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The old "20% down" rule is more myth than requirement. Most buyers put down considerably less, and there are strong programs at every level:

• Conventional loans can start at 3% down for qualified buyers.
• FHA loans require as little as 3.5% down with a 580 credit score.
• VA and USDA loans allow $0 down for qualifying buyers.
• Jumbo loans typically require 10 to 20% down depending on the lender.

Putting 20% down does eliminate private mortgage insurance (PMI) on a conventional loan, but it isn't required to buy a home. Your advisor can walk you through what makes sense for your situation. See our loan programs page for details on each.

It depends on the loan program, but the minimums are lower than most people expect:

• FHA: 580 with 3.5% down (500 to 579 requires 10% down)
• VA: 580 at most lenders, though the VA itself sets no minimum
• USDA: No official minimum, but 640 is typical
• Conventional: 620 minimum, though better rates open up at 700+
• Jumbo: Typically 660 or higher

A higher score does mean better rates and lower monthly payments over the life of the loan. If your score is on the edge, we can often suggest specific steps to get it over the next threshold before you apply.

Pre-qualification is a quick estimate. You share basic info about your income, debt, and down payment, and we give you a ballpark of what you could afford. It's fast and useful for early conversations.

Pre-approval is more thorough. We verify your income, run credit, and issue a formal letter stating what you're approved to borrow. This is what sellers and real estate agents actually want to see when you make an offer, especially in competitive markets.

In coastal NC, a pre-approval letter can make the difference between winning a house and losing it to another offer. If you're serious about buying, get pre-approved.

Here's the standard document checklist for a mortgage application. Gather what you can before your first call and it'll speed everything up:

• Last 2 years of W-2s (or 1099s if self-employed)
• Last 2 years of federal tax returns, all pages and schedules
• Your 2 most recent pay stubs
• Last 2 months of statements for every checking, savings, and investment account
• A government-issued photo ID (driver's license or passport)
• Social Security card or number
• Records of any other income (rental, alimony, disability, etc.)
• Landlord contact info for the past 2 years if you rent

Self-employed buyers may need additional documents like profit-and-loss statements. Your advisor will send you a personalized checklist based on your situation.

The short answer: your total monthly housing payment (principal, interest, taxes, insurance, and any HOA fees) should typically stay under about 28% of your gross monthly income. Your total debt payments, including the mortgage, shouldn't exceed roughly 43%.

But those are just guardrails. What you can afford depends on your credit, down payment, other debts, and how much cushion you want in your budget. A house payment that's technically approvable can still feel tight if you also have a car loan, student loans, and childcare costs.

Our advisors will help you think through not just what a lender will approve, but what actually fits your life. Reach out and we'll run some real numbers together.

From application to closing, most purchase loans take 30 to 45 days. Refinances often move faster, sometimes in as little as 3 weeks.

The timeline depends on a few factors:

• How quickly you can gather and submit your documents
• Appraisal turn times (usually 5 to 10 business days)
• The lender's underwriting workload
• Whether any conditions come up requiring additional documentation

The best way to move quickly: respond fast when we ask for something. Every day a document is missing is a day the clock isn't moving.

An appraisal is an independent professional opinion of what your home is worth. Lenders require it because they're lending against the property. They need to know the home is actually worth what you're borrowing.

The appraiser will visit the property, evaluate its condition, and compare it to similar homes that recently sold nearby. Then they issue a report with an estimated market value.

If the appraisal comes in lower than the purchase price, you have options: renegotiate the sale price with the seller, put more money down to cover the gap, or challenge the appraisal if you have reasonable comparable sales to support a higher value. Your advisor will walk you through it if this happens.

Yes. A rate lock guarantees your interest rate for a set period, usually 30, 45, or 60 days, so market movement doesn't affect your loan while it's in process.

Most lenders let you lock the rate once you're under contract on a home and have a loan file in progress. Some offer float-down options, where you can capture a lower rate if the market drops after you lock. There are usually costs or restrictions on float-downs, so ask before you assume.

When to lock is a judgment call based on where rates are trending. Your advisor can walk you through the trade-offs when the moment comes.

Discount points are a way to buy down your interest rate. Each point costs 1% of your loan amount and typically lowers your rate by about 0.25%.

Whether points are worth it depends on your break-even point: how long it takes for the monthly savings to add up to what you paid upfront. If you plan to stay in the home well past that break-even, points can save you real money. If you're likely to sell or refinance in a few years, they usually aren't worth it.

Example: paying $3,000 for one point that saves you $75 a month means you break even at 40 months. Stay longer than that and you're ahead.

Your advisor will run the math on your specific loan before you decide.

Private Mortgage Insurance (PMI) is required on most conventional loans when your down payment is less than 20%. It protects the lender if you default. It usually costs between 0.5% and 1.5% of the loan amount annually, added to your monthly payment.

Removing PMI: On a conventional loan, PMI automatically drops off once your loan balance reaches 78% of the home's original value. You can also request it be removed at 80% loan-to-value, either through paying down the loan or if your home has appreciated (an appraisal may be required).

FHA loans work differently. FHA charges Mortgage Insurance Premium (MIP) that typically stays for the life of the loan. The only way to remove it is to refinance into a conventional loan once you have enough equity.

Closing day is when the home officially becomes yours. Here's what to expect:

• You'll meet at a title company or attorney's office (in NC, closings are typically handled by real estate attorneys)
• You'll review and sign the closing disclosure, promissory note, deed of trust, and various other documents
• You'll bring a cashier's check or wire for your down payment and closing costs
• The whole process usually takes about an hour
• Once documents are recorded (usually the same day), you get the keys

Bring your ID, your closing funds, and a good pen. Your advisor will make sure you know the exact amount needed and where to be, days in advance. No surprises at the table.

Technically, you can refinance any time after you close on your original loan. Some lenders have "seasoning" requirements (usually 6 months) before they'll do a rate-and-term refinance, and cash-out refinances often require 12 months of ownership.

The bigger question is when it makes sense to refinance. A common rule of thumb: if you can lower your rate by at least 0.75 to 1 percentage point and you plan to stay in the home long enough to recoup the closing costs, it's worth considering.

Other good reasons to refinance:

• Getting rid of PMI once you've built enough equity
• Switching from an adjustable to a fixed rate
• Shortening your loan term (30-year to 15-year)
• Taking cash out for renovations, education, or debt consolidation

We compare across 40+ lenders on refinance rates. If you're curious whether it's worth it, we'll run the numbers for free.

Paying extra toward your principal reduces your loan balance faster, saving you interest over the life of the loan and building equity sooner. Even small extra payments make a real difference over 30 years.

But it's not always the right move. Consider paying extra toward the mortgage if:

• You have no high-interest debt (credit cards, personal loans)
• You're already contributing to retirement
• You have a solid emergency fund (3 to 6 months of expenses)
• Your mortgage rate is higher than what you'd realistically earn investing

If you do pay extra, always specify "apply to principal" in the memo or through your servicer's website. Otherwise the payment may be applied to next month's payment instead.

Life happens. If you lose a job, face a medical emergency, or hit any other financial hardship after closing, contact your loan servicer immediately. The worst thing to do is nothing.

Servicers have programs designed for hardship, including forbearance (temporarily pausing or reducing payments), loan modification (permanently changing the terms), or refinancing into a more affordable payment.

If your situation improves and you want to reassess your options, that's what we're here for too. Refinancing to a lower rate, tapping equity for major expenses, or restructuring your loan can all make sense at different life stages. Even years after closing, we're happy to be your sounding board.