65 honest answers to real mortgage questions.

A prequalification is based on what you tell the lender, without checking it. A preapproval is based on information the lender has actually checked: your credit report, income documents and assets. The CFPB points out that lenders use these terms differently, so ask what's behind any letter you get.

When I issue a preapproval, I want to have pulled credit and reviewed your documents. Sellers and their agents take a checked letter more seriously. Neither letter is a commitment to lend. Final approval still depends on the property, the appraisal and nothing major changing with your credit, income or assets before closing.

Earlier than most people think. Ideally, we talk before you start touring homes. Talk even sooner if you know there's something to work on, like credit, a recent job change or self-employment income.

An early talk lets me spot issues while there's still time to fix them. It also shows you what price range and monthly payment really make sense for you, not just what a calculator says. And when you find the right house, you'll already have a checked preapproval ready to go with your offer. There's no cost to talk, and you can reach me here.

It depends on how you earn your money. If you're paid a salary, expect to provide:

• Recent pay stubs and W-2s
• Recent bank and investment statements, all pages
• A government-issued photo ID
• Details on any other income you want counted, like alimony, child support, Social Security or pension income

If you're self-employed, add personal and business tax returns. If you own rentals, add leases and returns showing rental income. If you've had a divorce, bankruptcy or other life event, the related paperwork helps. I'll give you a list made for your situation, so you're not gathering things you don't need.

A little, usually. A preapproval normally involves a hard credit check, which can lower your score slightly. The good news: shopping around is treated kindly. The CFPB says multiple credit checks from mortgage lenders within a 45-day window count as a single inquiry. So the impact is the same whether you talk to one lender or several in that window.

What hurts far more is opening new credit cards, financing furniture or a car, or running up balances in the middle of a mortgage. Please check with me before doing any of those.

There's what a lender will approve and what you're comfortable paying. Those aren't always the same number. Lenders look at your debt-to-income ratio (DTI: how much of your monthly income goes to debt payments), credit, savings and the loan program. You should also look at your budget, savings goals and how much cushion you want after closing.

Your payment isn't just principal and interest. It usually includes property taxes, homeowners insurance, and possibly mortgage insurance and HOA dues. My affordability calculator and mortgage payment calculator are a good starting point. Then let's talk through real numbers for your situation.

It varies by lender, but the documents behind it do go stale. Pay stubs, bank statements and credit reports all expire under program rules. If your search runs several months, I'll need updated documents before we move forward.

More important, your preapproval is only as good as the information behind it. If your job, income, debts or savings change, tell me right away. We'll confirm you're still in good shape before you write an offer.

It depends on the loan program. A few verified examples:

• FHA: HUD requires a minimum decision credit score of 500. Scores of 580 or higher are eligible for maximum financing. Scores from 500 to 579 require a larger down payment.
• Conventional (Fannie Mae): Fannie Mae's Selling Guide says a minimum credit score is not required for loans run through its Desktop Underwriter system (its automated approval software), which weighs many risk factors together. Loans reviewed by hand (manually underwritten) have minimums.
• VA: VA doesn't publish a minimum score. You must meet VA's and the lender's credit standards.

Lenders can also set their own minimums, and a higher score generally gets you better pricing. I'd rather look at your actual credit than guess.

Your debt-to-income ratio, or DTI, compares your monthly debt payments to your monthly income before taxes. It shows lenders how much of your income is already spoken for.

Lenders include the new house payment (principal, interest, taxes, insurance, mortgage insurance and HOA dues). They add regular debts that show on your credit or in your documents, like car loans, student loans, minimum credit card payments and child support.

Federal Ability-to-Repay rules require lenders to consider DTI or residual income (money left over each month). Each program sets its own limits. Some, like Fannie Mae's Desktop Underwriter, weigh DTI alongside credit, savings and other factors instead of using one fixed cutoff. Paying down certain debts before applying can sometimes help, but ask me first so we pick the right ones.

