Question 1

What's the difference between a mortgage broker and a bank?

Accepted Answer

A mortgage broker compares options from multiple wholesale lenders. A bank offers its own lending products. Compare the actual rate, fees, requirements, and service for your situation; one type of lender isn't always less expensive.

Question 2

How long does pre-approval take?

Accepted Answer

Timing depends on your documents, credit review, income, and the lender's requirements. Lee can explain what's needed and discuss the schedule after reviewing your situation. Preapproval is conditional and isn't final loan approval.

Question 3

What documents do I need?

Accepted Answer

Common documents include recent pay stubs, W-2s, bank statements, and identification. Self-employed income can require tax returns, business records, or other documentation. Lee will explain the checklist for your situation and how to share documents securely.

Question 4

Does a pre-approval cost anything?

Accepted Answer

Ask Lee which costs apply before authorizing a credit report or submitting a formal application. Any applicable fees and payment timing should be clear before you proceed.

Question 5

Will pulling my credit hurt my score?

Accepted Answer

A soft inquiry doesn't affect your credit score. A hard inquiry can. Mortgage-shopping inquiries are generally grouped within a window of 14 to 45 days, depending on the scoring model. Ask which kind of check is needed at each stage.

Question 6

How low do rates really go?

Accepted Answer

Your rate depends on current pricing, credit, loan amount, down payment, property, and loan program. Lee can compare available wholesale options. Review fees and points alongside the rate to understand the cost.

Question 7

What's the minimum down payment?

Accepted Answer

Some eligible conventional programs allow 3% down and FHA can allow 3.5%. VA and USDA can offer zero down for eligible borrowers and properties. Closing costs and other requirements still apply, so compare the full cash needed.

Question 8

When should I refinance?

Accepted Answer

Compare closing costs, payment changes, the new loan term, and how long you expect to keep the loan. Lee can help calculate a break-even estimate and compare total interest with your existing mortgage.

Question 9

Can I buy a home while selling my current one?

Accepted Answer

It may be possible. Your existing mortgage, available cash, sale timing, and the new lender's requirements all affect the options. Share both transactions with Lee before committing to a purchase.

Question 10

Do you work with self-employed borrowers?

Accepted Answer

Yes. Lee can compare programs using tax returns, bank statements, 1099 income, or qualifying assets. Required documents and eligibility depend on the lender and program.

Question 11

What areas do you serve?

Accepted Answer

Northern Kentucky (Campbell, Kenton, Boone, Grant, Pendleton counties) and Greater Cincinnati. Lee is licensed in Kentucky, Ohio, and Florida.

Question 12

How do I get started?

Accepted Answer

Call Lee at (859) 380-5674, request a preapproval conversation, or use the contact form. If you're ready for a formal application, Lee can explain the secure application process.

Mortgage FAQ

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