Resources & Guides
Mortgage Resources & Homebuyer Guides
This is the same reading list Sterling Smith hands to clients before an application: plain-language homebuyer guides, a paperwork checklist, a step-by-step timeline, a glossary and free calculators. Start with whatever matches where you are today, then bring your questions to a licensed advisor.
The guide library
Five core guides that answer most borrower questions
Each guide tackles one stage of financing a home. Pick the one closest to your situation; together they cover what most people want to know before they ever fill out an application.
First-Time Homebuyer Guide
A long-form walkthrough of readiness, programs, budgeting and the six stages between a first conversation and the keys, plus the mistakes that trip up new buyers.
Learn more →Mortgage Document Checklist
Itemized paperwork lists for salaried employees, self-employed borrowers, retirees, veterans and anyone using gift money, so underwriting has what it needs on day one.
Learn more →Mortgage Process Timeline
Every phase from application to recording, with realistic timing for each and an explanation of what lets a well-prepared file close faster.
Learn more →Mortgage FAQ
More than twenty direct answers grouped by topic: getting started, qualifying, down payment and closing costs, the approval process and refinancing.
Learn more →Mortgage Glossary
An A-to-Z dictionary of lending vocabulary, from amortization to yield, written so your Loan Estimate and Closing Disclosure finally make sense.
Learn more →Calculators
Free mortgage tools for running your own numbers
Every calculator lives in the mortgage tools hub. None of them asks for contact details, and the results are planning estimates rather than a quote.
Mortgage Payment Calculator
Estimate a full monthly housing cost, including property tax, homeowners insurance, mortgage insurance and HOA dues.
Learn more →Affordability Calculator
Work from income, debts and savings toward a comfortable price range instead of a maximum approval figure.
Learn more →Refinance Calculator
Weigh a new rate and term against closing costs to find the month your savings overtake what you spent.
Learn more →Loan Comparison Tool
Place several loan scenarios side by side to compare payments, lifetime interest and cash needed at closing.
Learn more →Rates & Terms Finder
Answer a few questions about your goals and profile to narrow down which programs and terms deserve a closer look.
Learn more →Extra Payment Calculator
See how adding principal each month or once a year shortens the payoff date and trims total interest.
Learn more →Program primer
Which home loan program fits your situation?
Picking the right program often saves more over the life of a loan than shaving a fraction off the rate. Here is a quick side-by-side of the five most common choices; the full list of loan programs goes deeper.
| Program | Typical down payment | Mortgage insurance | Often a good fit for |
|---|---|---|---|
| Conventional | Often 3%–5% minimum for qualified borrowers | PMI below 20% down; can generally be removed once you build enough equity | Borrowers with solid credit who want flexibility later |
| FHA | Typically 3.5% with qualifying credit | Upfront and annual premiums, often for the life of the loan | Buyers rebuilding credit or carrying higher debt ratios |
| VA | 0% down for eligible borrowers | No monthly mortgage insurance; a one-time funding fee unless exempt | Veterans, service members and many surviving spouses |
| USDA | 0% down for eligible borrowers | Upfront and annual USDA guarantee fees rather than PMI | Households within income limits buying in eligible rural and suburban areas |
| Jumbo | Varies by lender and loan size | Usually none; stronger reserves expected instead | Loan amounts above the conforming limit for the county |
Eligibility depends on credit, income, assets, property type, underwriting and program guidelines. Self-employed or investing in rentals? Look at our specialized and non-QM programs and investment property financing.
Know the difference
Prequalification vs. pre-approval: why sellers care
Buyers tend to treat the two terms as synonyms, but listing agents read them very differently. A prequalification is a quick estimate built from numbers you report yourself, such as income, monthly debts and an approximate credit score. It is useful for sketching an early budget, though nothing in it has been checked.
A pre-approval goes further. You share income, asset and credit documentation, the file is reviewed, and you receive a letter tied to a loan amount and program. Because the seller's side knows your financing has already been examined, that letter carries real weight when offers compete. With our team, pre-approval decisions can arrive in as little as 24 hours.
- Prequalification: self-reported details, minutes to complete, no documents and no hard credit pull to start.
- Pre-approval: verified paperwork, reviewed file, and a letter you can attach to an offer.
- Neither one costs anything or commits you to closing with a particular lender.
Step by step
The mortgage process at a glance
Four stages carry you from application to keys, and most of what you control happens early. The detailed process timeline breaks each one into individual milestones.
Application and paperwork
Complete the application and upload income, asset and identity documents. A complete first upload means fewer conditions later; the document checklist shows what to gather.
Pre-approval
Credit is reviewed and your income and assets are verified. Decisions can come in as little as 24 hours, and same-day pre-approvals are available for many files.
Processing and underwriting
Once you are under contract, appraisal and title are ordered and underwriting conditions get cleared. Quick replies to document requests protect your closing date.
Closing
After final approval and the Closing Disclosure waiting period, you sign and receive the keys. A typical purchase loan closes within 30–45 days of contract, while well-documented, qualified files may close in as few as 21.
Common questions
Questions we hear every week
Which guide should I read first?
If you have never bought a home, begin with the first-time homebuyer guide. If you are already under contract, jump to the document checklist and timeline. Everyone benefits from keeping the glossary handy when disclosures start arriving.
Can I buy a home while paying off student loans?
Yes. Student debt is counted inside your debt-to-income ratio rather than treated as a deal-breaker. How the monthly figure is calculated depends on the program and on whether loans are deferred or on an income-driven plan, so bring recent statements and we can model it.
How long does a home appraisal usually take?
Many appraisals are completed within about a week or two of being ordered, though busy seasons and rural properties can take longer. The appraiser inspects the home and compares it with recent nearby sales before issuing a report to the lender.
Can these guides replace a personalized loan quote?
No. The guides explain how programs generally work, but rates, eligibility and costs depend on your credit, income, property and current guidelines. A short conversation, or a refinance calculator run for homeowners, is the bridge between general reading and real numbers.
Client feedback
What Our Clients Say
Every step was explained before it happened, so nothing came as a surprise. Questions I sent late at night were answered by the next morning.
We had been told no somewhere else and assumed that was the end of it. This team walked us through what to work on and stayed with us until it came together.
Organized, responsive and honest about what they could and could not do. Closing day was genuinely calm, which is not what I had been warned to expect.
Client stories as published by The Smith Mortgage Group. Read more on Sterling Smith's Facebook reviews page.
Done reading? Let's look at your actual file
Guides explain the rules; a short conversation shows which ones apply to your income, credit and timeline. Call or text Sterling Smith at 931-205-9873 and expect a reply within 2 business hours.
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