Yes, often, but there are waiting periods. For conventional loans sold to Fannie Mae, the standard waits are:

• Chapter 7 or 11 bankruptcy: 4 years from discharge or dismissal
• Chapter 13: 2 years from discharge, or 4 years from dismissal
• Foreclosure: 7 years from completion
• Short sale or deed-in-lieu: 4 years from completion

Fannie Mae allows shorter waits when you can document extenuating circumstances (events outside your control). FHA and VA have their own rules. Some Non-QM programs may work sooner, usually at a higher cost. Bring me your discharge or completion dates and we'll map out your options.

Possibly. A thin credit file is different from bad credit. With your permission, Fannie Mae's Desktop Underwriter can spot steady rent payments in your bank statement data and count them in your favor. Fannie Mae has said missed or uneven rent payments won't be held against you under this feature.

Some programs also allow nontraditional credit, like utility or insurance payment history, under specific conditions. The right path depends on your situation. Let's review your credit together before you assume you need to wait.

Not always, and not without talking to me first. Paying an old collection doesn't always raise your score. And programs treat collections and charge-offs differently. Some must be paid, some can stay open, and some affect your DTI.

The same goes for closing credit cards. Closing an old account can lower your available credit and shorten your history, which might lower your score. Let's look at your credit report together and decide which moves really help your approval and pricing. That way you don't spend cash you may need for closing.

Not necessarily. Lenders generally want a two-year history of work and income, but it doesn't have to be the same employer. Changing jobs in the same field, especially for equal or better pay, is usually fine. Recent graduates can often count school or training toward that history.

Gaps, a switch from salary to commission, or a move into self-employment get a closer look. The lender has to judge whether the income is steady and likely to continue. If you're thinking about a job change during the process, please call me before you accept the offer.

Earnest money is a deposit you make when your offer is accepted. It shows the seller you're serious. It's held according to your purchase contract, often in a Georgia closing attorney's or brokerage's escrow account. It's normally credited toward your cash to close.

Whether you get it back if the deal falls apart depends on the contract and its contingencies (conditions that let you back out), such as due diligence, financing or appraisal. That's a question for your real estate agent and attorney. On my side, I'll need to document where the earnest money came from. Keep a copy of the check or wire confirmation and the bank statement it came out of.

Closing costs are the fees and charges to complete the loan and the purchase. They're separate from your down payment. They usually fall into a few groups:

• Lender charges, like origination fees (the lender's fee to make the loan) and any discount points
• Outside services, like the appraisal, credit report, title work and the closing attorney
• Government fees, like recording fees and transfer taxes
• Prepaids and escrows, which are really your own future costs paid up front

Your Loan Estimate lists all of these within three business days of a complete application, so you can compare offers line by line.

Prepaids are costs you pay at closing that cover the time after you own the home, not the loan itself. The common ones are your first year of homeowners insurance and the daily interest from your closing date to the end of that month.

The initial escrow deposit starts the account your servicer (the company that collects your payments) uses to pay property taxes and insurance going forward. The CFPB explains that many lenders require escrow, and sometimes the law requires it. Federal rules allow a modest cushion in that account. These items add up. That's why I walk clients through them, so the cash-to-close number isn't a surprise.

Often, yes. Seller concessions, also called seller credits or interested party contributions, can pay closing costs and prepaids. Fannie Mae, for example, says this money can't be used for the down payment or required reserves (savings left after closing). The allowed amount depends on occupancy and loan-to-value (your loan amount compared to the home's value). Investment properties have a lower limit.

If the credit is more than allowed, or more than your actual closing costs, the extra is treated as a sales concession. That lowers the price used to figure your loan. FHA and VA have their own rules. Talk to me before your agent writes the offer so the credit fits your program.

In many cases, yes. Under Fannie Mae's guidelines, gifts can come from a relative or someone with a family-type relationship, like a fiancé or domestic partner. They can't come from anyone with a stake in the sale, such as the builder or a real estate agent.

The donor signs a gift letter stating the amount and that no repayment is expected. I'll also need to document the transfer of funds. Fannie Mae doesn't allow gifts on investment properties. FHA, VA and other programs have their own gift rules. Please don't move gift money around until we've talked, because how and when it's sent affects the paperwork.

