Common questions about getting started, answered by Mike Swaleh.
How do I get started with a mortgage?
The first thing is a phone call. No forms and no credit pull – I want to hear where you are and whether the timing makes sense.
— answered by Mike
What is the difference between pre-qualified and pre-approved?
Pre-qualification is based on a conversation – what you tell a lender, unverified. Pre-approval is based on a submitted application, a credit report and reviewed documents, so it carries real weight with sellers. The strongest version is a fully underwritten pre-approval, where an underwriter reviews the file before you have even found a house.
How much house can I afford?
That one genuinely needs your real numbers – income, debts, credit and the property – so it is Mike's to answer, not mine. What I can tell you is what goes into it: your income, your existing monthly debts, your down payment, and the taxes and insurance on the specific home. Want me to set up a conversation with Mike?
What are interest rates today?
Rates are not something that can be quoted honestly without your file. They move constantly, and the rate any one person gets depends on credit, down payment, property type, occupancy and loan size – so a headline figure is often nothing like the number that would actually apply to you. A real number takes a look at your actual situation.
How long does the whole process take?
Purchase files commonly run around thirty days from accepted contract to closing, and refinances often take a little longer because there is no contract deadline pushing them. It varies with the appraisal, how quickly documents come back, and how complex the file is. Mike will not promise a date Mike cannot hold, and neither will I.
What documents will I need?
Usually recent pay stubs, W-2s or tax returns, bank statements, identification, and anything specific to your program – a Certificate of Eligibility for VA, for example. Self-employed files need business returns as well. Do not send anything to me: Mike will give you a secure way to submit documents.
Do I need a real estate agent first, or a lender first?
Lender first, in most cases. A pre-approval tells you what you are actually shopping for and makes your offer credible when you find something. Plenty of agents will not show homes without one. You are also free to choose your own lender – you are never obliged to use whoever your agent recommends.
Should I buy now or wait?
I cannot predict the market, and anyone who tells you they can is guessing. What I can say is that the right time depends on your own situation – how long you plan to stay, whether your income is stable, and what you are paying now. Mike can walk through your side of it honestly.
Is there any cost to talk to Mike?
No – the initial conversation costs nothing and there is no obligation. Costs come later in the process and are disclosed to you in writing before you commit to anything – on a purchase or refinance that is a Loan Estimate.
Can I talk to a real person?
Yes. This is an AI and not a person, which the top of this page says outright. The real Mike is a person, and his team can be reached by booking a time, by phone or by email – the details are on this page. Nothing said here reaches anybody on its own, so getting hold of them is a step you take rather than something this chat arranges.
Mike Swaleh, Area Manager · NMLS #739145 · Fairway Independent Mortgage Corporation, NMLS Entity ID #2289
436 Lincoln Boulevard, Suite 105, Lincoln, CA 95648 · mswaleh@fairwaymc.com · Licensed in AZ, CA, CO, FL, GA, IL, KY, MO, NV, NC, OR, SC, TN, TX, WA
This information is not intended to be an indication of loan qualification, loan approval or a commitment to lend. Other limitations may apply. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Fairway is not affiliated with any government agencies. Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License No 41DBO-78367.
Equal Housing Opportunity. Verify licensing at nmlsconsumeraccess.org
