General
Can a lender change my interest rate after I've been pre-approved?
I was pre-approved at 7.125% and now 3 weeks later the lender is quoting me 7.5% saying rates went up. I thought pre-approval locked in my r...
Community Q&A Board
Ask loan questions — get answers from our community and experts.
General
What documents should I gather before talking to a mortgage lender?
I'm a first-time home buyer and have a consultation scheduled with a lender next week. I want to show up prepared and not waste their time....
Genesis
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2 months ago
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226 views
Credit
My credit score dropped 40 points for no reason — what should I check first?
I monitor my credit and my score dropped from 740 to 700 last month. I have not applied for any new credit, missed no payments, and have not...
testme
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3 months ago
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648 views
Residential
VA loan appraisal came in $18k below purchase price — what are our options?
We're under contract on a home at $385,000 but the VA appraisal came back at $367,000. The seller says they will not reduce the price. We re...
Genesis
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3 months ago
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369 views
Residential
Can I remove PMI early if my home value increased significantly?
I bought my home 2 years ago with 10% down and have been paying PMI. My neighborhood has seen a lot of appreciation — Zillow shows my home i...
gahouse
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4 months ago
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317 views
General
What actually happens if I miss a mortgage payment?
I've always paid on time but I'm going through a rough patch financially and might be short this month. I've never been late before. What ex...
gahouse
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5 months ago
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744 views
Commercial
What is a realistic timeline to close a commercial bridge loan?
I need to close on a value-add multifamily deal in 30 days or lose the purchase contract. The property is 60% occupied. Can a bridge lender...
Genesis
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6 months ago
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267 views
Business
How does a lender calculate business income from my tax returns?
My CPA says my taxable income looks low because of depreciation and other deductions, but my actual cash flow is much higher. I've heard len...
testme
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6 months ago
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386 views
Residential
Is it true FHA loans require you to live in the home?
I was planning to buy a duplex with an FHA loan and rent out one unit while living in the other. My lender said FHA requires owner-occupancy...
gahouse
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7 months ago
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226 views
Residential
How much can seller concessions actually cover on a conventional loan?
We're negotiating on a house and the seller offered to cover some closing costs. Our agent mentioned there are limits based on down payment....
testme
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7 months ago
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190 views
Credit
Does opening a new credit card hurt my mortgage application if I haven't used it yet?
I opened a new credit card last month for the sign-up bonus before realizing I was going to apply for a mortgage soon. The card has a $0 bal...
Genesis
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7 months ago
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278 views
Commercial
SBA 7(a) vs SBA 504 — which is better for buying an owner-occupied commercial building?
My business is currently renting office space and I want to buy the building. A broker mentioned both SBA 7(a) and SBA 504 could work. The b...
gahouse
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7 months ago
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328 views
Residential
Does a cash-out refinance affect my property taxes?
I am considering a cash-out refinance to fund a kitchen renovation. A neighbor told me that refinancing can trigger a property tax reassessm...
inetstreet
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8 months ago
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109 views
General
Is it worth paying points to buy down my mortgage rate?
My lender offered me two options: 7.25% with no points, or 6.875% by paying 1.5 points upfront. On a $420,000 loan that would be $6,300 upfr...
inetstreet
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9 months ago
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521 views
Business
Is a merchant cash advance ever a good idea for a small business?
I own a food truck and had a busy season coming up but needed $15,000 for equipment repairs quickly. A company offered me a merchant cash ad...
gahouse
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9 months ago
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520 views
Commercial
Does a commercial property need to be stabilized before qualifying for a Fannie Mae multifamily loan?
I own a 12-unit apartment building that is currently at 75% occupancy. I have been told I need to stabilize to 90%+ before refinancing with...
inetstreet
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10 months ago
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197 views
Credit
How long after paying off a collection account will my score improve?
I had a medical collection for $870 that I recently paid in full. The collector agreed to mark it 'paid' but would not remove it from my cre...
inetstreet
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10 months ago
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460 views
Business
What's the difference between a working capital loan and a business line of credit?
I run a small landscaping company and cash flow gets tight in winter. Someone told me to get a working capital loan and someone else said ge...
Genesis
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11 months ago
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155 views
Business
Can I get an SBA loan if I had a past bankruptcy 4 years ago?
I filed Chapter 7 bankruptcy four years ago due to medical bills — it wasn't from the business failing. I've rebuilt my credit to around 690...
inetstreet
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11 months ago
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304 views
Commercial
How do lenders verify income for DSCR loans if I have no W-2?
I have several rental properties and all my income is from rents. I don't have a traditional job or W-2. I've been told DSCR loans qualify b...
testme
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11 months ago
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413 views