Getting pre-approved for a mortgage is an important early step in the homebuying process. It can help you understand your buying power and show sellers that you are prepared to move forward.

Down payment requirements vary by loan program. Some conventional loans may allow as little as 3% down, while eligible VA and USDA borrowers may qualify for no-down-payment options. Down payment assistance programs may also help with upfront costs.

Closing costs are expenses associated with completing a home purchase and may include appraisal, title and other loan-related fees. Costs vary based on the loan, property and transaction, and some programs may allow seller contributions toward eligible costs.

Credit score requirements vary by loan program and other qualifying factors. FHA, VA, USDA and conventional loans each have different guidelines, so a Loan Expert can help you explore options based on your financial profile.

Pre-qualification provides an initial estimate based on the financial information you provide. Mortgage pre-approval typically involves a more detailed review of your finances and can give you a clearer picture of your buying power before making an offer.