Questions, answered plainly.

A pre-qualification is an estimate based on what you tell us, usually with a soft credit check. A pre-approval means we've actually pulled credit and verified your income and assets — so it carries real weight with sellers. If you're making offers, you want the pre-approval.

Often the same business day if you apply during business hours and have your documents ready. The bottleneck is almost never us — it's waiting on pay stubs and bank statements.

Two recent pay stubs, two years of W-2s, two months of bank statements, and a photo ID covers most people. Add two years of tax returns if you're self-employed, own rental property, or earn commission. Our full checklist has everything.

Not at the start — we begin with a soft pull that has no effect. Once you formally apply there's a hard inquiry, but all mortgage inquiries within a 45-day window count as one under current FICO models. You can shop lenders freely.

It depends on income, existing debts, credit, down payment and the property's taxes and insurance — which in Florida vary enormously by county and roof age. A pre-approval gives you a real number instead of a calculator's guess. You can start with our mortgage calculator.

Yes, and it's the single best thing you can do early. You'll know your actual budget, and many sellers won't schedule a showing without a letter. It costs nothing and doesn't obligate you to anything.

Typically 60 to 90 days, since credit and income documents go stale. Renewing is quick — usually just updated pay stubs and a fresh credit pull.

That's the normal order. Pre-approval is about you, not the property. The specific home gets evaluated later through the appraisal and title review.

Conventional needs a 620 score and starts at 3% down, and its mortgage insurance cancels once you reach 20% equity. FHA accepts scores down to 580 at 3.5% down and is more forgiving on debt and past credit events, but its mortgage insurance stays for the life of the loan if you put less than 10% down.

It's a benefit for veterans, active duty service members and some surviving spouses. Zero down payment, no monthly mortgage insurance, and rates that typically beat conventional. If you served, it's almost always the strongest option — we can pull your Certificate of Eligibility for you.

Yes. Conventional and FHA use two years of tax returns. If your write-offs make your taxable income look too small, bank statement programs qualify you on 12 to 24 months of deposits instead. There are also 1099-only and asset depletion options.

An investor loan that qualifies on the property's rental income rather than your personal income. No tax returns, no debt-to-income calculation, and you can vest in an LLC. It's the standard tool for buyers building a rental portfolio.

Any loan above the conforming limit — $832,750 in most counties for 2026, higher in designated high-cost areas. Jumbos need stronger credit and more reserves, but pricing is competitive and they're common in South Florida.

Yes, but the building has to qualify too — reserves, litigation, investor concentration and milestone inspection status all matter, and that's where a lot of Florida condo deals die. We review the association early rather than three days before closing. Non-warrantable options exist for buildings that don't pass.

A fixed rate never changes. An adjustable rate is fixed for an initial period — often 5, 7 or 10 years — then adjusts periodically against an index. ARMs usually start lower, which can make sense if you're confident you'll sell or refinance before the first adjustment.

Yes. Second homes generally need 10% or more down; investment properties usually start around 20% to 25%, with higher rates. DSCR loans are often the cleanest route for investors.

Conventional starts at 3%, FHA at 3.5%, and VA and USDA at nothing. On a $400,000 home that's $12,000 or $14,000 — not $80,000. Twenty percent isn't a requirement and never has been; it's just the point where conventional mortgage insurance stops.

Yes, on most programs the whole thing can be gifted by a family member. You'll need a gift letter plus a paper trail showing the donor's funds and the transfer. Tell your loan officer before the money moves so it can be sourced correctly.

Generally 2% to 5% of the purchase price, on top of your down payment. That's lender fees, appraisal, title and settlement, Florida documentary stamp and intangible taxes, survey, recording, and prepaid taxes and insurance. On a $400,000 home, roughly $8,000 to $20,000.

Three common levers: seller concessions negotiated into the contract, a lender credit where you accept a slightly higher rate in exchange for costs being covered, and down payment assistance programs — many of which cover closing costs, not just the down payment.

Florida Housing's Hometown Heroes program offers eligible frontline workers 5% of the first mortgage amount — $10,000 minimum, $35,000 maximum — as a 0% interest deferred second mortgage. Funding comes in rounds and is first come, first served, so availability changes through the year. Many counties and cities run their own programs too.

Conventional PMI can be cancelled by request at 20% equity and terminates automatically at 78% loan-to-value. FHA lasts 11 years if you put at least 10% down — and for the life of the loan if you put less. In that case a conventional refinance is the only way off it.

Conventional PMI generally runs 0.3% to 1.5% of the loan per year and is priced heavily on your credit score. FHA charges 1.75% upfront — usually financed into the loan — plus roughly 0.55% annually.

