🏡 FAQs Every Homebuyer Asks Their Mortgage Broker 🔍 (Answered by a Pro!)

❓ Top Questions Mortgage Brokers Get Asked (And the Real Answers!) 💬

June 27, 2025•2 min read

❓ Top Questions Mortgage Brokers Get Asked (And the Real Answers!) 💬

🏡 FAQs Every Homebuyer Asks Their Mortgage Broker 🔍 (Answered by a Pro!)

💡 Top Questions I Get Asked as a Mortgage Broker (Answered!)

If you’re thinking about buying a home, refinancing, or exploring investment properties, chances are you’ve got questions. And as a mortgage broker, I hear them all—from first-time homebuyers to seasoned investors.

Let’s break down the most common mortgage questions I get—and the honest, expert answers that will help you make smart decisions.

🔑 1. “What’s the difference between a mortgage broker and a bank?”

Answer: A mortgage broker shops multiple lenders to find you the best rate and loan structure. A bank only offers its own products. Think of a broker as your personal loan shopper, working for you, not the bank.

🔑 2. “How much do I need for a down payment?”

Answer: It depends! For conventional loans, you can put down as little as 3%, and for FHA loans, it’s 3.5%. VA and USDA loans can be zero down. And yes—there are even jumbo loan options with as little as 5-10% down in some cases.

🔑 3. “What credit score do I need to buy a house?”

Answer: While 620 is often the minimum for conventional loans, some programs go as low as 580. But better credit = better rates. We’ll walk through your report together and create a game plan if needed.

🔑 4. “How long does the mortgage process take?”

Answer: Typically 21–30 days from application to closing. Pre-approval can take just a few hours. Working with a broker helps speed things up since we know how to prep and package your file properly from the start.

🔑 5. “What documents will I need?”

Answer: Be ready with:

· 2 years of tax returns or W-2s

· Recent pay stubs or bank statements (for self-employed, we’ll use bank statements or P&Ls)

· ID, insurance, and property info (if applicable)

Don’t stress—we provide a full checklist to make it easy.

🔑 6. “Are there any hidden fees?”

Answer: Great question—and the answer should always be no surprises. We review a full Loan Estimate early in the process so you know what to expect with lender fees, title charges, and prepaid items.

🧠 Bonus: “Why should I work with you instead of going online?”

Answer: Because I offer:
✅ Custom strategies based on your situation
✅ Access to niche programs like doctor loans, DSCR loans, and renovation financing
✅ Local insight and personalized attention—something online platforms can’t compete with.

Whether you're buying your first home or financing your fifth investment property, I’m here to guide you through every step. Still have questions? Let’s connect and get you answers.

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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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