Mortgage FAQs

A pre-approval can help you understand your budget and loan options before shopping for homes.

Closing timelines vary, but typically range from 15-45 days depending on loan type and other factors.

We focus on clear communication and helping you understand your financing options.

Pre-qualification is a quick estimate based on self-reported information. Pre-approval involves a more thorough review of your finances. Both are subject to final underwriting approval.

Down payment requirements vary by loan type and your financial situation. Conventional loans may require 3-20%, FHA loans typically require 3.5%, and VA loans may require 0% for eligible veterans. We can help you understand options that may be available to you.

Credit score requirements vary by loan program. Many programs require a minimum score of 620-640, though some may accept different scores. Higher credit scores may qualify for more favorable terms. Contact us to discuss your situation.

The timeline from pre-approval to closing varies but is typically 30-45 days. Getting pre-approved first can help you move more quickly when you find the right home.

There may be financing options available for buying while selling. We can discuss how to structure financing based on your specific timeline and situation.

Closing costs typically range from 2-5% of the purchase price and may include lender fees, title insurance, appraisal, and prepaid items. Actual costs vary based on your loan and location. We provide estimates during the application process.

Refinancing typically makes sense when you can lower your rate by 0.5-1% or more, remove PMI, consolidate high-interest debt, or access equity for major expenses. We'll analyze your specific situation to determine if refinancing is beneficial.

A cash-out refinance replaces your existing mortgage with a new, larger loan and gives you the difference in cash. A HELOC is a separate line of credit secured by your home that you can draw from as needed. Each has advantages depending on your goals.

You may be able to remove PMI if your home has appreciated and you now have at least 20% equity, or if you've paid down your loan to 80% of the original value. We can help determine your current equity position.

Not necessarily. You can refinance into a shorter term like 15 or 20 years, or choose a term that matches your remaining years. We'll discuss term options that align with your goals.

Closing costs typically range from 2-5% of the loan amount and include appraisal, title insurance, and lender fees. We'll provide a detailed cost breakdown and help you determine if the savings outweigh the costs.

A refinance typically takes 30-45 days from application to closing. Some streamline options may be faster. We'll keep you informed throughout the process.

Yes, cash-out refinancing is available for jumbo loans, though there may be different requirements and limits compared to conforming loans. We specialize in jumbo refinancing and can discuss your options.

A jumbo loan is a mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency. In most of Idaho and Washington, the conforming limit is $766,550 for 2024. Loans above this amount are considered jumbo loans and may have different underwriting requirements. Limits are subject to change annually.

High-balance loans are conforming loans in designated high-cost areas with limits between the baseline and $1,149,825. Jumbo loans exceed all conforming limits. Program availability and terms vary based on your specific situation.

Jumbo financing may be available for second homes and vacation properties. Down payment requirements, rates, and terms may differ from primary residence loans. Contact us to discuss your specific situation and eligibility.

Portfolio loans are held by the lender rather than sold to the secondary market, which may offer more flexibility for certain situations. Availability and terms vary. We can discuss whether this option may be appropriate for your needs.

Jumbo loans typically require 10-25% down, depending on the loan amount, property type, and your financial profile. Requirements vary by program and lender. Contact us to discuss options that may be available to you.

Self-employed borrowers may qualify using tax returns, bank statements, or other documentation. Requirements vary by program. We can help evaluate your situation and discuss available options.

Rates vary based on credit score, down payment, loan amount, and other factors. Contact us for information about current rates and terms for your specific situation. Rates are subject to change.

Pre-approval timing varies but is often 24-48 hours. Full underwriting and closing typically takes 30-45 days, though this varies based on property type, loan complexity, and other factors.

Down payments for land loans typically range from 20-35% depending on the property type. Improved lots in established areas may qualify for 20% down, while raw acreage often requires 25-35%.

Yes! A construction-to-permanent loan can finance the land purchase and construction in a single closing. This simplifies the process and often provides better terms than separate loans.

We can help you secure land financing now with the intention to build later. When you're ready to build, we can help you transition to a construction loan or construction-to-permanent loan.

Yes, we finance acreage throughout the region, though terms vary based on location, access, utilities, and intended use. Parcels in more developed areas typically have more favorable terms.

Key factors include legal access (public road or recorded easement), utility availability or feasibility, proper zoning, and adequate comparable sales. We can help evaluate a specific parcel.

Pre-qualification typically takes 24-48 hours. Full approval and closing usually takes 30-45 days for land loans. Construction loans may take slightly longer due to builder/contractor requirements.

Most programs require a minimum credit score of 680-700 for land loans and construction loans. Higher scores typically qualify for better rates and terms.

Absolutely. Construction-to-permanent loans are designed for custom builds. We work with your builder to create a draw schedule and manage the construction financing process.