Straight answers to the questions Washington buyers and homeowners ask most about pre-approval, credit, down payments, closing costs and timelines.
Common questions
What's the difference between pre-qualification and pre-approval?
Pre-qualification is an estimate based on what you report. Pre-approval means your income, assets and credit have been reviewed against program guidelines. Listing agents give far more weight to a pre-approval.
Will getting pre-approved hurt my credit?
A mortgage credit check is a hard inquiry, which may lower scores slightly. FICO scoring counts multiple mortgage inquiries within a short window (14 or 45 days depending on the score version) as one, so you can compare lenders without repeated hits.
How much are closing costs in Washington?
They depend on loan size, program, title and escrow fees, prepaid interest and initial escrow deposits. Your Loan Estimate itemizes them within three business days of application. Sellers customarily pay Washington's real estate excise tax.
How long does it take to close a mortgage?
Many purchases close in about 21 to 30 days from contract, depending on the appraisal, the lender's underwriting queue and how quickly documents come in.
Can I buy a home if I'm self-employed?
Yes. You can qualify with tax returns, or with bank statement, 1099 or P&L programs when write-offs reduce taxable income.
Can I buy with a credit score under 620?
FHA allows scores down to 580 with 3.5% down and 500–579 with 10% down. Many lenders set higher minimums, so a broker's lender options matter most here.
Do I need 20% down?
No. VA and USDA allow 0% down, conventional allows 3% for first-time or income-eligible buyers, and FHA allows 3.5%. Putting less than 20% down on a conventional loan adds mortgage insurance that can be removed later.
What is a mortgage broker?
A licensed company and loan originator that arranges your loan with one of many wholesale lenders rather than lending its own money. You compare more programs through one application.
Does Team Kristen lend outside Washington?
Kristen is licensed in Washington. For other states, she can introduce you to a licensed loan officer.