Financing Your Home
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Frequently Asked Questions
The first step is to get pre-approved for a mortgage. This involves meeting with a lender, who will review your financial situation and determine how much you’re qualified to borrow.
Pre-approval is a more thorough process where a lender evaluates your financial documents and gives you a specific loan amount. Pre-qualification is less formal and provides an estimate based on self-reported information.
Common loan types include Conventional Loans, FHA Loans, VA Loans, and USDA Loans. Each has its own eligibility requirements, benefits, and limitations.
Down payments typically range from 3% to 20% of the home’s purchase price. FHA loans may require as little as 3.5%, while conventional loans often require at least 5%.
Generally, a score of 620 or higher is needed for a conventional loan, though higher scores will give you access to better rates. FHA loans may accept scores as low as 580.
An interest rate is the cost you pay for borrowing money, expressed as a percentage of the loan amount. The APR (Annual Percentage Rate) includes the interest rate plus additional fees, giving you a more complete picture of the cost.
Closing costs include fees for appraisals, inspections, loan origination, and title insurance. Typically, these costs range from 2% to 5% of the home’s purchase price.
The approval process usually takes 30 to 45 days, depending on the lender, your financial situation, and the complexity of the loan.
A mortgage rate lock guarantees a specific interest rate for a set period, usually 30 to 60 days. If you believe rates might rise before closing, it can protect you from higher costs.
Yes, but it can be more challenging. Lenders typically require two years of consistent income, along with proof such as tax returns and bank statements.
Our Preferred Lender

Mike Farrell
President
Grandview Lending Inc.
Work: (317) 316-0547
Cell: (317) 833-8143