A lender credit is money from the lender that lowers your closing costs. The trade-off, as the CFPB explains, is a higher interest rate. Think of it as the reverse of discount points.

Lender credits can make sense if you're short on cash for closing or expect to sell or refinance within a few years. You're not paying a lot up front for a rate you won't keep. They make less sense if you plan to keep the loan a long time, since the higher rate costs you every month. I'm happy to show you a few options side by side.

Your cash to close is about your down payment plus closing costs, prepaids and escrows, minus credits like your earnest money, seller credits and lender credits. The Loan Estimate and Closing Disclosure both have a "Calculating Cash to Close" table that walks through each piece.

Plan to bring certified funds or a wire, as your closing attorney instructs. Always confirm wiring instructions by calling the attorney's office at a number you know is real, never one from an email. Wire fraud targeting homebuyers is real. My down payment calculator helps you plan the bigger pieces.

For conventional, FHA and VA loans, self-employed income usually comes from your federal tax returns, after business expenses. Certain non-cash deductions, like depreciation (a write-off for wear on equipment or property), are sometimes added back. Fannie Mae generally wants a two-year history and requires a cash flow analysis of your returns.

That's why write-offs matter. The deductions that lower your tax bill also lower the income you qualify with. If your returns don't show what you really earn, a bank statement loan or another alternative documentation program may be an option, usually at a higher cost. See my self-employed mortgage guide for more.

Possibly. Fannie Mae generally requires a two-year history. But it can accept less when your most recent signed personal and business tax returns show a full 12 months of self-employment income from your current business, and you earned the same or more before in a similar field.

So a nurse who opens her own staffing practice is in a different spot than someone starting a business in a brand-new field. If the standard (agency) route doesn't fit yet, some Non-QM programs may work. Bring me your returns and we'll look at it honestly.

Usually, but not always. Fannie Mae's standard is two years of signed personal returns, plus business returns in some cases. It allows just one year of returns when the business has existed for five years and you've owned at least 25% of it for those five years in a row.

Fannie Mae can also waive business returns in certain cases. One example: you've been self-employed in the same business at least five years, your personal returns show rising income from it, and you're using personal funds for closing. Lender requirements can be stricter, so I'll confirm what applies to you.

A bank statement loan is a type of Non-QM mortgage. It figures your income from your personal or business bank deposits over a set period, instead of your tax returns. The lender usually subtracts an expense factor (an estimated share for business costs) from business deposits, or uses a figure backed by your CPA.

These loans aren't sold to Fannie Mae or Freddie Mac. Rules vary by lender. Pricing is usually higher than standard loans, and more money down is generally required. The lender still has to verify you can repay. Learn more on my bank statement loans page.

Non-QM stands for non-qualified mortgage. It's a loan that doesn't meet the CFPB's Qualified Mortgage standards. That might be because of how income is documented, an interest-only feature, a term over 30 years, or pricing above the QM limit.

It doesn't mean "anything goes." Non-QM loans for personal (consumer) use still have to meet the federal Ability-to-Repay rule. They're useful for self-employed borrowers, investors, people recently past a credit problem and foreign nationals, but they usually cost more. My Non-QM guide covers the details.

Some programs allow it. In the Non-QM world, asset depletion or asset utilization programs turn eligible savings, like bank, brokerage or retirement accounts, into a qualifying monthly income. The lender sets the formula. This can help retirees or people with large savings but modest monthly income.

Formulas, eligible account types and how retirement accounts are treated vary a lot from lender to lender. Standard (agency) programs also have specific rules for counting income drawn from assets. Let's look at your statements and compare both routes.

A DSCR loan qualifies an investment property mainly on its own rental income instead of your personal income. DSCR stands for debt service coverage ratio. It compares the property's monthly rent to its full monthly payment: principal, interest, taxes, insurance and any HOA dues.

A ratio above 1.00 means the rent covers the payment. Each lender sets its own minimum ratio, credit and equity requirements. Some allow ratios below 1.00 with stricter terms. You can run the numbers with my DSCR calculator and read more on my DSCR loans page.

