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frequently asked questions
Clear answers, before you ask
Buying a home or refinancing comes with a lot of questions. Here are straight answers to the ones we hear most.
Getting Started
Start with a conversation. A loan officer will learn about your goals, income and budget, then help you get pre-approved so you know what you can comfortably afford before you start house hunting.
Pre-qualification is a quick, informal estimate based on what you tell us. Pre-approval goes further: we review your credit and verify your documents, then issue a letter for a specific loan amount. A pre-approval can make your offer more competitive with sellers and agents.
Pre-approvals are good for a limited time, often around 60 to 90 days, because your credit and income can change. If yours expires before you find a home, your loan officer can update it.
It depends on your income, monthly debts, down payment, and credit, plus costs like taxes and insurance. Our mortgage calculator gives you a starting point, and your loan officer can help you find a payment that fits your life, not just the maximum you qualify for.
Down Payments & Loan Options
It depends on the loan program. VA and USDA loans offer up to 100% financing for eligible buyers, FHA loans start at 3.5% down, and conventional loans can start as low as 3% for qualified first-time and income-eligible buyers. Down payment assistance programs may also help.
No. Many buyers put down less than 20%. With a conventional loan, putting down less than 20% usually means paying private mortgage insurance (PMI), which can typically be removed once you reach enough equity in your home.
It depends on your credit, down payment, income, military service, and the home you're buying. Common options include Conventional, FHA, VA, USDA, and Jumbo loans. Your loan officer will compare them side by side with you.
A fixed rate stays the same for the life of the loan, so your principal and interest payment never changes. An adjustable-rate mortgage (ARM) often starts lower, then adjusts after a set period. Many buyers who plan to stay long-term prefer a fixed rate, but the right choice depends on your plans.
Credit & Qualifying
It depends on the loan program and how your loan is underwritten. Many conventional loans are reviewed through automated underwriting, which looks at your whole financial picture, while manually underwritten loans have set minimum scores. FHA loans can allow lower scores than conventional loans. Your loan officer can tell you which programs fit your credit.
A pre-approval usually includes a hard credit inquiry, which may lower your score slightly for a short time. If you compare lenders, credit scoring models generally count multiple mortgage inquiries made within a short shopping window as a single inquiry.
Yes. Along with traditional programs, we offer bank statement, 1099, and P&L loans for borrowers whose income doesn't fit standard documentation.
Past financial challenges don't necessarily put homeownership out of reach. Waiting periods vary by loan program and the type of credit event. Your loan officer will walk you through where you stand.
The Loan Process & Closing
It depends on how you earn income and the loan you choose. Many borrowers provide recent pay stubs, W-2s or tax returns, recent bank statements and a photo ID. Self-employed borrowers may provide business returns or profit and loss statements instead. Your loan officer will give you a checklist for your situation.
Timing depends on your loan program, the appraisal, title work and how quickly documents come in. Your loan officer will give you an estimated timeline once your application is complete and keep you updated along the way.
Closing costs often run 2% to 5% of the purchase price. After you submit a completed loan application (your name, income, Social Security number, property address, estimated property value and loan amount), you’ll receive a Loan Estimate within three business days. You’ll also get a Closing Disclosure at least three business days before closing, so you can review your final numbers before you sign.
A rate lock holds your interest rate for a set period while your loan is processed, even if market rates change. Your loan officer will help you decide when to lock.
Refinancing
Start with your goal, whether that's a lower payment, cash out, or a shorter term. Then compare your closing costs to your monthly savings to find your break-even point. If you plan to stay in your home past that point, refinancing may make sense.
It depends on the program and your goal. Cash-out refinances are limited by each program's loan-to-value guidelines, and removing mortgage insurance on a conventional loan typically requires about 20% equity.
Waiting periods vary by loan program. Some loans can be refinanced within months, while others have specific timing requirements. Your loan officer can tell you when you're eligible.
Working With Altitude
Altitude Home Loans proudly serves homebuyers across 20 states. Visit our Loan Officers page and select your state to connect with a licensed mortgage professional who can guide you through your home financing options.
Your dedicated loan officer serves as your primary point of contact from your first conversation through closing. Behind the scenes, our in-house processing, underwriting, and closing teams work together to keep your loan moving forward and keep you informed at every stage.
Your initial consultation is complimentary, with no obligation. Connect with an Altitude mortgage professional to discuss your goals, explore financing options, and get clear answers to your questions.
Still have questions?
Talk with a licensed loan officer about your options and your next step.
This information is for general educational purposes and is not a commitment to lend. Loan programs, rates, terms and requirements vary by program, state and individual circumstances, and all loans are subject to underwriting approval.
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