Frequently Asked Questions

How Do I Know How Much I Can Afford?

What you can afford is a personal decision — only you know what monthly payment fits comfortably in your budget. Our job is to help you with financing and tell you which programs you qualify for. Conventional loans typically allow a debt-to-income ratio up to about 50%, and FHA allows up to 47% for housing costs and 57% total. Review our affordability calculator or reach out for a free personalized quote.

How Long Does the Process Take?

The industry standard is 30 to 45 days from application to closing, but Secure Choice Lending averages a much quicker closing — with some closings in as little as 10 days. Your timeline can vary depending on your financial situation, loan type, and documentation speed.

How Much Money Do I Need to Purchase a Home?

FHA loans require as little as 3.5% down, VA loans offer zero down payment for qualifying veterans, and conventional loans offer down payments starting at 3%. Closing costs are usually 2-5% of the loan amount.

What Is a Credit Score and How Does It Affect My Mortgage?

Your credit score is a three-digit number (300-850) that shows your ability to repay debt. Most borrowers fall between 620 and 780, and the national average is around 715. Higher scores typically result in lower interest rates.

What Is PMI (Private Mortgage Insurance)?

PMI protects the lender if you default. It's typically required when your down payment is less than 20%. Cost ranges from 0.3% to 1.5% of the loan amount per year. PMI can be removed once you've built 20% equity.

What Is Underwriting?

Underwriting is the process by which a lender evaluates your financial information to determine whether to approve your mortgage loan, reviewing credit history, income, assets, debts, and property appraisal.

What Documents Do I Need to Apply for a Mortgage?

For most borrowers: a government-issued photo ID, 2 most recent pay stubs, W-2s from the past 2 years, 2 most recent months of bank statements, and a signed purchase agreement once you have an accepted offer. Self-employed borrowers may also need 2 years of tax returns and a year-to-date profit and loss statement. Your loan officer will confirm exactly what applies to you.

What Is the Difference Between Pre-Qualification and Pre-Approval?

Pre-qualification is a quick, informal estimate based on self-reported information. Pre-approval is a thorough process where a lender verifies your income, credit, and assets and provides a conditional commitment for a specific loan amount. Pre-approval carries much more weight with sellers.

What Types of Loans Does Secure Choice Lending Offer?

We offer one of the broadest loan menus in the industry — Conventional, FHA, VA, Jumbo, Fixed-Rate, Adjustable-Rate, HomeReady, Home Possible, Refinancing, FHA Streamline, VA IRRRL, Reverse Mortgages, HELOCs, Hard Money, and Non-QM loans. Every loan is tailored to your situation, so contact us and we'll find the right fit.

Can I Get a Mortgage If I'm Self-Employed?

Yes! Self-employed borrowers can qualify with additional documentation such as two years of tax returns, profit and loss statements, and business bank statements.

What Happens at Closing?

At closing, you review and sign loan documents, pay closing costs and down payment, and receive your keys. You'll receive a Closing Disclosure at least three business days in advance.

How Can I Lower My Interest Rate?

Improve your credit score, make a larger down payment, choose a shorter loan term, pay discount points at closing, or shop around and compare rates.

Contact Secure Choice Lending at (951) 733-8925 or info@securechoicelending.com. NMLS #1689518.