FREQUENTLY ASKED QUESTIONS
Whether you’re buying a home, refinancing, or investing in real estate, understanding your options is an important first step. Explore answers to some of the questions borrowers ask most often.
How much home can I afford?
Your price range depends on more than the purchase price. Income, monthly debts, credit, down payment, interest rates, property taxes, homeowners insurance, and HOA fees can all affect affordability. Mike can help you estimate your monthly payment and cash needed at closing so you can shop with a realistic budget.
Which loan program is right for me?
The right program depends on your goals, property type, occupancy, credit profile, income documentation, and available funds. Options may include conventional, FHA, VA, USDA, jumbo, DSCR, bank-statement, ITIN, and other specialized programs. Mike will review your situation and explain the options for which you may qualify.
How much will I need for a down payment and closing costs?
The amount varies by loan program, and a 20% down payment is not always required. Some qualified borrowers may be eligible for low- or no-down-payment options. Closing costs may include lender and title fees, appraisal costs, taxes, insurance, and prepaid expenses. You’ll receive an estimate before moving forward.
How does my credit affect my loan options?
Credit can affect program eligibility, interest rates, mortgage insurance, and loan terms. Lenders also consider income, debt-to-income ratio, assets, and the property being financed. If your credit needs improvement, Mike can help you understand possible next steps before you apply.
What costs should I consider beyond the loan payment?
Your total housing expense may include principal and interest, property taxes, homeowners insurance, mortgage insurance, HOA fees, utilities, maintenance, and unexpected repairs. Reviewing the full cost of ownership can help you select a home that fits both your current budget and long-term goals.
What should I avoid during the loan process?
Avoid opening or closing credit accounts, making large purchases, moving money between accounts without documentation, or changing jobs without first speaking with your loan professional. These changes can affect your eligibility or delay the process. Continue paying your bills on time and respond promptly to document requests.
What happens from preapproval through closing?
The process generally includes an initial consultation, document review, preapproval, home search, accepted offer, appraisal, title work, underwriting, final approval, and closing. Mike will explain each stage, help you prepare for upcoming requirements, and communicate with the professionals involved in your transaction.
What do I need to get started?
Just a conversation. Book a free 30-minute call and we'll talk through your goals, your deal, and what loan product makes the most sense before any paperwork is involved.
Still have questions?
Every borrower’s situation is different. Schedule a free call with Mike to discuss your goals and explore your available options.
All loans are subject to application, qualification, underwriting approval, and applicable program requirements.
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NEXA Lending LLC | Company NMLS #1660690
5559 S. Sossaman Road, Building 1, Suite 101, Mesa, AZ 85212 | Equal Housing Opportunity
Information provided is not a commitment to lend. All loans are subject to application, qualification, underwriting approval, and applicable terms and conditions.
Copyright 2026. Mike Hyche Empowered by NEXA Lending LLC. All rights reserved.