Top 5 Mortgage Questions Answered

By Chris Shumate, Senior Mortgage Loan Officer at Fairway Home Mortgage

📺 Watch the full video here: https://youtube.com/shorts/LWNrmvshBnE?si=kvBr1yq2aDN1pTvQ

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When it comes to getting a mortgage, it’s completely normal to have questions—especially in today’s market. After helping more than 3,500 families finance their homes over the years, I’ve learned that most people share the same core concerns.

So, let’s break down the Top 5 Mortgage Questions I get asked the most—and the clear, simple answers you deserve.

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1. What’s the first step to getting a mortgage?

Start with a pre-approval, not just a pre-qualification.
A pre-approval means we’ve reviewed your income, assets, and credit to determine what you truly qualify for. It gives you confidence, and it tells sellers you’re a serious buyer.

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2. How much do I need for a down payment?

This is one of the biggest misconceptions. You don’t need 20% down.
Depending on the loan type, you could buy with as little as:

• 0% down for qualified VA loans,
• 3% down for some conventional loans, and
• 3.5% down for FHA loans.

The right option depends on your situation—and I’ll help you find the one that fits your goals.

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3. What affects my interest rate?

Mortgage rates depend on several factors: your credit score, loan type, down payment, and the overall market conditions.
Remember, the Federal Reserve doesn’t set mortgage rates directly—rates move based on investor confidence and inflation expectations. That’s why timing and strategy matter.

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4. Should I buy now or wait for rates to drop?

The truth is, no one can perfectly time the market. But here’s what we do know: you can refinance later, but you can’t go back and buy the same home at today’s price.
If the home and the payment fit your budget today, that’s worth strong consideration. When rates drop, we can always look at refinancing to lower your payment.

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5. How long does the process take?

At Fairway, we pride ourselves on efficiency and communication.
Once you’re under contract, we can often close your loan in as little as 15–20 business days, depending on your situation. My team handles every detail carefully to make sure you stay informed from start to finish.

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Final Thoughts

Buying a home doesn’t have to be confusing or stressful. When you have the right team guiding you, every step becomes clear and manageable.

If you’re thinking about purchasing, refinancing, or just want to get pre-approved, my team and I are here to make the process smooth, transparent, and rewarding.

🏡 Let’s get your questions answered and your goals accomplished.

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About the Author:
Chris Shumate is a Senior Mortgage Loan Officer with Fairway Home Mortgage, serving clients across Georgia, Alabama, Tennessee, Florida, South Carolina, and North Carolina. Recognized among the Top 1% Mortgage Originators in America, Chris is known for his precision, transparency, and dedication to educating homebuyers.