What type of loan are you looking for?
01
Credit Score
Higher scores generally unlock lower rates and stronger pricing.
02
Down Payment
A larger down payment lowers risk and can reduce both your rate and mortgage insurance.
03
Loan Type
Conventional, FHA, VA, USDA, and jumbo loans each price differently.
04
Loan Term
Shorter terms like 15 years usually carry lower rates than a 30 year loan.
05
Property & Occupancy
Primary homes price better than second homes and investment properties.
06
Market Conditions
Daily bond market movement shifts rates for everyone, which is why we update live.
Important rate disclosure
The rates and payments shown on this page are provided through Smart Home Lending's pricing partner and are for general informational purposes only. Rates are subject to change without notice and are not a commitment to lend or an offer to enter into an interest rate lock agreement. Displayed pricing assumes sample criteria, such as loan type, loan amount, credit score, occupancy, and loan-to-value, that may not match your situation. Your actual rate, APR, points, and monthly payment will depend on your individual circumstances, are subject to credit approval and underwriting, and may differ from the figures shown. APR reflects the estimated yearly cost of the loan including certain fees. Not all applicants will qualify. Smart Home Lending is an Equal Housing Lender.
What is the first step in getting a mortgage?
Start with a conversation about your home-purchase plans, financing questions and next steps. A licensed loan officer can explain the review process and which documents may be needed. An inquiry or estimate is not a loan approval or commitment to lend.
How much do I need for a down payment?
Down payment and mortgage insurance requirements depend on the loan program, borrower qualifications, property and lender guidelines. A licensed loan officer can explain the options and the cash needed for your scenario. Program availability and eligibility are subject to review.
How long does the mortgage approval process take?
Timing depends on the loan program, complete documentation, lender underwriting, appraisal and property requirements. Discuss your proposed purchase and closing timeline with your loan officer. Estimates are not guaranteed approval or closing dates.
Do I need perfect credit to qualify for a home loan?
Credit requirements vary by program and lender, along with other underwriting factors. A licensed loan officer can review your circumstances and explain available options. No credit score alone establishes eligibility or guarantees approval.
How are mortgage rates determined?
Mortgage rates are shaped by a combination of market conditions and your personal financial profile. Key factors include your credit score, loan-to-value ratio, loan type (conventional, FHA, VA, or USDA), loan term, and debt-to-income ratio. Lenders also watch broader economic indicators like the 10-year Treasury yield. Rates change daily, so a Smart Home Lending loan officer can give you a real-time quote based on your specific situation.
Are there any hidden fees in the mortgage process?
All mortgage costs are required by federal law to be disclosed in writing on a Loan Estimate, provided within three business days of your application. This document itemizes your interest rate, monthly payment, closing costs, and any lender fees. Smart Home Lending walks you through every line before you move forward, so you know exactly what to expect at closing.
Can I lower my mortgage interest rate later by refinancing?
Refinancing may change your interest rate, payment, loan term and total borrowing costs. Whether it makes sense depends on available terms, closing costs and your plans. Ask a licensed loan officer to compare scenarios; a lower payment does not necessarily mean lower total cost.
What documents do I need to apply for a mortgage?
Most mortgage applications require a government-issued photo ID, federal tax returns from the past two years, recent pay stubs (last 30 days), two to three months of bank statements, and documentation of any additional income. Self-employed borrowers typically provide two years of business tax returns and a current profit and loss statement. Your loan officer will give you a personalized document checklist based on your loan type and financial profile.
Will I have a dedicated loan officer to guide me through the process?
Ask the team who will handle your inquiry and how to contact them as you move through the process. Your loan officer can explain the next steps, required documentation and communication arrangements for your file.
What happens after I get pre-approved for a mortgage?
Review the letter and any conditions with your loan officer before using it with an offer. Any further approval depends on lender underwriting, updated documentation, the property and other applicable requirements. A pre-approval is not a final commitment to lend.
What is a DSCR loan and who qualifies?
DSCR stands for Debt Service Coverage Ratio. It is a loan program designed for real estate investors that qualifies borrowers based on the rental income of the property rather than personal income or employment history. A DSCR of 1.0 means the property's rental income covers the mortgage payment exactly. Most lenders look for a DSCR of 1.0 or higher. These loans are ideal for investors building a rental portfolio who want to keep their personal finances separate from their investment activity. Smart Home Lending offers DSCR loans across its licensed states.
Can I get a mortgage if I am self-employed?
Yes. Self-employed borrowers can qualify for the same loan programs as W-2 employees, including conventional, FHA, VA, and USDA loans. Lenders typically use two years of personal and business tax returns to calculate qualifying income, averaging net income over that period. Smart Home Lending works with self-employed borrowers regularly and can help you identify which documentation approach produces the strongest application.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an informal estimate of what you might be able to borrow based on self-reported income and assets. Pre-approval is a verified review of your credit, income, and financial documents, and carries significantly more weight with sellers and real estate agents. At Smart Home Lending, we recommend getting pre-approved before you start shopping so your offer is backed by a real lender review, not just an estimate.
What states does Smart Home Lending serve?
Smart Home Lending is licensed to broker residential mortgage loans in Arkansas, Colorado, Florida, Iowa, Kansas, Minnesota, Missouri, Oklahoma, and Texas (NMLS #2140357). If you are located in one of these states and are ready to buy, refinance, or explore your loan options, a Smart Home Lending loan officer is available to help.
Can I buy a home with no money down?
Yes, in certain cases. VA loans offer 100% financing with no down payment for eligible active-duty service members, veterans, and surviving spouses. USDA loans also offer zero down payment for eligible borrowers purchasing in qualifying rural and suburban areas. Both programs require meeting specific eligibility criteria. Smart Home Lending can help you determine whether you qualify and walk you through the application.