First-time buyer
Where it actually starts.
Not with a house, and not with a form. It starts with a conversation about what you earn, what you owe, what you have saved, and what you want the next few years to look like.
A few things people are surprised by: you do not always need twenty percent down. There are programs in Idaho that may help with a down payment, depending on your situation. And a pre-qualification letter written after a real review of your documents is what makes an offer credible.
Video: coming. Self-shot by Sean, slot below.
Pre-qualification vs. pre-approval
The words get used loosely. Here is the difference.
A pre-qualification is a lender's written opinion, based on your credit and a review of your income and assets, of the loan amount that may be available to you. A pre-approval generally means an underwriter has already reviewed the full file and issued a conditional decision.
What matters more than the label is the work behind the letter. I issue pre-qualification letters only after I have reviewed your actual documents, so the letter means what it says. Neither one is a commitment to lend; that comes with a full application and underwriting.
Video: coming. Self-shot by Sean, slot below.
Closing costs
What they are, and who gets paid.
Closing costs are everything beyond your down payment that it takes to close: lender fees, third-party fees like appraisal, title, and recording, and prepaid items like property taxes, homeowners insurance, and the first stretch of interest.
Within three business days of a complete application, you receive a Loan Estimate that lays all of it out in a standard form. I go through it with you line by line, and at closing we compare it to the final numbers together.
Video: coming. Self-shot by Sean, slot below.
Loan programs
More than one way to finance a home.
Conventional, FHA, VA, USDA, jumbo, construction, and programs for people whose income does not show up on a W-2. Each has its own guidelines for down payment, credit, property type, and location.
Because Broadhead Home Loans is a DBA of NEXA Mortgage, LLC, a mortgage broker, I can place your file where it fits best instead of fitting you to one lender's menu. Not all applicants will qualify for every program; the guidelines decide, and I will tell you which ones apply to you.
Video: coming. Self-shot by Sean, slot below.
Credit
What a mortgage lender actually looks at.
Payment history, how much of your available credit you are using, how long your accounts have been open, and recent new credit. A mortgage credit report is pulled differently from the score in your banking app, so the numbers can differ.
If your credit is not where it needs to be yet, I will tell you plainly what would move it and we will set a date to look again. No promises about scores, no credit repair pitch, just the actual guidelines and a plan.
Video: coming. Self-shot by Sean, slot below.
Weekly
Rate Outlook.
My weekly read on what moved rates and why. Opinion, dated, never a quote and never a reason to hurry.
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