Because they're business loans. Regulation Z, which includes the federal Ability-to-Repay rule, generally doesn't apply to credit given mainly for a business purpose. CFPB commentary treats a loan to buy, improve or maintain a rental property the owner won't live in as business-purpose credit.

That lets lenders look at the property's income instead of yours. They still check your credit, savings, reserves and experience. The appraiser usually gives a market rent estimate. Because these loans are business-purpose, you'll usually sign a statement confirming you won't live in the property.

Often, yes. A prepayment penalty is a fee for paying off the loan early. Federal limits on these penalties apply to personal (consumer) loans, and business-purpose investor loans fall outside those limits. Many DSCR loans charge a penalty if you pay off the loan within a set number of years. Some lenders offer shorter or no-penalty options in exchange for different pricing.

Before you sign, know how the penalty is figured and how long it lasts, especially if you might sell or refinance soon. It's one of the first things I go over with investors.

Often, yes. Many DSCR and other business-purpose lenders let you close in an LLC, usually with the owners also signing personally. Expect to provide the LLC's formation documents, operating agreement and EIN.

Conventional loans sold to Fannie Mae are generally made to individuals, not LLCs. Whether an LLC makes sense for liability or tax reasons is a question for your attorney and CPA. I can tell you which loan options fit whichever setup you choose.

If your tax returns support the purchase, a conventional investment loan is often less expensive and rarely has a prepayment penalty. The trade-offs: rental properties count in your personal DTI, there's more paperwork, Fannie Mae doesn't allow gift funds on investment properties, and there are limits on how many financed properties you can have.

A DSCR loan qualifies on the property's rental income, can close in an LLC and may grow with you more easily. But it usually costs more and needs more equity. I often run both for investors so the decision is based on real numbers.

Often, yes, with documentation. For conventional loans, lenders usually use a lease or the appraiser's market rent estimate. They count only part of the gross rent to allow for vacancy and upkeep. Your rental history and experience as a landlord can also matter.

For a DSCR loan, the rent is the main qualifying factor, not an add-on. Short-term rental income is treated differently from program to program. Let's talk through your property before you write the offer.

With a one-time close (construction-to-permanent) loan, you close once. The loan pays for construction in stages (draws) and then turns into your long-term mortgage without a second closing. Fannie Mae and FHA both have single-close programs. With a two-time close, you get a short-term construction loan, then close again on a separate long-term mortgage when the home is done.

One closing means one set of closing costs. In many programs, you also lock your long-term terms up front. Two closings can offer more flexibility, but you qualify and pay costs twice. See my construction-to-permanent page and construction calculator.

Instead of paying out the full loan at once, the lender pays the builder in stages as work is finished. Usually the builder asks for a draw, an inspector confirms the work, and the lender releases money for that stage.

This protects you and the lender, because money only goes out for finished work. During construction, many programs charge interest only on the amount paid out so far. Draw schedules, inspection fees and builder requirements vary by lender and program. I'll walk you through the details before you commit.

Builders often offer incentives for using their affiliated or preferred lender, like help with closing costs or a rate buydown. Those incentives can be real money, and sometimes it's the best deal.

You're also free to compare. The fair way is to get a full Loan Estimate from each lender. Compare the rate, the APR (yearly cost including fees), lender fees and cash to close, including the incentive. Ask the builder to put the incentive terms in writing. I work with builders often and I'm happy to give you a side-by-side, so you can decide with clear numbers.

The CFPB says standard rate locks usually last 30 to 60 days. New homes can take months to finish. That creates a timing question.

Some lenders offer longer locks for new construction, usually at an added cost. Some include a one-time float-down option (a chance to get a lower rate if rates drop). Others suggest waiting to lock until the completion date is firm. Lock extensions can be expensive if the build is delayed, so ask about extension costs up front. I'll help you weigh locking early against waiting, based on your builder's timeline.

Yes, and I recommend it. A preapproval tells you what you can comfortably build before you fall in love with a floor plan. For a construction-to-permanent loan, the lender will also review the builder, the plans, the budget and the land once you've chosen them.

