Frequently Asked Questions

What is earnest money, and how does it work in the home-buying process?

Earnest money is a deposit made to show serious intent when buying a home. It’s typically held in escrow and credited toward your down payment or closing costs if the deal goes through.

How can I estimate the total cost of homeownership?

Besides the mortgage, include costs for property taxes, insurance, maintenance, utilities, and any HOA fees when estimating the total cost of owning a home.

What’s the difference between pre-approval and pre-qualification for a mortgage?

Pre-qualification gives a rough estimate of what you can borrow based on self-reported information, while pre-approval involves a more in-depth review of your financials by a lender and provides a more accurate borrowing amount.