This should be listed in your purchase agreement.
For townhouses, go ahead and choose Single-family. We don’t usually offer loans for mobile homes, but a Home Loan Expert can still try to prequalify you for a single-family home.
A primary residence is where you live for most of the year. A vacation home is somewhere you live for part of the year. An investment property is often used to generate income.
You can get this info from your real estate agent, the seller or the local government.
An insurance agent in the area can help get you an estimate if you aren't sure yet.
Most homeowners can expect to pay between $1,000 and $2,000 a year. That said, this amount can vary quite a bit based on your area and the insurance coverage you end up selecting.
Don't worry about closing costs right now. We'll get to that in a bit.
This might be called "seller concessions" in your purchase agreement.
This is money you give the seller to show you’re committed. It’s also called a good faith deposit.
Adding this is optional but will help us keep your agent in the know for a smoother process.
If this is the case, you should say you don't own or rent. Same goes if you live with someone and don't pay anything at all. This is common for people who live with family or a friend.
We use this info to help verify your identity – don't worry, it won't affect anything related to your buying plans.
We need two years of address history.
Most people use the sale of their current home to help cover the cost of their new home. Knowing this info will help us give you a more accurate prequalification amount.
That's completely normal. Go ahead and make your best guess for now. A Home Loan Expert can help you talk through options later.
Most people don't know, and that's okay! Try looking up what similar homes in your area have sold for to get a starting point.
An estimate is okay for now. We'll get a more accurate balance from your credit report later on (don't worry, this won't affect your score).
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Knowing this will help us see if you could get a Veterans Affairs (VA) loan.
Not at all. You can never be denied for a mortgage based on your marital status.
If you’re not married but want to apply with someone else, you should select No and continue entering only your info for now. A Home Loan Expert will get the other person’s contact info from you later.
If your spouse is on the loan with you, we’ll factor in both of your finances and credit scores.
This is the same thing as gross income. You don't need to be exact but try to get as close as possible.
You should factor in base pay, overtime, bonuses, and any other consistent sources of income like retirement, child support or disability benefits.
It's best to include everything you can think of, even if you don't plan on putting it toward your home.
When you list all your funds, we can get a more complete picture of your finances. This helps us do a couple things:
Right now, you don't need to worry about linking any accounts or proving that you have these funds. Later, a Home Loan Expert will ask you to verify what's needed for a down payment and closing costs.
You don't need to enter exact balances – just try to get as close as possible.
Extra info about financial accounts can go here.
Some people use money gifted from friends or family to help buy their home.
Extra info about gifts can go here.
We need a soft credit check to show you accurate loan options.
