Frequently Asked Questions
Have questions about the mortgage process? You are in the right place. Here are the answers our clients ask most.
Mortgage FAQs
Everything you need to know before you start the loan process.
What is the difference between a mortgage broker and a bank?
A mortgage broker like Solmira works with dozens of wholesale lenders to find you the best rate - not just one bank's options. We shop the market on your behalf, which often means lower rates, more flexibility, and loan programs banks simply do not offer.
How do I know which loan program is right for me?
It depends on your credit score, income type, down payment, and property use. During your free consultation, we review your full financial picture and match you with the best program available - whether that is FHA, Conventional, VA, USDA, or a Non-QM option.
What credit score do I need to qualify for a mortgage?
It varies by loan type. FHA loans allow scores as low as 580 with 3.5% down. Conventional loans typically require 620+. VA and USDA loans have flexible standards. Non-QM programs like Bank Statement or DSCR loans are available even with lower scores. We work with borrowers across the credit spectrum.
How long does the mortgage process take?
Most purchases close in 21 to 30 days once you are under contract, depending on the loan type and your documentation. Refinances can be faster. We keep you informed every step of the way and work hard to meet your closing deadline.
Can I get a mortgage if I am self-employed?
Absolutely. We specialize in Non-QM loans designed for self-employed borrowers. Bank Statement loans let you qualify using 12 or 24 months of deposits instead of tax returns. Alt Doc and DSCR options are also available depending on your situation.
What documents do I need to apply for a mortgage?
Typically you will need government-issued ID, recent pay stubs or bank statements, two years of tax returns, W-2s, and bank account statements. Non-QM programs require less documentation. We will walk you through exactly what is needed for your specific loan type.
Still Have Questions?
Our team is ready to answer anything on your mind - no pressure, no obligation.
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Solmira Home Loans is committed to the principles of fair and equal lending. We comply with the Equal Credit Opportunity Act (ECOA), the Fair Housing Act, and all applicable federal and state fair lending laws. We do not discriminate on the basis of race, color, national origin, religion, sex, familial status, disability, age, marital status, or any other characteristic protected by law. This website is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, and applicable state licensing. | Privacy Policy | Terms of Use