This depends on factors like your income, credit score, debt-to-income ratio, and the loan program you choose.

Your payment typically includes principal, interest, property taxes, homeowners insurance, and, if applicable, private mortgage insurance (PMI).

Most lenders prefer a credit score of 620 or higher for conventional loans, but government-backed loans like FHA may allow scores as low as 500 with additional requirements.

DTI measures your monthly debt payments compared to your monthly income. Most lenders prefer a DTI below 43% for loan approval.

Yes, you can! While it may require extra documentation, such as tax returns, profit and loss statements, and proof of consistent income, we also offer Non-Qualified Mortgage Loans specifically designed for self-employed individuals. Contact us today for more information or to discuss your options at [vip@pennylanefinancial.com](mailto:vip@pennylanefinancial.com).

The process typically takes about 30 days, but we often can do it much quicker depending on complexity of the mortgage program chosen.

You’ll need proof of income (pay stubs, tax returns), bank statements, identification, credit history, and employment verification.

Refinancing involves replacing your existing mortgage with a new loan, usually to lower your interest rate, reduce monthly payments, or access home equity.

Yes! Preapproval shows how much a lender is willing to loan you and demonstrates to sellers that you’re a serious buyer.

Prequalification is an estimate based on basic financial information you provide, while preapproval involves a more thorough review of your finances and is a stronger commitment from the lender.

Missing a payment could result in late fees, damage to your credit score, and eventually foreclosure if payments are not made. Contact your lender immediately to discuss options if you’re struggling.