Everything you need to know about getting a mortgage — explained in plain English.
What is a mortgage?
A mortgage is a loan used to buy or refinance a home. The lender provides the funds, and you repay them over time with interest. Your home serves as collateral for the loan.
What credit score do I need?
Most lenders look for a credit score in the 680–760 range for the best rates. FHA loans may allow lower scores. We’ll help you understand exactly where you stand.
What is a debt-to-income ratio?
Your DTI is the percentage of your monthly income that goes toward qualifying debt payments. A DTI below 36% is ideal for most loan programs.
How much do I need for a down payment?
Down payments can range from 3% to 20% depending on the loan program. A larger down payment can mean better rates and no PMI.
Should I get pre-approved first?
Absolutely. Pre-approval shows sellers you’re a serious buyer, gives you a clear budget, and speeds up the closing process significantly.
Ready to Start?
Let’s Find the Right Mortgage for You
Our team offers free, no-obligation consultations. Call us or apply online today — and we’ll guide you every step of the way.
Estimate only. Your actual rate, payment and costs depend on your credit, loan program and property. Mortgage insurance and VA funding fee are approximate. FHA monthly insurance uses the base loan amount and applicable annual rate as an estimate; actual billed premiums can differ. This calculator does not determine eligibility or local loan limits.
Loan Nerd, LLC dba The Loan Nerd | NMLS# 2592315 | Equal Housing Opportunity | Licensed in Texas, Colorado & Florida.
Loan Nerd, LLC is a licensed mortgage broker (www.nmlsconsumeraccess.org). FHA loans are offered through FHA-approved lenders. This is not a government agency, nor acting on behalf of FHA.