If you already own the lot, its value or equity may count toward your share in some programs. Bring me the builder's contract and specs when you have them. We'll make sure the budget and appraisal expectations line up.

Partly. The federal Ability-to-Repay rule exempts the construction phase of a construction-to-permanent loan when that phase is 12 months or less. It also exempts short-term bridge loans of 12 months or less. The permanent (long-term) phase is still covered.

In practice, lenders qualify construction-to-permanent borrowers on the long-term payment from the start. So expect full documentation of income, assets and credit either way.

When the savings outweigh the costs over the time you'll keep the loan. Common reasons are lowering the rate or payment, shortening the term, removing mortgage insurance, switching from an adjustable to a fixed rate, or taking cash out.

I look at your break-even point: total refinance costs divided by monthly savings. If you'll likely move before then, a refinance may not make sense. I also look at total interest over the rest of the loan. Restarting a 30-year term can lower your payment while raising your total cost. Try my refinance calculator.

For conventional loans sold to Fannie Mae, at least one borrower generally must have been on title for six months before the new loan pays out. If you're paying off a current first mortgage, that loan must be at least 12 months old, measured note date to note date. There are exceptions for inherited property and property awarded in a divorce.

If you bought with cash, Fannie Mae's delayed financing exception may let you take cash out within six months. It's limited to your documented investment plus certain costs. FHA and VA have their own seasoning (waiting time) rules.

A home equity line of credit, or HELOC, is a credit line backed by your home that you can borrow from, repay and borrow again. The CFPB describes a draw period when you can borrow up to your limit. Then comes a repayment period when you can't borrow and payments are often much higher. HELOCs usually have variable rates.

A cash-out refinance replaces your first mortgage with a new, bigger loan. If you have a great rate on your first mortgage, a HELOC lets you keep it. If your current rate is higher than today's options, a cash-out refinance might be better. Either way, your home backs the debt.

For most refinances and HELOCs on your primary home, yes. Under Regulation Z, you generally have until midnight of the third business day to cancel. The clock starts after the last of these: closing, getting the cancellation (rescission) notice, or getting the required disclosures. For this rule, business days include Saturdays but not Sundays or federal holidays.

That's why refinance money isn't paid out right away. The right to cancel doesn't apply to purchase loans or investment properties. With a refinance by the same lender, it applies only to new money.

On a conventional loan, you may not need to. You can ask to cancel PMI (private mortgage insurance) when your balance reaches 80% of the original value. It ends automatically at 78% under the Homeowners Protection Act, if you're current. Fannie Mae also allows removal based on a new value in some cases, generally 75% after two to five years or 80% after five years for a primary home.

FHA mortgage insurance on case numbers assigned on or after June 3, 2013 lasts 11 years if you started at or below 90% loan-to-value. Otherwise, it lasts for the life of the loan. Refinancing to conventional is often the way out, so I'll compare the costs.

Yes. FHA offers a Streamline Refinance. VA offers the Interest Rate Reduction Refinance Loan, or IRRRL. Both are designed to make refinancing an existing FHA or VA loan simpler, often with less paperwork.

Each has its own requirements, including how long you must have had the current loan and showing the refinance helps you. Whether one makes sense depends on your current rate, remaining term and costs. Send me a copy of your mortgage statement and I'll take a look.

Rates move with the bond market, especially mortgage-backed securities (bundles of home loans sold to investors). Those respond to inflation, the economy and Federal Reserve policy. Rates can change more than once a day.

Your own rate also depends on your situation: credit score, loan-to-value, loan program, occupancy, property type, loan amount, and whether you pay discount points or take lender credits. That's why two people can get different rates on the same day. It's also why I need a few details before I can quote anything meaningful. A rate quote isn't an offer until your loan is locked.

A rate lock means your interest rate won't change between the offer and closing, as long as you close within the lock period and nothing in your application changes. The CFPB notes locks are commonly offered for 30, 45 or 60 days, sometimes longer.

A locked rate can still change if your loan amount, down payment, credit score, documented income or appraised value changes. If closing is delayed past the lock's end date, extending can be expensive. Your Loan Estimate shows whether your rate is locked and until when. I'll talk with you about timing before we lock.

