FAQ's.

Pre-qualification is an informal estimate based on information you provide — useful for getting a general sense of your range, but not something sellers or agents rely on heavily.

‍Pre-approval is a verified assessment: we review your credit, income documentation, and assets and issue a conditional commitment. In a competitive market, pre-approval is often the difference between getting an offer accepted or not.

No — 20% is a benchmark, not a requirement. FHA loans allow down payments as low as 3.5%,VA and USDA loans offer zero-down options for eligible buyers, and some conventional programs start at 3%. Putting down less than 20% typically means paying PMI, but that's a trade-off worth evaluating based on your full financial situation.

A less-than-perfect credit score doesn't disqualify you. Different loan programs have different minimum thresholds, and Republic State Mortgage works with a broad range of credit profiles. If you're close to a threshold for better rates, our loan officers can walk you through concrete steps to improve your score before you apply — sometimes a few small changes make a meaningful difference.

Once your loan is approved and you're ready to move forward, your loan officer can lock your interest rate for a set window — typically 30 to 60 days. A rate lock guarantees that your rate won't change during that period, protecting you from market movement while you complete the process. Timing the lock is something we'll help you think through based on where rates are headed.

Self-employed borrowers and those with variable income — freelancers, business owners, contractors, commission earners — go through a slightly different documentation process, but it's absolutely manageable. Lenders typically use two years of tax returns and a year-to-date profit-and-loss statement to establish income. Your Republic State Mortgage loan officer will tell you exactly what to gather so the process stays on track.

Underwriting is the final deep review of your application. The underwriter will independently verify everything in your file — income, assets, credit, and the property itself. It's common to receive a list of 'conditions' — additional items the underwriter needs before issuing final approval. Respond quickly, stay in contact with your loan officer, and know that conditions are a normal part of the process, not a red flag.

A fixed-rate mortgage locks your rate for the life of the loan — your payment never changes, which makes budgeting straightforward.

An ARM offers a lower starting rate for an initial period (often 5, 7, or 10 years), after which it adjusts periodically based on a market index. ARMs can make sense if you plan to sell or refinance before the adjustment period begins. The right choice depends on how long you plan to stay in the home, your tolerance for uncertainty, and the current rate environment.

Eligibility for first-time buyer programs varies by program, location, and income level. Some are city or county-specific, others are statewide, and some are federally administered. The definition of 'first-time buyer' is also broader than most people assume — in many programs, you qualify if you haven't owned a primary residence in the past three years. Mention it when you speak with your loan officer, and we'll research what's available in your area.

There's no universal rule for when to refinance — it depends on your current rate, how long you plan to stay in the home, your equity position, and your goals. As a benchmark, many borrowers consider refinancing when they can reduce their rate by at least 0.5 to 1 percent, but a cash-out refinance or term change can make sense even at a similar rate. Yes, Republic State Mortgage handles refinances.If you're curious whether the numbers make sense for your situation, just reach out — we'll run through the scenarios with you at no obligation.

Your primary point of contact throughout the process is your dedicated loan officer. Behind the scenes, a team of processors and underwriters supports the work — but your loan officer remains your go-to for questions, updates, and any concerns. We don't believe in passing clients around. You'll know who to call.

A low appraisal means the lender can only loan against the appraised value — not the purchase price. That leaves a gap you'll need to address. Common options include negotiating a price reduction with the seller, covering the difference out of pocket, contesting the appraisal with additional comparable sales data, or walking away if you have an appraisal contingency. Your Republic State Mortgage loan officer will help you understand your options and what makes the most sense for your situation.

Because we've been doing this since 1997 and we haven't forgotten why it matters. Buying a home is one of the most significant financial decisions a person makes, and we take that seriously. Our loan officers bring real experience, not a script. Our operations team closes loans on time. And when something unexpected comes up — because it sometimes does — you'll have people in your corner who know your file and can move quickly. That's what over 25 years oflending looks like.