Mortgage questions, answered plainly
These are the questions Michigan home buyers ask most, answered directly by Moore2Lend, the mortgage practice of Raquel Moore, NMLS 138789, an independent mortgage broker in Macomb. Each answer is general education, not a loan offer, quote, or approval; your own situation may differ, and a short conversation settles what a general answer cannot.
What is the difference between a mortgage broker and a mortgage banker?
A mortgage banker originates loans from one institution, so the menu is the menu no matter your situation. A mortgage broker is an independent licensed intermediary who shops many lenders and programs on your behalf, like a personal shopper for your mortgage. Raquel spent 30 years as a banker before becoming a broker, and she made the switch to offer clients real choice.
Why work with a mortgage broker instead of a big name lender?
Because access to many lenders means the loan can be matched to you, not the other way around. Brokers originate roughly 30 percent of United States mortgages, largely through wholesale lenders that spend their money on lending rather than advertising, so they are rarely household names. Raquel compares those options, handles the paperwork and lender communication, and advocates for you through closing.
Can Raquel help with construction, commercial, or reverse mortgages?
Yes. Beyond standard residential purchase and refinance lending, Raquel arranges construction loans for new builds and lot purchases, commercial financing for investment and mixed use property, reverse mortgages that help senior homeowners draw on home equity, and asset based programs that qualify borrowers on assets rather than income. If your situation sits outside the standard box, start with a conversation.
What is the difference between prequalification and preapproval?
Prequalification is an informal estimate based on numbers you describe, with nothing verified. Preapproval means your income, assets, and credit have actually been reviewed, and a lender has put the result in writing. In a competitive Michigan market, sellers and listing agents give far more weight to a preapproval letter. If you are serious about making an offer, preapproval is the step that counts.
How do I get preapproved for a mortgage in Michigan?
Start with a short conversation about your goals, income, and savings. You then share documents such as pay stubs, W2 forms, and bank statements, and authorize a credit review. Once the file is reviewed, you receive a preapproval letter to share with your real estate agent. Preapproval gives you a realistic price range and helps Michigan sellers take your offer seriously.
What will my mortgage rate be?
No honest lender can answer that on a website. Rates change daily, and your rate depends on your credit profile, down payment, loan program, property type, and how the loan is structured. That is why this site publishes no rates. When we talk, you get a quote based on your actual situation on that day, along with an explanation of what drives it.
How much do I need for a down payment?
Often less than buyers assume. Several conventional and FHA programs allow low down payments, eligible veterans can use VA financing with no down payment required, and Michigan down payment assistance may help qualified buyers. The right amount depends on your savings, monthly budget, and goals, so we compare several scenarios side by side before you commit to one path.
Does Michigan offer help for first time home buyers?
Yes. The Michigan State Housing Development Authority, known as MSHDA, offers first time buyer programs with down payment assistance through participating lenders. Raquel has worked with MSHDA first time buyer lending and has been named on the MI First Home successful lenders list. Whether a MSHDA program fits depends on income, purchase price, and location, so raise it early in your preapproval conversation.
Can I get a mortgage if I am self employed?
Yes. Self employed buyers finance homes every day. Standard programs document income with about two years of tax returns, and bank statement programs can review business deposits instead when tax returns understate what you actually earn. The paperwork differs, not the outcome. We look at how your business really runs and match you with the documentation path that presents it fairly.
What is an FHA 203K loan and when does it make sense?
An FHA 203K loan combines the purchase of a home and the cost of renovating it in a single mortgage. It makes sense when the house you want needs work, from roofs and furnaces to full kitchen updates, and you would rather finance the repairs than drain your savings. Renovation lending has extra steps, so an experienced guide matters more here than on most loans.
Who qualifies for a VA loan in Michigan?
VA loans serve eligible veterans, active duty service members, and certain surviving spouses. Qualified borrowers can buy with no down payment and no monthly mortgage insurance, which often makes VA financing the strongest option available to those who have earned it. Eligibility is documented with a Certificate of Eligibility, which we can help you request as part of preapproval.
What credit score do I need to buy a home?
There is no single score that fits every situation. Different programs follow different guidelines, and income, debts, and savings matter just as much. Many Michigan buyers are closer to qualifying than they expect. Rather than assuming you cannot qualify, bring your questions to a short review. If more preparation is needed, you leave with clear steps instead of a closed door.
How long does it take to close on a home loan?
Many Michigan purchase loans close within thirty to forty five days of an accepted offer, and some move faster when documents come in quickly. The timeline depends on the appraisal, title work, and how promptly paperwork is returned. We map the schedule at the start, keep you updated at each milestone, and coordinate with your agent so closing day stays on track.
Have a different question?
Send it through the contact page and Raquel will answer directly. There is no cost and no obligation for asking. This FAQ is also available as machine readable data at /faq.json.