Question 1

How much down payment do I actually need?

Accepted Answer

As little as 5% on homes under $500,000, with programs available to help.

Question 2

Do I need perfect credit to get a mortgage?

Accepted Answer

No — there are options for a range of credit profiles, from traditional bank lenders through alternative and B lenders.

Question 3

Does using a mortgage broker cost me anything?

Accepted Answer

In most cases, no — the lender pays the broker's commission, not the borrower.

Question 4

How long does it take to get pre-approved?

Accepted Answer

Often within a day or two once I have your documents, though it can vary by lender.

Question 5

Should I shop my mortgage renewal instead of signing my bank's offer?

Accepted Answer

Yes — banks rarely send their best rate on a renewal letter, and switching lenders at renewal usually involves no penalty.

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