Frequently Asked Questions
Your Mortgage Questions — Answered Clearly and Honestly
💬 GENERAL MORTGAGE QUESTIONS
❓ What is a mortgage pre-qualification?
Pre-qualification is a quick, no-obligation estimate of how much home you can afford. It helps you understand your buying power before you shop — and can often be completed without a hard credit check.
❓ Is pre-qualification the same as pre-approval?
No. Pre-qualification is an informal estimate. Pre-approval is a more detailed process that involves document verification and a credit check. We can guide you through both.
❓ How long does it take to get pre-qualified?
In most cases, we can return a pre-qualification estimate within 24 hours after receiving your basic information.
❓ Do I need 20% down to buy a home?
No. Many programs offer as little as 3% down for qualified buyers, and 0% down for VA loans. FHA loans allow 3.5% down with flexible credit.
🏠 FIRST-TIME HOMEBUYERS
❓ Can I buy a home with a 600 credit score?
Yes. FHA and certain other programs may accept credit scores starting at 580. We also help you identify ways to improve your score before applying.
❓ What’s included in my monthly mortgage payment?
Your mortgage payment typically includes:
- Principal and interest
- Property taxes
- Homeowner’s insurance
- PMI (if applicable)
❓ How do I know how much home I can afford?
Use our Affordability Calculator to estimate based on income, expenses, and current rates — or speak directly with a licensed loan advisor.
💼 JUMBO & INVESTOR LOANS
❓ What is a jumbo loan?
A jumbo loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac — usually over $766,550 (or more in high-cost areas). Jumbo loans have special guidelines and rates.
❓ Can I get a jumbo loan with 10% down?
Yes. Many jumbo programs allow 10% down with strong credit and income. Some even offer interest-only options or ARM flexibility.
❓ Do you offer investor loan programs?
Yes. We support DSCR loans, jumbo investor products, and non-owner-occupied financing for 1–4 unit residential properties.
🔁 REFINANCING
❓ When should I refinance my mortgage?
Consider refinancing if:
- Your rate is more than 0.75% higher than current market
- You want to remove PMI
- You’re consolidating debt
- You want to switch from ARM to fixed
❓ Is refinancing worth it in 2025?
It depends on your current rate, loan balance, and financial goals. Contact us for a personalized refinance assessment.
📄 DOCUMENTS & QUALIFICATION
❓ What documents do I need to apply for a mortgage?
Basic documents include:
- Pay stubs or proof of income
- W-2s or 1099s
- Bank statements
- Government-issued ID
- Tax returns (if self-employed)
❓ Can I get a mortgage if I’m self-employed?
Yes. We work with lenders who accept alternative documentation such as bank statement loans and 1099-only loans.
🔐 PRIVACY & SECURITY
❓ Do you sell my information?
No. Ask Mortgage Authority never sells or shares your data with outside companies. Your inquiry is always confidential.
❓ Will my credit be pulled?
Pre-qualification does not require a hard credit pull. If you move forward with a full application, a credit check will be needed — and we’ll ask your permission first.
Still Have Questions?
Reach out anytime — we’re happy to help.