No. You don't have to save for a 20% down payment. You can put down as little as 3.5% with FHA loans, or even no money at all with a VA and USDA loans. Plus, with Private Mortgage Insurance, you can buy a home without the full 20% down. You've got choices, no matter your situation.

No. Pre-qualification and pre-approval are not the same. Pre-qualification is a lender's initial assessment that you might be able to get a loan based on your finances. Pre-approval is a more formal promise from a lender to give you a mortgage based on a thorough check of your financial background.

A bank is a direct lender that provides you with the mortgage funds, whereas a mortgage broker acts as an intermediary, offering you loan options from various lenders. Working with a mortgage broker offers numerous benefits. They provide valuable assistance early in the homebuying process, helping you gather necessary documents and answering your loan-related questions. A broker's access to a variety of loans means they can tailor options to your specific needs, even if you're looking for less common mortgage types or have unique circumstances such as a thin credit file. They offer customized support, going over loan options and aiding in informed decision-making. Plus, the convenience factor is significant; brokers handle the paperwork and communication with lenders, streamlining the process and saving you time and stress.

Typically, you’ll need to provide proof of income, tax returns, bank statements, identification, and information about your debts and assets. Our experts will guide you on the specific documents required for your application.

The mortgage approval process can vary based on several factors, including the type of loan and your financial situation. Generally, it can take anywhere from a few days to several weeks. We strive to make the process as quick and efficient as possible.