Answers to
Common Questions
General Questions
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Most lenders prefer a credit score of at least 620 for conventional loans, but FHA loans may allow scores as low as 580. A higher score can help you qualify for better rates. To learn more about how to boost your credit score, you can follow these tips.
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Pre-qualification gives you an estimate of how much you can borrow, while pre-approval involves a credit check and financial review, making it stronger when making offers. If you’re looking to get a pre-approval, you can reach out here.
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Common mortgage options include FHA (low down payment), VA (for veterans), USDA (rural areas), and conventional loans. Each has different eligibility and down payment requirements. To learn more about these loans, you can view more information on our Loan Programs page.
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Getting pre-approved is free. At John Adams Mortgage, our loan officers walk you through the process with no upfront fees for pre-approval, so you can plan confidently without pressure.
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Yes, you can qualify as long as your overall debt is manageable. Lenders factor your student loan payments into your DTI.
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We have loan officers located throughout Michigan who are experts in their local markets—from Detroit and Grand Rapids to Traverse City and beyond. We’ll connect you with someone who is experienced with out-of-state buyers and uses tools like LOOP to make the process seamless.
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You'll typically need two years of tax returns, profit and loss statements, and proof of consistent income. A good credit score and savings also help.
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Closing costs typically range from 2% to 5% of the home’s price. They include lender fees, title services, escrow, and prepaid taxes or insurance.
First-Time Homebuyer
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Certain programs like MSHDA can help provide down payment assistance, tax credits, or reduced interest rates. Talk to one of our expert loan officers to help tailor a plan built for your budget.
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Yes, many loan programs allow gift funds from family or close relatives. You'll typically need a gift letter and documentation showing the source.
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Avoid skipping pre-approval, underestimating closing costs, or making large purchases before closing. We’ll help you stay on track with custom-built solutions and a seamless experience. If you’d like to learn more, feel free to follow our Do’s and Don’ts Mortgage Guide.
Refinancing
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Refinancing makes sense when interest rates drop, your credit score improves, or you want to change your loan term. It can reduce monthly payments or help pay off debt faster. If you’re looking to refinance, you can view more details here.
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It depends. Some government programs may allow it, but many lenders require you to have equity in your home. If you’re looking to refinance, you can view more details here.
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Pros include lower monthly payments, better interest rates, and debt consolidation. Cons can include closing costs and restarting your loan term. If you’re looking to refinance, you can view more details here.
Working with a Loan Officer
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Ask about your loan options, estimated monthly payments, closing costs, and how to improve your approval chances. Don’t hesitate to ask for a clear timeline. Feel free to Your Mortgage Question Guide to help guide you on your journey.
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Loan officers guide you through what to submit, track key deadlines, and work with tools like LOOP to keep your loan moving smoothly
Michigan Mortgage Cast Clips
Explore the library below to access quick clips that will answer common questions you may have while purchasing or refinancing your home. Click on the question to tune into a quick video - most of them are under two minutes!
