Mortgage questions, answered.

How much a lender is prepared to lend you, based on your income, debts, savings and credit. Sellers take an offer more seriously when one comes with it. It is not a final loan approval, which comes after underwriting reviews the home and your file.

It depends on the loan program, the home and your finances. Some programs are built for buyers who have not saved much yet. Ask to see your options side by side, with the full terms of each, before you choose.

Each loan program sets its own minimum, and lenders can set their own on top. A lower score can still work with the right program. The quickest way to know where you stand is a short conversation and, with your permission, a credit check.

A conversation about your options does not touch your credit. Your credit is checked only when you apply, and only with your permission.

Usually recent pay stubs, W-2s or tax returns, bank statements and a photo ID. Self-employed borrowers often use tax returns or bank statements in place of pay stubs. You get a checklist made for your situation.

It depends on the loan, the property and how quickly the paperwork comes together. You get a timeline at the start and an update at every step, so you always know what comes next.

Refinancing can make sense when it lowers your payment, shortens your loan, removes mortgage insurance or turns equity into cash. Weigh what you would save against what the refinance costs and how long you plan to stay in the home.

A home equity line of credit lets you borrow against the equity in your home as you need it, while your first mortgage stays as it is. Its rate can change, and it has a period for drawing money and a period for paying it back.

A fixed rate stays the same for the life of the loan. An adjustable rate is fixed for an opening period, then moves with the market within set limits. Which one fits depends on how long you plan to keep the loan.

Self-employed buyers have several options. Along with loans based on tax returns, some programs look at the deposits in your bank statements instead. Lenders look for a steady history of self-employment income.

The fees and prepaid items due when your loan closes, such as the appraisal, title insurance, recording fees and the first months of taxes and insurance. You see them on your Loan Estimate soon after you apply, and on your Closing Disclosure before you sign.

Veterans, service members and some surviving spouses, through a program backed by the Department of Veterans Affairs. It has benefits other loans do not, and you need a Certificate of Eligibility, which your lender can help you get.