Frequently Asked Questions

The first step is getting pre-approved. Submit basic information about your income, assets, employment, and credit, and we'll issue a pre-approval letter showing sellers you're a serious buyer. Pre-approval is free, takes less than 24 hours, and doesn't obligate you to anything.

You'll typically need: 2 most recent pay stubs, 2 years of W-2s, 2 years of tax returns, 2 months of bank statements, government-issued ID, and employment information. Self-employed borrowers may also need profit and loss statements. We'll give you a complete checklist when you start.

Pre-approval: 24 hours. Full mortgage process from application to closing: typically 30–45 days. Having your documents ready and responding quickly to requests significantly speeds things up. VA and FHA streamline refinances can close in 2–3 weeks.

Conventional loans: 620+. FHA loans: 580+ (with 3.5% down) or 500+ (with 10% down). VA loans: no official minimum, most lenders prefer 620+. HELOC: 620+. Higher scores get better rates — a 760+ score can save you significantly compared to a 620 score.

A mortgage application requires a hard credit pull, which may lower your score by a few points temporarily. However, if you're rate shopping with multiple lenders within a 14–45 day window, the credit bureaus treat all inquiries as a single inquiry. The impact is minimal compared to the benefit of finding the best rate.

DTI (debt-to-income ratio) is your total monthly debt payments divided by gross monthly income. Lenders typically want your front-end DTI (housing costs only) under 28% and back-end DTI (all debts) under 43–50%. FHA allows up to 57% with compensating factors. VA has more flexibility too. We'll calculate yours in your consultation.

VA loans: $0 down. FHA loans: 3.5% down. Conventional loans: as low as 3% down. Putting 20% down avoids PMI on conventional loans. The right amount depends on your financial situation — we'll help you decide what makes the most sense.

Yes, for most loan types. FHA allows 100% of the down payment to come from gift funds from a family member, employer, or approved organization. Conventional loans allow partial gift funds (the rest must come from your own savings). VA loans allow gift funds too. A gift letter documenting the source is required.

Closing costs typically run 2–5% of the loan amount and include lender fees, title insurance, appraisal, escrow fees, and prepaid items (property taxes, homeowners insurance). On a $500,000 loan, expect $10,000–$25,000. We'll give you a detailed Loan Estimate within 3 business days of application.

The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus lender fees spread over the loan term — it gives a more complete picture of the true annual cost. When comparing lenders, compare APRs, not just interest rates.

Keypath Mortgage offers rate locks for 30, 45, or 60 days — with our standard being 60 days at no obligation. This protects you from rate increases while your loan is being processed. If rates drop after locking, ask about our float-down options.

Veterans with honorable discharge, active duty service members (90+ days), National Guard and Reservists (6 years or 90 days active duty), and surviving spouses of veterans who died in service or from a service-connected disability. We can obtain your Certificate of Eligibility (COE) for free.

Yes. The VA funding fee is completely waived for veterans with a service-connected disability rating of 10% or more, and for surviving spouses of veterans who died in service. For all others, the fee ranges from 1.25%–3.3% and can be rolled into the loan.