John Naccarato | Las Vegas Mortgage Loan Officer – Intercap Lending

Pre-qualification is a preliminary estimate based on information you provide without verification. Pre-approval is a formal commitment from a lender after they verify your financial information, credit history, and employment. Pre-approval carries more weight when making an offer on a home.

Credit score requirements vary by loan type. Conventional loans typically require a minimum score of 620, though better rates are available with scores above 740. FHA loans may accept scores as low as 580 with a 3.5% down payment. VA loans have no minimum credit score requirement. Our team can discuss your specific situation.

Down payment requirements vary by loan type. Conventional loans typically require 3-20%, FHA loans require 3.5%, VA loans require 0%, and USDA loans require 0%. First-time homebuyers may qualify for assistance programs. We can help you explore options that work for your financial situation.

Your debt-to-income (DTI) ratio is the percentage of your gross monthly income that goes toward debt payments. Most lenders prefer a DTI below 43%, though some programs allow up to 50%. A lower DTI demonstrates financial stability and increases your chances of loan approval. We can help you understand and improve your ratio.

A rate lock guarantees your interest rate for a specified period (typically 30-60 days) while your loan is being processed. This protects you from rate increases during the approval process. We recommend locking your rate once you find a home and your offer is accepted to protect yourself from market fluctuations.

Closing costs typically range from 2-5% of your loan amount and include appraisal fees, title insurance, attorney fees, property taxes, and homeowners insurance. These costs vary by location and loan type. We provide a detailed Loan Estimate within 3 days of application so you know exactly what to expect.

Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It protects the lender if you default. PMI can be avoided by putting down 20% or more, choosing an FHA loan, or getting a VA loan. Once your equity reaches 20%, you can request PMI removal on conventional loans.

Refinancing makes sense when interest rates drop significantly (typically 0.5-1% lower), when you want to shorten your loan term, or when you want to access your home equity. Consider refinancing costs and how long you plan to stay in the home. We can run the numbers to see if refinancing saves you money.

A fixed-rate mortgage has the same interest rate for the entire loan term, providing predictable monthly payments. An adjustable-rate mortgage (ARM) has a lower initial rate that increases after a set period. Fixed rates are more stable and predictable, while ARMs offer lower initial payments. Most borrowers prefer fixed rates for stability.

A 15-year mortgage has higher monthly payments but you pay less interest overall and build equity faster. A 30-year mortgage has lower monthly payments but you pay more interest over time. Choose based on your budget and financial goals. We can show you the comparison for your situation.

The typical process takes 30-45 days from application to closing. This includes processing, underwriting, appraisal, and final approval. Our streamlined process and experienced team work to keep things moving efficiently. We keep you updated at every step.

Typically you'll need: recent pay stubs, W-2s (last 2 years), tax returns (last 2 years), bank statements, proof of employment, and identification. Self-employed borrowers may need additional documentation. We provide a complete checklist during your consultation to make the process smooth.