A float-down is an option some lenders offer that lets you get a lower market rate after you've locked. Terms vary. There may be an upfront cost, a minimum rate drop required, a one-time limit, and a window when you can use it.

It's not standard and it's not free money. Ask exactly how it works and what it costs before assuming it's worth it. For longer timelines, like new construction, it can give you peace of mind.

Discount points are fees you pay at closing to lower your interest rate. The CFPB says one point equals one percent of the loan amount. Whether points make sense depends mostly on how long you'll keep the loan.

I figure a break-even: the cost of the points divided by the monthly savings. If you'll keep the loan well past that point, buying down the rate can pay off. If you might sell or refinance sooner, you may be better off keeping your cash. I'll show you a few scenarios on your Loan Estimate.

A temporary buydown lowers your payment for the first year or two using money put into an account at closing. That money is often paid by the seller, builder or lender. In a 2-1 buydown, your rate is two percentage points below the note rate (the rate in your loan papers) in year one and one point below in year two. In a 1-0 buydown, it's one point lower for the first year only. After that, you pay the full note rate.

Fannie Mae requires lenders to qualify you at the note rate, not the lower rate. It doesn't allow temporary buydowns on investment properties or cash-out refinances. Seller-paid buydowns count toward the limits on seller help. Try my buydown calculator.

It depends on your goals. A temporary buydown gives you lower payments early. That can help while you settle in or if you expect your income to grow. A permanent buydown with discount points lowers your rate for the life of the loan.

If seller or builder money is on the table, compare what the same dollars do each way. If you're likely to refinance in the next couple of years, a temporary buydown may be more useful. If you plan to keep the loan long term, permanent points may save more overall. Just be sure you're comfortable with the full payment either way.

An ARM has a fixed rate for a set number of years, then changes at set times. The CFPB explains that the new rate equals an index (a published rate that moves with the market) plus a margin (a set amount from your loan agreement). Rate caps limit how much it can change.

An ARM can make sense if you expect to sell or refinance before the fixed period ends, or if the starting rate is noticeably lower. The risk is that your payment can go up after the fixed period. Always ask for the index, margin, caps and the worst-case payment before choosing one.

The Loan Estimate shows your estimated rate, payment and costs. It comes within three business days after the lender gets your application. Under federal rules, that means the lender has your name, income, Social Security number, property address, estimated value and loan amount.

The Closing Disclosure shows your final terms. You must get it at least three business days before closing. A new three-business-day wait is required if the APR becomes inaccurate, the loan product changes, or a prepayment penalty is added. Compare the two carefully and ask me about any difference.

In Georgia, real estate closings are conducted by a closing attorney. The closing attorney's firm handles the title work and the entire closing: searching title, coordinating payoffs, preparing and explaining the documents, collecting and paying out funds, and recording.

In Alabama and Florida, practices differ and title companies commonly conduct closings. Wherever you close, confirm wiring instructions by phone, using a number you know is real, before sending money.

Yes. Under the Equal Credit Opportunity Act's Regulation B, for a first mortgage on a home, the lender must give you a copy of any appraisal or written valuation. It must come promptly after it's done or three business days before closing, whichever is earlier. You can waive the timing and get it at closing, but you still get a copy.

You'll also get a notice of this right within three business days of applying. If the value comes in low, call me. We can review the comparable sales and talk through options with your agent.

Mortgage interest is usually paid one month behind (in arrears), as the CFPB explains. At closing, you prepay interest from your closing date through the end of that month. Your first regular payment is then due on the first day of the month after a full month has passed. It covers the previous month's interest.

For example, close in September and you prepay the rest of September's interest at closing. Your November 1 payment covers October. It isn't a free month. You've just paid that interest up front.

Usually because your property taxes or insurance went up. Your servicer must review your escrow account at least once a year and send you a yearly statement. When taxes or insurance rise, your payment rises too.

