Answers to the most common mortgage questions — straight from Rose.
If you don’t see your question below, just ask. Rose responds personally to every inquiry.
Pre-qualification is an informal estimate of what you might qualify for based on self-reported information. Pre-approval is a formal process where a lender verifies your income, assets, and credit. A pre-approval letter carries much more weight with sellers and gives you a realistic picture of your borrowing capacity.
It depends on the loan type. Conventional loans can go as low as 3–5%. FHA loans require 3.5%. VA and USDA loans can be 0% down. Jumbo loans typically require 10–20%. The right amount for your situation depends on your goals, cash reserves, and overall financial picture.
Minimum requirements vary by loan type: Conventional (620+), FHA (580+, or 500+ with 10% down), VA (typically 620+), Jumbo (700+). That said, a higher credit score gets you a better rate. Rose can help you understand your score and, if needed, develop a plan to improve it before you apply.
Self-employed borrowers are evaluated differently — lenders typically use the average of your last 2 years' net income from tax returns. Rose specializes in self-employed borrowers and has access to bank statement loans and non-QM programs that don't require traditional income documentation.
Closing costs typically range from 2–5% of the loan amount and include lender fees, appraisal, title insurance, escrow, and prepaid items. Rose will provide a detailed Loan Estimate early in the process so you know exactly what to expect — no surprises at the closing table.
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. It adds to your monthly payment but can be removed once you reach 20% equity. You can avoid PMI with a 20% down payment, a piggyback loan, or certain loan programs. Rose will explain all your options.
From application to closing typically takes 21–45 days, depending on the loan type, lender, and how quickly documents are submitted. Rose manages the process proactively to avoid delays. If speed is critical, she can often expedite things significantly.
Yes — but there are waiting periods. FHA loans allow applications 2 years after bankruptcy discharge and 3 years after foreclosure. Conventional loans typically require 4 years after bankruptcy. Rose has helped many clients navigate these situations and identify the best path forward.
A reverse mortgage allows homeowners 62 or older to access equity in their primary residence without making monthly mortgage payments. The loan is repaid when the home is sold, the borrower moves out, or passes away. Rose is a specialist in reverse mortgages and can walk you through everything in plain English.
A mortgage broker like Rose has access to 200+ lenders — meaning she can shop your loan for the best rate and terms. Your bank can only offer their own products. Brokers work for you, not the lender. In most cases, a broker can find you a better deal and provide more personal service throughout the process.
Key factors include: credit score, loan-to-value ratio (down payment), loan type, property type, occupancy (primary vs. investment), loan term, and broader market conditions (the 10-year Treasury yield has a major influence). Rose can help you understand exactly how these factors apply to your situation.
Yes. Once you’ve been approved and selected a property, Rose will lock your rate — typically for 30–60 days. She monitors market conditions closely and advises on the best time to lock to protect you from rising rates during your transaction.
Contact Rose directly — she responds personally to every inquiry.