We can make assumptions but prefer not to since once we get your information it can change. There are over 25 different variables that go into the rate. Top variables are credit score, loan amount, loan compared to value, occupancy, and how much or if you want to pay what is called “discount points” to buy the rate down.

Preapproval is good for 120 days.  After that, information will have to get refreshed to extend that time. Preapproval can get done as quickly as one day or may take up to a week depending on how long it takes to receive your required information. 

The closing costs are mostly fixed costs associated with getting the loan. In addition, there are some variable items to set up escrow to pay for taxes and insurance at closing. Also, potential points to buy down a better interest rate or lender credit for a higher rate.  General rule of thumb of 3% of the purchase price can be a good gauge for homes in the $275K to $375K range. 

You can pick a lot of different programs and different loan types. We will help you decide which one is the most suitable for you. A 30-year or 15-year conventional fixed loan are the most common right now. 

See our loan options here.

Closing is typically 45 minutes. You will be required to bring your money (cashier’s check or send a wire of funds prior) to closing. You sign your name on all required documents about 50 times. While they are making copies, you are able to ask questions regarding your new purchase. For example, what’s the garage code, who do you use for utilities (water, electric, internet, gas, garbage, recycling, etc), what day is the garbage pick-up, how do you use the fireplace, furnace, A/C, items we need to know about the garden, yard, shoveling, how are the neighbors?