Buying or refinancing a home comes with a lot of questions. Here are clear answers to the ones we hear most often. Have a question that isn’t covered here? Call us at (248) 605-2241 or email info@rightmtg.com — we’re happy to help.
How much home can I afford?
It depends on your income, monthly debts, down payment, and credit. A common guideline is that your total housing payment stays within a comfortable share of your gross monthly income, but the real answer is personal. The fastest way to know is to get pre-approved — we’ll review your numbers and give you a realistic price range at no cost.
What’s the difference between pre-qualification and pre-approval?
A pre-qualification is a quick estimate based on information you tell us. A pre-approval is stronger: we verify your income, assets, and credit, so you receive a documented commitment that shows sellers you’re a serious, ready buyer. In competitive markets, a pre-approval can make the difference between winning a home and losing it.
How much do I need for a down payment?
Less than many people think. While 20% down lets you avoid mortgage insurance, there are loan programs that allow much lower down payments — FHA loans can go as low as 3.5%, and certain conventional and VA programs allow even less. We’ll help you compare options and find the right balance for your situation.
What credit score do I need to qualify?
There’s no single magic number. Different loan programs have different minimums, and a higher score generally helps you qualify for better rates. Even if your credit isn’t perfect, it’s worth talking to us — we can often find a path forward or give you a clear plan to get there.
How long does the mortgage process take?
From application to closing, many loans close in roughly 30 days, though timelines vary based on the loan type, how quickly documents come in, and the details of your transaction. We keep you updated at every step so there are no surprises.
When does it make sense to refinance?
Refinancing can make sense if you can lower your interest rate, reduce your monthly payment, shorten your loan term, switch from an adjustable to a fixed rate, or tap into your home’s equity for cash. The right answer depends on your goals and how long you plan to stay in the home — we’ll run the numbers with you honestly.
What documents will I need?
Typically, you’ll provide recent pay stubs, W-2s or tax returns, bank and asset statements, and a photo ID. If you’re self-employed or have other income sources, we may ask for additional documentation. We’ll give you a clear checklist up front so you know exactly what to gather.
Why work with a broker instead of a big bank?
As a local mortgage company, we shop multiple loan options on your behalf rather than offering a single bank’s products. You get personal attention, straight answers, and someone who treats you like a person — not a number on a list. That’s the Right Mortgage difference.
Ready to get started?
Get a free rate quote or reach out with your questions. Call (248) 605-2241, email info@rightmtg.com, or use the contact form on our site. We’d love to help you open the right door.
