Your credit score plays a significant role in determining your mortgage rate. A higher score typically qualifies you for lower interest rates, which can save you thousands of dollars over the life of your loan. If your score is lower, you may still qualify for a loan, but at a higher rate.

Closing costs are fees associated with finalizing your home purchase, including loan origination fees, title insurance, appraisal fees, and more. They typically range from 2% to 5% of the home's purchase price. Some costs may be negotiable, and in certain cases, sellers may agree to cover part of them.

Your monthly mortgage payment typically includes principal, interest, property taxes, and homeowners insurance (often abbreviated as PITI). Depending on your loan, it may also include private mortgage insurance (PMI), homeowners association (HOA) fees, or other costs.

A 2-1 buydown is a type of mortgage financing that temporarily lowers your interest rate for the first two years of the loan. In the first year, your rate is reduced by 2%, and in the second year, it's reduced by 1%. After that, your rate adjusts to the original agreed-upon rate for the remainder of the loan.

The cost of a 2-1 buydown can be paid by the buyer, seller, or lender, depending on the agreement. Often, sellers offer to pay for the buydown as an incentive to attract buyers, especially in a slower market. Buyers can also choose to pay for it themselves if they want lower initial payments.

Pre-qualification is a quick estimate of what you might borrow, based on unverified information. Pre-approval means the lender has verified your credit, income, and assets and issued a letter stating how much they'll lend. Sellers take pre-approved buyers seriously — get pre-approved before you start shopping.

Once you're under contract, closing typically takes 30–45 days. The home search itself varies anywhere from a few weeks to a few months. Plan for two to four months from pre-approval to keys, and less if you're prepared and ready to move fast.

Yes, it happens every day. Lenders will typically average your income from two years of tax returns instead of pay stubs, and some programs use bank statements instead. Keep clean records, watch heavy write-offs (they lower countable income), and work with a lender experienced with self-employed borrowers.