A mortgage is a loan you take out to finance the purchase of a home. It's a legal agreement in which a lender provides the funds to purchase your property, and you repay that loan plus interest over a fixed period of time. Mortgages make homeownership possible for buyers who may not have the full purchase amount upfront.

Timelines vary by lender, but on average, you can expect the mortgage process to take about 30 to 45 days from application to closing. Working with an experienced lender like Bravo Mortgage helps ensure your financing stays on track and moves efficiently through each step.

A good rule of thumb is to keep your monthly mortgage payment at or below 30% of your gross monthly income. Use our mortgage calculator to get an estimate that includes your principal, interest, taxes, insurance—and, where applicable, HOA fees. This helps you shop confidently within your budget.

Mortgage approval generally depends on three core factors:

• Credit Score: Each loan type has its own minimum score requirement. Higher scores may also earn better rates.
• Down Payment: Some loans require little or no money down, while others ask for more upfront.
• Debt-to-Income (DTI) Ratio: Lenders assess how much of your income goes toward existing debt. Lower DTI ratios improve your approval odds.

Typical credit score guidelines:

• 300–579: May not qualify
• 580–620: Minimum range to qualify for some programs
• 720–850: May qualify for the most favorable rates and terms

Mortgage points, or discount points, are optional upfront fees you can pay to reduce your interest rate. One-point equals 1% of your loan amount and typically lowers your rate by 0.125% to 0.25%. While this raises your closing costs, it can reduce long-term interest expenses.

Refinancing may be worth considering when current mortgage rates are at least 1%–2% lower than your existing rate. Even a modest drop can lead to noticeable monthly savings, depending on your loan size and terms. Our team can help calculate whether refinancing makes sense for your financial goals.

It's important to know the difference:

• Pre-Qualification: An estimate based on unverified financial details. It gives a general idea of what you might afford.
• Pre-Approval: A more formal, document-based review of your financial profile. It shows sellers you're a serious buyer and strengthens your offer.

At Bravo Mortgage, we recommend getting pre-approved early it saves time, simplifies your home search, and positions you to act quickly when the right home appears.

Each loan type meets different buyer needs:

• Conventional: Great for those with strong credit and a solid down payment.
• FHA: Ideal for first-time buyers with lower credit scores and smaller down payments.
• USDA: Offers zero-down financing for eligible homes in rural areas.
• VA: Available to veterans and service members, offering no down payment and no PMI.

We'll help you navigate your options to find the best fit for your situation.

The Annual Percentage Rate (APR) reflects the true yearly cost of borrowing. It includes your interest rate plus fees and prepaid finance charges. That's why it's usually slightly higher than the interest rate alone. Comparing APRs is a smart way to evaluate loan offers side by side.

You'll receive a Loan Estimate from your lender after applying. Page 3 of this document shows your loan's APR clearly for easy comparison.

Yes, and it's a smart move. Locking your rate protects you from market fluctuations while your loan is being finalized.

You'll receive a written Rate Lock Agreement outlining your locked rate, loan terms, and expiration date. Some options even allow for a float-down feature if rates drop before closing, you can still benefit.

Closing costs are fees paid at the end of your transaction, typically ranging from 2%–5% of the home's purchase price. They may include:

• Appraisal fees
• Title services
• Loan origination charges
• Attorney or escrow fees
• Prepaid interest and insurance

Your Closing Disclosure, provided at least three business days before closing, will outline all itemized costs. Our team is here to help you understand each charge so you can close with confidence.

Closing costs may range from 2 to 5 percent of your purchase price. The buyer and the seller are both responsible for paying different expenses at the closing.