A prequalification is an estimate of what you might be able to borrow based on unverified information. A preapproval is a more thorough review of your finances, including a credit check and verification of income and assets, giving you a firm commitment from a lender.

While purchase price is important, your monthly payment dictates affordability. Property taxes, insurance, interest rates, and HOA dues all affect your actual monthly obligation, making payment the better metric for what you can truly afford.

Down payment assistance programs can help buyers get into homes with less out of pocket, but they may come with slightly higher interest rates, longer processing times, or specific property and income restrictions.

Buyers should avoid making large purchases, changing jobs, taking out new loans, or making large unsourced deposits into their bank accounts during the mortgage process, as these can jeopardize loan approval.

Encourage buyers to start with their current budget, then use the Affordability Planner to model different price points, taxes, insurance, and HOA dues to find a comfortable range.

Basic income info, recent pay stubs or tax returns, estimates of monthly debts, and an idea of savings for down payment and closing costs help make the first conversation more productive.

As soon as a buyer is asking about price range, monthly payment, or readiness. Early conversations prevent surprises once they start writing offers.

Yes. Scenario review can explore bank statement, 1099, or other alternative documentation options when traditional income paths are not a perfect fit.

Keep the focus on payment, time horizon, and flexibility. Then introduce fixed, adjustable, and down payment options that support the buyer’s long-term plan.

No. A conversation can clarify where credit stands today and outline specific steps that may strengthen the file before making an offer.