580 is the practical floor for FHA at 3.5% down, and 500 with 10% down. Most conventional loans need 620. But your score does more than gate approval — it sets your rate and your mortgage insurance premium, so the gap between 660 and 740 shows up every month.

Paying revolving balances down below 30% of their limits usually moves a score fastest — often within one reporting cycle. Don't close old cards; they're carrying your account age and available credit. We'll look at your specific accounts and tell you which ones are worth addressing.

Debt-to-income compares your monthly debt payments — including the new mortgage — to your gross monthly income. Most programs allow up to roughly 45% to 50% with strong compensating factors. It's often the real constraint on how much you can borrow, more than your down payment.

Yes, after a waiting period that varies by program and by whether the event was a Chapter 7, Chapter 13, foreclosure or short sale. FHA waiting periods are generally shorter than conventional. It doesn't disqualify you permanently — worth asking rather than assuming.

No, though they count toward your debt-to-income ratio. How the payment is calculated depends on the program and on whether the loan is in deferment or on an income-driven plan — which means the same loans can qualify you differently depending on the loan type.

Some programs allow non-traditional credit, built from rent, utilities, insurance and phone payment history. FHA is generally the most accommodating here.

Two years of employment history is the standard, but that's history, not tenure at one employer. Job changes within the same field are usually fine. Gaps just need an explanation. Switching to self-employment right before applying is the one that causes real problems.

Conventional and FHA cash-out refinances generally go up to 80% of appraised value. Subtract your balance and closing costs and the rest is yours at closing. VA cash-out can go higher, up to 100% in some cases. Investment properties usually cap around 75%. Run your numbers.

A cash-out refinance replaces your whole mortgage, so your entire balance moves to today's rate. A home equity loan or HELOC sits behind your existing mortgage, so you keep your current rate and only pay today's rate on the new money. If your existing rate is well below market, the second is usually cheaper.

Yes, unless you choose a shorter one. Ten years into a 30-year loan, refinancing into another 30-year adds ten years of payments — the monthly number drops but total interest can rise. A 20- or 15-year term avoids the reset at a higher payment.

If you put less than 10% down, it can't be cancelled — refinancing into a conventional loan is the only exit. You'll generally want about 20% equity so you don't simply replace it with conventional PMI. Rising Florida values mean a lot of FHA borrowers are already there.

Yes, and there's no penalty. You're not obligated to stay with your servicer. Your new lender coordinates the payoff of the old loan directly.

Simplified refinances for people already on those loan types. Both typically skip the appraisal and require far less documentation. The FHA Streamline lowers your rate but keeps FHA mortgage insurance; the VA IRRRL is rate-and-term only, so no cash out.

Most loans close in 30 to 45 days from a signed contract. Streamline refinances can move faster. The biggest variable you control is how quickly you return document requests.

Don't open new credit, finance furniture or a car, change jobs, or move large sums between accounts. Lenders re-verify credit and employment right before closing, and any of these can delay or kill an approved loan days out. If something's coming, tell your loan officer first.

An independent valuation your lender orders. If it comes in below the contract price, the options are renegotiating with the seller, bringing extra cash to cover the gap, disputing with additional comparable sales, or walking away if your contract has an appraisal contingency.

An agreement fixing your rate for a set period — commonly 30 to 60 days — so market movement during processing doesn't change your deal. Longer locks and extensions typically cost more. New construction often needs an extended lock.

The final document showing your exact loan terms and every dollar of closing costs. Federal law requires you to receive it at least three business days before signing, so you have time to review it and compare against your Loan Estimate.

Usually. Options include our South Miami office, a mobile notary at your home or office, or fully digital closing where available. On a refinance of your primary residence there's also a federally required three business day right of rescission after signing before funds are released.

Servicing is frequently transferred after closing — that's normal across the industry and doesn't change your loan terms. You'll receive written notice telling you where to send payments before anything changes.

Beycome Mortgage LLC is licensed in Florida, with Texas licensing in progress. If your property is elsewhere, reach out and we'll let you know when we can help.

No. Beycome Mortgage LLC is affiliated with other companies under common ownership, and that relationship is disclosed. You are never required to use an affiliated company as a condition of your purchase, sale, or financing, and you're free to choose any lender, title company or settlement provider. Read the full disclosure.

Nothing. There's no application fee, and the initial check is a soft credit pull with no score impact. Third-party costs like the appraisal come later, once you're moving forward on a specific property.

One licensed loan officer from application through closing, with a direct line. You won't re-explain your file to a queue.

Beycome Mortgage LLC is NMLS #2523620. You can look us up — and any individual loan officer — at NMLS Consumer Access, which is the federal registry for mortgage licensees.

Yes. You're free to use any agent you like, or none at all. We work with whoever is representing you.