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Answers to the most common questions we hear from borrowers.
A bank can only offer you their own loan products. A mortgage broker like KeyRate works with 50+ lenders to shop rates and terms on your behalf. Think of it like the difference between buying from one dealership versus having someone search every dealership in town for the best deal. Our service costs you nothing extra because we're compensated by the lender you choose.
A general guideline is that your total monthly housing payment (mortgage, taxes, insurance) should be no more than 28-31% of your gross monthly income. However, the actual amount depends on your specific debt, credit score, down payment, and the loan program. The best way to find out is to get pre-approved - we'll run the numbers together and give you a clear range.
It depends on the loan type. FHA loans accept scores as low as 500 (with 10% down) or 580 (with 3.5% down). Conventional loans typically require 620 or higher. VA loans have no official minimum, but most lenders want 620+. The higher your score, the better your rate. If your credit needs work, we can help you create a plan to improve it before applying.
Pre-approval can happen in as little as 24 hours. The full mortgage process from application to closing typically takes 30-45 days, though it can be faster or slower depending on the property, loan type, and how quickly documents are provided. We keep you updated throughout the process so there are no surprises.
The standard list includes: two years of W-2s or tax returns, two months of pay stubs, two months of bank statements, a valid photo ID, and your Social Security number. Self-employed borrowers may need additional documentation like profit and loss statements. We'll provide a complete checklist specific to your situation at the start of the process.
In most cases, our services cost you nothing out of pocket. We're compensated by the lender you choose through what's called a lender-paid compensation model. This means you get the benefit of rate shopping across 50+ lenders without paying extra for it. We are always transparent about how we're compensated and will explain all costs upfront before you commit to anything.
Whether you're buying your first home or refinancing your current mortgage, we're here to help you make the smartest decision.