The mortgage process has a lot of moving parts. Most people don't know what they don't know — and that's fine. Our job is to walk you through it clearly, so you understand what you're signing and why.
The Honest Overview
Buying your first home is a significant financial decision. It's also a process with a lot of steps, a lot of paperwork, and a lot of people telling you different things.
The goal here isn't to make it sound easy. It's to make it understandable. When you know what's happening and why, the process feels a lot less overwhelming.
The mortgage piece — which is what we handle — involves qualifying for a loan, getting approved, and closing. The key variables are your credit, income, assets, and the property itself.
3%
Minimum Down Payment
Conventional loans
3.5%
FHA Down Payment
With 580+ credit score
2–5%
Typical Closing Costs
Of loan amount
30–45
Avg. Days to Close
From accepted offer
The Process
Before you look at a single listing, know your credit score, monthly income, existing debts, and how much you have saved. These four things determine what you can qualify for and what makes sense.
A pre-approval tells you your real buying power and shows sellers you're serious. A TRU Approval® goes further — it's fully underwritten upfront, which gives you a stronger position in competitive markets.
A buyer's agent costs you nothing — they're paid by the seller. Find someone who knows the Rochester market and communicates clearly.
Your agent writes the offer. Your financing is already in place. You know your numbers. This step should feel straightforward, not panicked.
The home gets inspected (you pay for this, ~$400–$600). The lender orders an appraisal to confirm the property value. Issues found here are negotiable.
Underwriting reviews the full file and issues a clear to close. Final numbers are locked. You review the Closing Disclosure 3 days before closing.
You sign documents, pay closing costs, and get the keys. The whole process from accepted offer to closing typically takes 30–45 days.
Loan Options
You don't need to know which program is right before you call. That's what the initial conversation is for. But here's a plain-English overview of the main options.
Best for buyers with good credit (620+) and stable income. PMI applies until you hit 20% equity, then drops off automatically.
More flexible credit guidelines and higher DTI tolerance. Mortgage insurance is for the life of the loan unless you refinance out of it.
For eligible veterans and active service members. No down payment, no mortgage insurance. One of the strongest programs available.
For properties in qualifying rural and suburban areas. Some Monroe County locations are eligible. Low monthly costs.
Strongest Option
Compete with cash buyers. Faster closings. Fewer surprises.
Common Myths
"You need 20% down."
Conventional loans start at 3% down. FHA at 3.5%. VA and USDA offer 0% down for qualifying buyers. The 20% figure avoids PMI — it's not a requirement.
"You need perfect credit."
FHA loans are available with scores as low as 580. Conventional programs typically want 620+. Better credit gets better rates, but imperfect credit isn't disqualifying.
"Renting is always cheaper."
Sometimes it is. Sometimes it isn't. The honest answer depends on your local market, how long you plan to stay, and what you'd do with the down payment otherwise. Run the actual numbers.
"You should wait for rates to drop."
Rates are unpredictable. If the home makes financial sense at today's rate, waiting is a gamble. If rates drop, you can refinance. If prices rise while you wait, you may have lost more than you saved.
"The pre-approval letter is all you need."
A standard pre-approval is an automated check — no human underwriter has reviewed your file. In competitive markets, a TRU Approval® (fully underwritten upfront) gives you a meaningful edge.
FAQ
These come up in almost every first-time buyer conversation. If yours isn't here, ask directly.
(585) 489-5800How long does the mortgage process take?
From application to closing, typically 30–45 days. Getting pre-approved before you shop doesn't add time — it removes delays later.
What's the difference between pre-qualification and pre-approval?
Pre-qualification is a rough estimate based on self-reported info. Pre-approval involves a credit pull and income review. TRU Approval® goes further — it's fully underwritten before you find a property.
What are closing costs?
Typically 2–5% of the loan amount. They include lender fees, title insurance, prepaid taxes and insurance, and other third-party costs. You'll receive a Loan Estimate early in the process that breaks these down.
Can I buy if I have student loans?
Yes. Student loans affect your debt-to-income ratio, which affects how much you can qualify for — but they don't disqualify you. Different loan programs treat student loan payments differently, which is worth reviewing.
Should I pay off debt before applying?
Sometimes yes, sometimes no. Paying off certain debts can improve your DTI and credit score. But depleting your savings to pay off debt can hurt your application if it leaves you with insufficient reserves. This is worth talking through before you do anything.
What credit score do I need?
FHA: 580+ (3.5% down) or 500–579 (10% down). Conventional: typically 620+. VA and USDA: varies by lender, generally 620+. Better scores get better rates.
Start with a conversation. We'll review your credit, income, and down payment situation, then show you the programs that actually fit — not just the easiest one to sell.