Got Questions?We’ve Got Answers.

It’s less intimidating than you think. Let’s get to know each other so we can tailor a mortgage solution that’s right for you. We’ll need to collect a 2-year work and residence history, along with gross monthly or annual income. We’ll also discuss assets, down payment preference, and unique financing structures that best suit your needs. Plan for a 10-minute phone call or face-to-face meeting. You can also visit our mobile or web-friendly applications, if preferred. But above all, let’s work together to ensure you’re comfortable.

This is simply the difference between a conversation and hard copy documentation. A verbal or online disclosure of income, assets and down payment is all it takes to get prequalified. A preapproval, however, requires verification of your financial information. Ultimately, a preapproval takes a little more time and documentation, but it also carries more value with a prospective seller. Additionally, with a preapproval, you can be sure your lender and you view your income in the same way.

Most applications start with a few basics: a 2-year history of W-2s or tax returns, your most recent pay stubs, the last two to three months of bank and asset statements, a photo ID, and details on any current debts. If you’re self-employed or earn commission, plan to add business returns. Don’t worry about gathering everything perfectly up front — your loan officer will hand you a tailored checklist so you’re never guessing.

A good rule of thumb is that your total monthly housing payment fits comfortably alongside your other debts — most programs look at your overall debt-to-income ratio to land within their guidelines. The fastest way to a real, personalized number is a quick pre-approval that factors in your income, debts, credit, and down payment. Get pre-approved and we’ll give you a confident price range to shop in.

We will never retrieve a credit report or credit score without your permission. If requested, we’d be happy to start with a “soft” credit check, which will not include a hit to your credit. Many clients prefer a soft credit check at pre-approval.

A mortgage credit inquiry is different than an inquiry for other consumer debt. Credit bureaus have learned that mortgage shopping behavior does not carry the same risks — so multiple mortgage inquiries within a limited window are treated as a single inquiry. That window ranges from 14 to 45 days depending on the FICO system the lender uses.

There’s no universal magic number. Many conventional programs begin in the low-600s, and some government-backed options like FHA may go lower with a larger down payment. Your score is just one piece of the picture alongside income, debt, and down payment — so even if your credit isn’t perfect, it’s worth a conversation. We can also walk you through simple steps to strengthen your score before you apply.

Pre-approvals with Highland expire with your credit report. Credit reports are valid for 120 days from the date of the initial credit inquiry. If your credit report expires prior to closing on your new home, we’ll need to retrieve an updated report, along with updated income and asset documentation.

Debt-to-income (DTI) compares your monthly debt payments to your gross monthly income. It helps a lender see how much room you have for a comfortable mortgage payment. Many programs look for a DTI within a set range, though stronger credit or a larger down payment can allow more flexibility. If your DTI is on the higher side, paying down a credit card or two before you apply can make a real difference.

Absolutely. If you’re self-employed, a business owner, or earn 1099 income, you can still qualify — typically with one to two years of tax returns, and in some cases bank-statement programs that look at your deposits instead of returns. Bring your full income picture and we’ll help find the structure that fits how you actually earn.

Trigger leads were created by the national credit bureaus. When you apply for a mortgage pre-approval, a credit report is drawn — and this action triggers an inquiry. The bureaus are then made aware that you are potentially searching for a loan and have the ability to sell your information to other lenders. These leads can be created and sold within 24 hours of a loan application.

Rest assured, Highland does not sell your credit information. Unfortunately, trigger leads are legal, though Highland Mortgage has been lobbying with the Mortgage Bankers Association to reverse this practice.

No — this is one of the most common myths in homebuying. Depending on credit and other criteria, most homebuyers can qualify with as little as 3% to 3.5% down payment. Other loan programs, such as VA or USDA, offer as much as 100% total financing. You do not necessarily need 20% down to qualify for a home purchase.

Private mortgage insurance (PMI) is typically required on conventional loans when you put down less than 20%. It protects the lender — not you — but it’s what lets you buy sooner with a smaller down payment. The good news: on most conventional loans, PMI can be removed once you build roughly 20% equity, either by paying down the balance or as your home’s value grows.

“Closing costs” refer to all of the charges you’ll need to pay at closing once your loan is completed. These include lender, attorney and any state fees. Closing costs vary depending upon credit, down payment, loan program, interest rate and more. Generally they are 1.5% to 3% of the loan amount.

Yes — many loan programs allow gift funds from a family member to cover some or all of your down payment and closing costs. You’ll just need a simple gift letter confirming the money is a gift and not a loan, along with documentation of the transfer. Your loan officer will walk you through exactly what’s needed so it’s a smooth, paperwork-light process.

Often, yes. Many state and local down payment assistance (DPA) programs exist for eligible buyers — especially first-time buyers — and can help with your down payment or closing costs. Availability, eligibility, and terms vary by area and change over time, so the best move is to ask your loan officer what you may qualify for where you’re buying.

