Explore mortgage questions, read community discussions and learn from the RatesQ community.
Sample questions from the RatesQ team appear below. These educational scenarios are not posts from real users.
I have an FHA loan I closed about 7 months ago. My rate is 7.25% and I've seen rates dip a bit. A coworker mentioned FHA Streamline lets you skip the appraisal. Is that true and how soon can I do it? Do I need to have 6 payments specifically or is it more like a seasoning window?
I'm comparing loan estimates from two lenders. Both show a 6.875% interest rate but one has an APR of 7.12% and the other 7.35%. What's in the APR that makes it higher? And which number should I actually be comparing?
I have about $120k in equity and I want to do some renovations ($40k) and maybe pay off a car loan ($18k). My current mortgage rate is 3.75% from 2021. I really don't want to lose that rate. Should I look at a HELOC or is there a better option?
I'm under contract with about 35 days to close. The rate I was quoted is 7.0%. My LO is telling me to lock now but my gut says rates might come down. Is there any data or strategy for deciding when to lock?
Lender A is offering 6.75% with no points. Lender B is offering 6.375% but wants 1.5 points (1.5% of the loan amount = about $4,500). I plan to stay in the house long term but who knows what rates will do. How do I decide if paying points makes sense?
I keep seeing different numbers online. Some say 620, some say 640, some say 700+. My current score is 658 and I'm hoping to buy in the next 3-4 months. Where do I actually stand?
I have about $22,000 saved and looking at homes in the $350-400k range. Is 5% down realistic for a first-time buyer with good credit (720 score) and steady income? What are the downsides compared to 20%?
I live in Texas and want to do a cash-out refinance. I've heard Texas has special rules around home equity. My home is worth $450k and my current mortgage is $280k. How much can I pull out and what are the Texas-specific restrictions?
I found a condo in Tampa I love but my lender said the building isn't 'warrantable.' What does that mean and is there any way to still get financing on it?
Looking to buy in the Bay Area. Everything here is $900k+. I keep hearing about conforming vs jumbo. What's the current conforming loan limit in California and how does going jumbo affect my options?
I'm a veteran and my buddy told me I can buy with zero down using a VA loan. Is that actually true for any price home? What are the fees and restrictions I should know about?
My lender gave me a Loan Estimate with $11,200 in closing costs on a $400k purchase. That seems high. Is that normal? What's actually in there and can any of it be negotiated?
I'm self-employed and buy rental properties. I keep getting turned down for conventional investment property loans because my personal tax return income is too low (lots of write-offs). Someone mentioned DSCR loans. Can someone explain how these work and what I need to qualify?
I want to buy a duplex as my first investment. I plan to live in one unit and rent the other. Does that change the down payment requirement vs buying a pure investment property?
A family member said a 1% lower rate saves you 'tens of thousands' but my LO said it barely matters on a $300k loan. Who's right?
I have 10% down and a 685 credit score. My lender quoted me both an FHA loan and a conventional loan. The FHA rate is 0.25% lower but has MIP. The conventional has a higher rate but no MIP eventually. Which makes more sense?
My monthly income is $7,500 and my current debts are: car $380, student loans $210, credit cards minimum $95. I want to buy a house around $350k. Am I in range?
I ran the numbers and my DTI would be around 47% with the house I want. My credit is 730 and I have $40k in cash after closing. Is this a dealbreaker?
I know FHA loans have MIP but I don't understand the math. My loan would be around $320,000. What's the upfront cost and what's the monthly hit?
I refinanced about 18 months ago. Rates have dropped again and I'm wondering if I can refinance again already. Is there a waiting period or penalty?
My lender says I'd save $180/month by refinancing but closing costs are $6,500. When would this be worth it?
I used my VA benefit to buy my first home in 2018 and still have that loan. I'm being relocated and want to buy a new home. Can I use VA again?
I have $35k saved. I want to buy something around $300k in a medium cost-of-living city. Is $35k enough or am I still short?
I keep seeing both terms used. Are they the same thing? I have about $90k in equity and want to tap some of it for a kitchen remodel (~$30k).
My primary home has a lot of equity and I want to use a HELOC to pull out $60k for a vacation home down payment. Is this allowed? Will lenders count the HELOC payment against my DTI?
I'm buying a rental property and the rents will be $2,200/month. The mortgage would be $1,750. Can I use the rental income to offset the new mortgage payment when qualifying?
I've seen 500, 580, 620 mentioned in different places. What's the real answer for 2025? And does a lower score mean I can't get 3.5% down?
My LO mentioned I might not need an appraisal for an FHA Streamline refinance. That seems too good to be true. How is that possible and are there any catches?
I'm a first-time buyer and the closing costs on my Loan Estimate seem really high. Can I ask the lender to reduce them? And is rolling them into the loan really 'free'?
I'm looking at a $1.1 million home. My credit is 705. I've been told jumbo is harder to get. Is 705 enough? What else do lenders look at for jumbo loans?