rate by 2% the first year and 1% the second year, before returning to the full note rate in year three. It’s typically funded upfront by a seller, builder, or other permitted party to help reduce your initial monthly payments.

A 2-1 buydown is often paid for by the seller or builder as an incentive, though other arrangements may be available depending on the loan. Your lender can explain which options are permitted for your specific mortgage.