Your Mortgage Questions. Straight Answers.

A bank sells you their own products - they have one set of rates from one lender. A mortgage broker shops dozens or hundreds of wholesale lenders on your behalf. I have access to over 100 wholesale lenders, which means more programs, more competitive rates, and more flexibility when your situation doesn't fit a cookie-cutter profile. Big banks also charge retail markup on every loan. Wholesale lenders don't. That difference typically saves buyers $10,000-$30,000 over the life of a loan.

Less than most people think. Conventional loans start at 3% down for first-time buyers. FHA is 3.5% with a 580+ credit score. VA loans are 0% down for eligible veterans. USDA loans are 0% down in eligible rural areas. And Illinois has IHDA down payment assistance programs that can cover $6,000-$10,000 in forgivable grants. The 20% number you hear is a myth for most buyers - it's when PMI goes away on a conventional loan, not a requirement to buy.

A single mortgage inquiry typically drops your score by 2-5 points - a small and temporary effect. More importantly, the credit bureaus treat multiple mortgage inquiries within a 14-45 day window as a single inquiry, so shopping multiple lenders doesn't compound the impact. Don't let fear of a minor credit inquiry stop you from getting a proper quote comparison. The rate difference between lenders can cost you far more than a few points on your credit score.

Yes - and you have more options than most people realize. Conventional loans use 2 years of tax returns, which can be challenging if you write off a lot of expenses. But non-QM loans (specifically bank statement loans) use 12-24 months of business or personal bank statements to calculate income. No tax returns required. This is a specialty area where most retail banks fall short - they only offer conventional products. I work with multiple wholesale non-QM lenders specifically for self-employed borrowers.

With complete documentation and a standard purchase, we target 21 days. Rush closings of 10-14 days are possible with certain lenders and loan types - but require complete documents immediately and appraisal flexibility. The biggest delays in closing almost always come from the borrower side (missing documents, slow responses) or the appraisal. If you need a fast close, tell me upfront and we'll structure the loan and lender selection around that constraint.

Nobody can predict rates with certainty - not economists, not the Fed, not me. What I can do is help you frame the decision: if you're within 30-45 days of closing and rates are at a level that works for your budget, lock. Don't gamble on something unpredictable when you've already found a home that fits your life. If you're 60+ days out, floating makes more sense. And if rates do drop after you close, refinancing is always an option - you're not locked in forever.