The questions buyers ask before they pick up the phone.

On top of your down payment, plan on roughly 2% to 5% of the purchase price for closing costs. On a $500,000 home, that is usually somewhere between $10,000 and $25,000. It varies by loan program, lender, and where the home is, but that range gives you a realistic starting point for your budget.

Closing costs cover the pieces that make the loan and the purchase happen: the appraisal, the title search and title insurance, loan origination and underwriting fees, a credit report, and prepaid items like property taxes, homeowners insurance, and prepaid interest.

You do not have to guess at your number. Within three business days of applying, your lender must give you a Loan Estimate, a standardized form that lists every fee in writing so you can compare offers side by side. I send that to every client and walk through each line, so the number on paper is the number you plan for.

Some programs let the seller or the lender pay part of your closing costs, and some down payment assistance programs can help. The key is knowing your real number first, then deciding how to cover it.

Lenders look at your gross monthly income, your debts, your credit, and your assets, and they typically keep your total housing and debt payments within a set share of your income. That tells you the maximum the lender would approve.

But the lender maximum is not the right number for your life. Your real budget needs to leave room for savings, emergencies, retirement, and the other goals you are buying the home for. A payment that passes the lender test can still leave you house-poor if you stretch too far.

I run both versions of the math with you: what you can be approved for, and what actually fits your life. The second number is the one we build your home search around.

A full mortgage payment has four parts that people often forget: principal, interest, property taxes, and homeowners insurance, plus HOA dues if the home has them. That is the acronym PITI, and it is the number you actually write a check for.

Many lenders quote only principal and interest, which looks smaller and more attractive. I always show the complete payment, including taxes and insurance, so the number you budget with is the number you actually pay. Nobody should find out about the extra cost at the closing table.

Your exact payment depends on the purchase price, your down payment, your rate, your local tax and insurance rates, and your loan program. I can run your real numbers on a call in minutes.

For most borrowers the core list is the same: two years of W-2s, your two most recent pay stubs, two months of bank statements, and a copy of your ID. Add your Social Security number so we can pull your credit, and be ready to explain any large deposits that show up in your statements.

Self-employed borrowers add two years of tax returns and a year-to-date profit and loss statement. Business owners might also provide business bank statements, and some situations can qualify on one year of income or on bank statement deposits.

You will not have to scramble for these at the last minute. I send you a clean checklist up front, and gathering everything once, early, is what keeps your file from stalling later. With the documents in hand, the actual pre-approval usually comes together quickly.

Pre-qualification is a quick, informal estimate. You give a lender rough numbers about your income and debts, and they tell you roughly what you might qualify for. It is based on what you tell them, not verified documents, so sellers do not put much weight on it.

Pre-approval is the real thing. You provide actual documents, the lender reviews your credit and verifies your income, assets, and debts, and then issues a written commitment for a specific loan amount. A seller and their agent know a pre-approved buyer can actually close.

In a competitive market, pre-approval is what separates a serious offer from a lookie-loo. That is why I encourage every buyer to get pre-approved before they even start touring homes, so they can move fast and negotiate with confidence when the right house comes up.

Start with the numbers on paper: what is the rate and the APR, and what is the difference? What are all the closing costs, and can I see them itemized in writing? What loan programs do you offer beyond the one you lead with?

Then ask about the process: how long does pre-approval take, what documents will you need from me, who do I talk to if I have a question, and what happens if something changes with my credit or job before closing?

And ask about the long term: will my rate be locked, and for how long? What does the rate lock cost? Do you service the loan after closing, or is it sold? Who answers the phone if I have a question a year from now?

A good lender answers every one of these in plain language and shows you the math on paper, not just a headline number. If a lender cannot or will not explain their own numbers clearly, that is a reason to keep looking.

A bank or a retail lender lends their own money and sells the limited set of products their company offers. You get one rate from one shop, and that shop's margins and programs are what you are stuck with.

An independent mortgage broker like me works the other way. I shop your file across 170+ wholesale lenders, who compete for your business. More competition means more programs to choose from and, typically, sharper pricing. That is where the savings show up, in the rate and the fees.

It also means flexibility. A borrower with a first-time-buyer profile, a self-employed income situation, or an investor portfolio needs a program that fits their file, not a one-size-fits-all product. I match your specific situation to the lender who will serve it best.