Under Regulation X, if there's an extra $50 or more in the account (a surplus) and you're current, the servicer must refund it within 30 days. If the account is short by one month's escrow payment or more, the servicer may let you repay it over at least 12 months. In Georgia, a common surprise is a tax increase after the first year. That happens especially if homestead wasn't filed or if the prior owner had exemptions you don't.

In Georgia, a homestead exemption can lower the property taxes on your primary home. Eligibility is generally based on owning and living in the home on January 1. The traditional filing deadline is April 1, and the Georgia Department of Revenue now allows filing later, up to the end of your 45-day window to appeal the assessment notice. Counties handle this a little differently, so file as early as you can.

It isn't automatic. You file it with the county yourself, and many counties offer online filing. Your escrow is based on estimated taxes, so filing on time can keep your payment from rising more than it needs to. Alabama and Florida have their own homestead rules and deadlines.

Lenders often sell the servicing rights (the job of collecting payments) after closing. It's normal and doesn't change your rate, terms or balance.

Under Regulation X, your old servicer generally must notify you at least 15 days before the transfer, and the new servicer within 15 days after. For 60 days after the transfer, a payment sent on time to the old servicer can't be treated as late. Watch for those notices and confirm before changing autopay. Be careful of anyone asking you to send payments to a new address without the official notices.

Call your servicer as soon as you know there's a problem. Under Regulation X, servicers must try to reach you live by the 36th day you're behind. By day 45, they must send written information about options to help (loss mitigation). They generally can't make the first foreclosure filing until you're more than 120 days behind.

Options may include forbearance (a pause or reduction in payments), repayment plans or loan modifications, depending on your loan type and situation. A HUD-approved housing counselor can also help at no cost.

On a conventional loan, you can ask to cancel PMI once your balance reaches 80% of the home's original value. It ends automatically at 78% if you're current. Fannie Mae may also allow removal based on a new appraisal, generally at 75% after two to five years or 80% after five years for a primary home.

FHA is different. For case numbers assigned on or after June 3, 2013, annual MIP lasts 11 years if your starting loan-to-value was 90% or less. Otherwise, it lasts for the life of the loan. You can't cancel early by asking, but refinancing to conventional may remove it.

I'm a Senior Loan Officer with Neighborhood Mortgage, Inc. (NMLS 138234), based in the Alpharetta, Georgia office. I'm personally licensed in Georgia, Alabama and Florida under NMLS 1392470. You can verify my license any time on NMLS Consumer Access.

If you're buying or refinancing in one of those three states, I can help. If the property is somewhere else, I'll be honest about that and point you in the right direction.

When you're ready, use the Apply button on this site. It takes you to Neighborhood Mortgage's secure online application, where you can enter your information and upload documents safely.

Please don't email sensitive documents like tax returns or bank statements as regular attachments. If you'd rather talk before applying, schedule a free consultation. Some people like to start with a conversation, and that's completely fine.

No. A consultation is free and there's no obligation. We can talk about your goals, your timeline, which programs might fit and what you'd need to get ready.

When you apply, you'll get a Loan Estimate that shows the costs of the loan. I'll walk you through every line so you know exactly what you're paying and why. You can compare it with any other offer.

Yes. I work with real estate agents and builders throughout the areas where I'm licensed. My goal is to be a reliable partner: clear preapprovals, honest updates on where a file stands, and no surprises late in the process.

If you already have an agent, I'm glad to coordinate with them. If you don't, I'm happy to talk about what to look for in one. And if you're building, I'll work with your builder on the paperwork the lender needs.

It depends on the loan type, how fast documents come in, the appraisal, title and attorney scheduling, and your contract dates. I won't promise a specific timeline because so much of it involves other parties.

What I can tell you is what speeds things up: getting fully preapproved before you shop, answering document requests quickly, keeping your finances steady, and scheduling the appraisal promptly. I'll keep you and your agent updated at each step.

I help with a wide range, including conventional, FHA, VA, jumbo, construction-to-permanent, and alternative programs like DSCR and bank statement loans.

Program availability can change, and every loan is subject to credit approval, program guidelines and property eligibility. My approach is to look at your whole picture and recommend what fits, not just the first thing that works.