To qualify for a mortgage, lenders typically look at factors such as your credit score, income, employment history, debt-to-income ratio (DTI), and down payment. The exact requirements vary depending on the loan type and lender

The down payment requirement depends on the loan program. Conventional loans usually require 3-20%, FHA loans require as little as 3.5%, and VA/USDA loans may offer zero down payment options for eligible borrowers.

A fixed-rate mortgage has a constant interest rate and monthly payments for the entire loan term, providing stability. An adjustable-rate mortgage (ARM) has a lower initial rate but can change periodically, based on market conditions.

Unlike a pre-approval where your income, assets, and credit is verified, a pre-qualification is based off what you say. A pre-qualification helps give you an idea of what you could potentially be pre-approved for. This doesn’t require your credit being pulled or submitting any documentation. Although, realtors or sellers will not accept this document like they would a pre-approval.

Your credit score impacts your loan eligibility, interest rate, and terms. Higher credit scores generally qualify for lower interest rates, while lower scores may require higher down payments or result in higher interest rates.