My job is to get you the best fit for your goals, not to sell one company's loan. You get the same licensed, careful underwriting, with a wider net cast for your numbers.

Your mortgage rate is the interest rate you pay on your loan, and it directly sets how much of your payment goes to interest. It is influenced by big-picture market conditions you cannot control, and by your own profile, which you have some control over.

The things in your control: your credit score, your debt-to-income ratio, your down payment, and the type of loan you choose. A higher credit score and a larger down payment generally earn you a better rate. Comparing lenders and shopping a wide market matters too.

That last part is where a broker helps. Instead of one lender's quote, I can compare offers from 170+ lenders and bring back the best fit, so you are not taking whatever a single bank happens to offer that week.

And remember that the rate is only half the story. The APR includes the fees, so two loans with the same rate can cost very different amounts. I always look at the total cost of the loan, not just the rate in the headline.

No. 20% down is the old rule of thumb, and it is not required for most buyers today. Conventional loans can go as low as around 3% down, FHA loans around 3.5%, and VA and USDA loans can be 0% down for eligible buyers.

Putting less than 20% down usually means you will pay private mortgage insurance, or PMI, which adds to your payment. But for many buyers, buying sooner with a smaller down payment beats waiting years to save 20% while prices and rents keep moving.

There is no single right answer. The right down payment depends on your savings, your goals, and what the monthly payment looks like either way. I run the numbers for both and show you the trade-off in dollars so you can decide with your eyes open.

Yes, absolutely. Self-employed buyers qualify for home loans every day; the paperwork is just a little different. You will typically need two years of tax returns, a year-to-date profit and loss statement, and bank statements to back up your income.

The biggest challenge for self-employed buyers is that lenders use your taxable income, not your gross revenue. Deductions that lower your tax bill can also make your qualifying income look smaller, which is why it helps to work with someone who understands self-employed files.

Some situations can qualify on one year of income, and some lenders underwrite on bank statement deposits, which can help when a newer business or big write-offs make traditional income hard to show. I match your specific situation to the lenders who read self-employed income fairly.

PMI stands for private mortgage insurance, and it is what lenders require when you put down less than 20% on a conventional loan. It protects the lender if you stop paying, and you pay for it, usually as a line item in your monthly payment.

You can avoid PMI in a few ways. Put down 20% or more, choose a loan program with its own rules, or use a piggyback structure where a second loan covers part of the down payment. Some programs let you pay the PMI as a one-time cost rather than monthly.

The good news is PMI does not last forever. On a conventional loan, it typically falls off once you reach 20% equity, either through payments or appreciation. I track that for my clients and help them drop it as soon as they qualify, so they are not paying for it a day longer than they have to.

For most buyers, the lending process takes about 30 to 45 days from application to closing, once you have an accepted offer and the contract is in motion. Some closings happen in as little as two to three weeks when everything is smooth and fast.

The timeline depends on how quickly you provide your documents, how clean your file is, the type of loan, and how busy the appraisal and title companies are. A standard W-2 borrower on a conventional program moves faster than a self-employed file on a specialty program.

The part you control is preparation. If you get pre-approved early and have your documents gathered, most of the process is already done before you even find the house. From there it is a matter of getting through the appraisal, the underwriting review, and the closing.

Yes, first-time buyers are the heart of what I do. Options often include conventional loans around 3% down, FHA at 3.5% down, and VA and USDA at 0% down for eligible buyers, plus down payment assistance programs by state, county, and city. We compare what you actually qualify for and pick the structure with the least total cost.

When rates are meaningfully below your current rate, your credit has improved, your equity has grown enough to drop mortgage insurance, or you want to pull equity for a renovation or a goal. The real test is break-even math: closing costs versus monthly savings, and how long you plan to keep the home.

Yes, I have guided buyers moving from across the country, including clients who bought in Camas, Washington, while still living in Indiana. Everything can be handled by phone and secure document upload, and you get an update at every step, so a cross-country move never leaves you in the dark.

That is one of the most common situations I help with. Moving up to a larger home before selling is the exact moment where good sequencing matters. We work through the timing, the equity in your current home, and the options for bridging the two, so you are not stuck between two closings.

Look for someone with years of mortgage experience, a wide network of lenders, and an education-first style: rates, fees, and programs explained in plain English with no pressure. In Clark County and the Portland metro, Jeff Naylor has been doing exactly that since 2004, with 170+ lenders competing for his clients, NMLS #278947.