Mortgage questions, answered in plain English

It depends on the program, and it's usually less than people expect. Conventional and FHA loans both have low down payment options, eligible VA and USDA borrowers can buy with no down payment, and down payment assistance programs through Rate can help buyers who qualify. Dillon shows you the real figure for your situation on the house you want, in writing, before you make an offer.

Timing the market perfectly is nearly impossible, and nobody honest will promise you where rates go next. What Dillon does is put the math of the move in front of you on today's numbers so you can decide with facts. Some buyers choose buying now with a plan to refinance later. Some wait. Both are fine when you understand the trade.

A mortgage pre-approval is one credit pull, and several mortgage inquiries inside a short shopping window are scored as one event. Dillon runs one document checklist and one credit pull, and you get a pre-approval letter that holds up with agents and sellers.

Recent pay stubs, two years of W-2s or tax returns, two months of bank statements, and a photo ID. Self employed buyers can use business bank statements instead of tax returns on some programs. Dillon texts you the exact list for your program, once, so there are no surprises.

Usually, and it's the question Dillon is asked most. Conventional and FHA both have low down payment options, eligible VA and USDA borrowers can buy with no down payment at all, and there are down payment assistance programs through Rate for buyers who qualify, including ones where part of the money doesn't come out of your pocket. Which of those you can use depends on the property, your income and where you're buying, so Dillon runs the real numbers on the real house rather than quoting a figure that might not apply to you. Ask him and the answer comes back in writing, the same day.

Not always, and not forever. Mortgage insurance is how a lender covers the extra risk when a buyer puts down less than the conventional threshold, and there's more than one way to handle it. Some loans carry it monthly. Some let it be paid up front. Some structures move it off your payment entirely. On a conventional loan it can usually come off later once you've built enough equity. VA loans carry no monthly mortgage insurance at all, and FHA works differently again, where it often stays for the life of the loan. Dillon will show you what each option costs to carry on your own file before you pick one, because this is one of the places where two loans that look identical aren't.