Highland offers a full range — conventional, FHA, VA, USDA, and jumbo loans, plus specialized options for unique situations. Because we underwrite and fund in-house, we can match you to the right structure instead of forcing you into a box. Explore our loan solutions to see what fits your goals.

A fixed-rate mortgage keeps the same interest rate for the life of the loan — predictable and the most popular choice. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for a set period, then adjusts periodically with the market. An ARM can make sense if you expect to move or refinance before the fixed period ends — we’ll help you weigh the trade-offs for your plans.

An FHA loan is a government-backed mortgage that’s popular with first-time buyers and those who want a lower down payment. It offers more flexible credit guidelines and down payments as low as 3.5% for eligible borrowers. FHA loans include mortgage insurance, so it’s worth comparing them against conventional options — something your loan officer can do side by side.

A VA loan is a benefit for eligible veterans, active-duty service members, and certain surviving spouses. It offers competitive terms, no required down payment for eligible borrowers, and no monthly mortgage insurance. If you’ve served, it’s one of the strongest options available — and we’ll make sure you use every benefit you’ve earned.

A jumbo loan finances amounts above the conforming loan limits set each year. Because the loan is larger, jumbo programs typically carry stricter credit, income, and down-payment requirements — but they make higher-priced homes possible. We’ll help you structure one that fits comfortably within your overall financial picture.

We will never lock your interest rate without your expressed instruction. Typically, individuals purchasing a new home lock their interest rate once they’ve gone under contract and have determined a closing date. Differing rate lock durations carry different pricing — as a general rule, the shorter the lock term, the better the price.

A rate lock secures your interest rate for a set period, protecting you from market swings while your loan is processed. Most buyers lock once they’re under contract and have a target closing date. Shorter lock periods generally price better than longer ones, and your loan officer will help you time it based on your closing timeline and the market.

APR — or Annual Percentage Rate — is used to evaluate the true cost of borrowing money. It includes the interest rate, points, mortgage origination fees, and other costs associated with obtaining a loan. The APR is usually higher than the interest rate because it encompasses all these loan costs. Think of it this way: the interest rate is what you pay on the money borrowed; the APR is the full picture of what the loan actually costs you.

Your payment is usually more than just principal and interest. It commonly includes four parts — Principal, Interest, Taxes, and Insurance, often called “PITI” — and may also include mortgage insurance or HOA dues. Your Loan Estimate breaks every piece down line by line, so you’ll know exactly what you’re paying and why, with no surprises.

Yes. By paying “points” — a fee equal to a percentage of your loan amount — up front, you can buy down your interest rate. Whether that’s worth it depends largely on how long you plan to keep the loan. Your loan officer can run the break-even math with you so you can decide if paying points up front actually pays off for your situation.

Industry turn times can eclipse 30 and sometimes 45 days. At Highland, our standard is 16 business days from loan application to closing date. Because we process, underwrite, close and fund our own mortgages in-house, we can move more quickly if the terms of your contract necessitate a rapid closing.

Underwriting is where a specialist verifies everything — your income, assets, credit, and the property itself — to confirm the loan meets program guidelines. They may request a few additional documents along the way, which is completely normal. Because Highland underwrites in-house, this step tends to move faster and with clearer communication than the industry norm.

Until you close, keep your finances steady. Avoid opening new credit cards or loans, making large unexplained deposits, changing jobs without telling us, or making big purchases like a car. Each of these can change your qualification right before the finish line. The simple rule: when in doubt, ask your loan officer before you act.

The short answer is yes — but only for your own reference. Lenders cannot use an appraisal ordered by the client or the seller. Appraisal Independence Requirements mandate that mortgage companies must order their own appraisals through a defined process that eliminates potential for errors and value inconsistencies.

At Highland, we maintain our appraisal assignments in-house through a dedicated, seasoned team to ensure the highest level of compliance without sacrificing expediency or quality.

An escrow account is set up by your loan servicer to collect a portion of your property taxes and homeowners insurance with each monthly payment, then pays those bills on your behalf when they come due. It spreads big annual expenses into manageable monthly amounts — so you’re never hit with a surprise tax or insurance bill all at once.

Refinancing can make sense when it helps you reach a goal — lowering your rate or payment, shortening your term, switching loan types, or tapping equity. Keep in mind that refinancing may increase the total finance charges over the life of the loan. A loan officer can run the real numbers for your situation so the decision is based on math, not guesswork.

A cash-out refinance replaces your current mortgage with a new, larger loan and gives you the difference in cash — using the equity you’ve built. People often use it for renovations, consolidating higher-interest debt, or other goals. As with any refinance, it can change your rate, term, and total interest paid, so it’s worth reviewing the full picture with your loan officer.

After closing, you’ll make payments to your loan servicer — which may or may not be the company that originated your loan, since servicing can be transferred. If it ever transfers, you’ll receive written notice with the new payment details well in advance, so you’re never left guessing where to send your payment.