Mortgage questions, answered

A pre-qualification is a quick estimate based on what you tell a lender. A pre-approval means the lender has reviewed your credit, income and assets. Sellers and agents take pre-approvals far more seriously, so that’s what Pete issues before you shop.

If your documents are ready, often the same day. Self-employed borrowers and more complex files can take a little longer.

Usually recent pay stubs, W-2s or tax returns, two months of bank statements and a photo ID. Self-employed borrowers may also need business returns or a profit-and-loss statement. Pete will send a list tailored to you, along with a secure way to upload it.

No. Many people talk to Pete first so they know their budget before they pick an agent. If you’d like an introduction to a local agent, Pete can make one.

It depends on the loan. FHA allows lower scores than conventional, and VA has no official minimum, though lenders set their own. In general, a higher score means better pricing, so it’s worth asking Pete whether a small improvement could save you money.

A mortgage pre-approval involves a credit check, which can cause a small, temporary dip. Multiple mortgage inquiries within a short window are generally treated as a single inquiry, so you can compare lenders without piling up damage.

Your debt-to-income ratio (DTI) is your total monthly debt payments, including the new house payment, divided by your gross monthly income. Each loan program has its own limits, and strong savings or credit can sometimes stretch them.

Yes. You can qualify with tax returns, or with bank statements, 1099s or a profit-and-loss statement through non-QM programs. See the self-employed loans page for details.

Many purchases close in about 30 days, sometimes faster. New construction follows the builder’s timeline, and complex files can take longer. Responding quickly to document requests is the single biggest thing you can do to stay on schedule.

A rate lock holds your interest rate for a set period while your loan is completed. If rates rise during the lock, yours doesn’t. Ask Pete how long your lock lasts and what happens if closing is delayed.

An underwriter verifies your income, assets, credit and the property, and may ask for extra documents or explanations. Avoid opening new credit, changing jobs or moving large sums of money until you close, and check with Pete before any big financial change.

Never trust wiring instructions that arrive by email alone, especially if they change at the last minute. Call the title company at a phone number you looked up yourself to confirm before sending money.

Closing costs are the fees to complete your loan and purchase: lender fees, appraisal, title insurance, escrow fees, recording fees and prepaid items like insurance and property taxes. Your Loan Estimate lists them, and Pete will walk you through each line.

Often, yes. Seller concessions are common and every loan program has its own limit. Your agent negotiates them in the offer, and Pete makes sure they fit your loan.

Points are an upfront fee you can pay to lower your interest rate. Whether they’re worth it depends on how long you’ll keep the loan. Pete will show you the break-even.

Look at the rate, the total loan costs in section D, the cash to close, and the lender credits or points. Or upload both to the Loan Estimate review tool and Pete will compare them for you.

A bank offers its own loans. A broker like Pete can compare options from more than 150 wholesale lenders, which often means more programs, sharper pricing and more ways to say yes.

Yes. From the first call to closing day, the person you call is the person working your loan.

Yes. Pete lends anywhere in Arizona, from Flagstaff to Yuma, and is also licensed in California and Texas.

Book a free call, call or text (602) 384-4504, or start your application online. There’s no cost or obligation to talk through your options.