You’ll need details about your income, employment history, credit score, and information about the property you want to purchase. The benefit of using YoMo is that you will provide this information once and we will share it with multiple lenders.

Lenders assess your credit score to evaluate your creditworthiness. A higher credit score often leads to better loan terms.

A fixed-rate mortgage maintains the same interest rate throughout the loan term, providing predictable monthly payments. An ARM has a variable interest rate, which may change over time.

The amount you can borrow depends on factors like your income, credit score, and debt-to-income ratio. Lenders typically use a percentage of your income to determine the loan amount.

A down payment is an upfront payment made when purchasing a home. The amount varies but is commonly around 20% of the home’s purchase price. Some programs allow for lower down payments.

While a higher credit score is generally preferred, some lenders offer mortgage options for individuals with lower credit scores. However, these may come with higher interest rates.

Pre-approval involves a lender reviewing your financial information to determine the amount you can borrow. It provides a clearer picture of your home-buying budget.

PMI is typically required when the down payment is less than 20%. It protects the lender in case of default but adds an extra cost to your monthly payments.

The timeline can vary, but on average, the process takes 30 to 45 days from application to closing. Delays can occur due to various factors, including the property appraisal and verification of financial information.

Many mortgages allow for extra payments, which can help reduce the overall interest paid and shorten the loan term. Check with your lender for specific terms and conditions.