A pre-approval gives you an estimate of how much you can borrow and locks in your rate for 90–120 days.

For homes under $500,000, it’s 5%; for homes over $1M, it’s 20%.

Yes, some lenders specialize in working with clients who have lower credit scores.

A stress test ensures borrowers can handle payments if rates rise. It’s based on higher qualifying rates.

It protects lenders when you make a down payment under 20%. Costs are added to your mortgage.

Many lenders allow early payments, but some may charge prepayment penalties.

Fixed rates stay the same throughout the term, while variable rates fluctuate with market conditions.

Closing can take 30–90 days, depending on the complexity and lender.

Yes, but there might be penalties or fees involved. It’s worth considering at renewal for better rates.