Ask us anything.
Every question below is one we actually get, answered the way we’d answer it on the phone. Tell us what brings you here and we’ll take you straight to your questions.
Buying a home
First house or fifth, these are the questions every buyer asks before the first call.
How much do I need for a down payment?
Often less than you've heard. Conventional programs start at 3% down for first-time buyers, and other programs range from 0% to 5% depending on eligibility. Twenty percent is one option, not the price of admission. It's a tradeoff between cash today and payment tomorrow, which we walk through with real numbers.
Does talking to you affect my credit?
No. The first conversation and pre-qualification use a soft pull, which has no impact on your score. A hard pull only happens when you decide to move forward with a formal application.
What does a broker cost me?
Nothing upfront, ever. When a loan closes, the lender pays us, and federal law requires every dollar of that to be disclosed on your Loan Estimate. Our rate of compensation is the same across lenders, so we have no reason to steer you anywhere.
How long does it all take?
Most complete files move from application to closing in weeks, not months. Getting pre-approved is faster, usually a day or two once we have your documents. The best first step is the twenty-minute call, which needs nothing but you.
Should I sell my current home before I buy the next one?
It depends on your equity, your market, and your appetite for moving twice. Bridge structures and recasting can unlock the purchase before your sale closes, and selling first gives you cleaner numbers but a gap to plan for. We map both timelines with real dates before you commit to either.
How solid is a pre-approval?
Ours are underwritten against your actual documents, not a form you filled out in ninety seconds. That means the number you shop with is a number a lender has effectively already agreed to, and sellers' agents can tell the difference.
Refinancing
A refinance is just math plus timing. Here is how we talk about both.
When does refinancing actually make sense?
When the monthly savings pay back the closing costs within a window you'll actually own the home. That break-even point is one division problem: costs divided by monthly savings. If the answer is 18 months and you're staying five years, it's worth a serious look. If it's six years and you might move in three, we'll tell you to keep your loan.
My rate is from 2023. Am I stuck with it?
No. Your rate from 2023 is not a life sentence. Rates move, your equity has probably grown, and your credit may have improved. Any one of those can change the math. A quick review of your current statement tells us whether there's real money on the table.
What does a refinance cost?
Typical closing costs run two to five thousand dollars depending on the loan, and they can often be rolled into the balance so nothing comes out of pocket. Rolled in or paid up front, every dollar shows on your Loan Estimate, and we do the break-even math with you before you sign anything.
Does refinancing restart my 30 years?
Only if you choose a fresh 30-year term. You can refinance into a 25, 20, or 15-year term instead, or take a 30 for the lower required payment and keep paying at your current pace. The right answer depends on whether flexibility or payoff speed matters more to you.
Home equity
Unlocking the value in your home without giving up the rate you already have.
HELOC, home equity loan, or cash-out refinance. What's the difference?
A HELOC is a reusable credit line with a variable rate. A home equity loan is a fixed lump sum on a second lien. A cash-out refinance replaces your first mortgage entirely. If your current rate is low, the first two leave it untouched, which is usually the point. We price all three against your numbers and show you the tradeoffs side by side.
How much can I actually borrow?
Most programs let you borrow up to 80 to 90 percent of your home's value across all liens combined. Take what the home is worth, multiply by that percentage, subtract what you still owe, and the remainder is your realistic ceiling. Our equity calculator does this in ten seconds with your numbers.
Will tapping equity change my current mortgage?
Not unless you want it to. A HELOC or home equity loan sits behind your existing mortgage as a second lien, so your first mortgage, its rate, and its payment stay exactly as they are.
What can I use the money for?
Anything, though some uses are smarter than others. Renovations, consolidating high-interest debt, and tuition are the common ones. We'll give you an honest read if the plan looks like it trades cheap long-term debt for a short-term problem.
Relocating
Buying in a state you don't live in yet is normal here. It's most of what relocation lending is.
Can I get a mortgage in a state before I live there?
Yes. Lenders qualify you on where your income will be, not where your driver's license is today. A signed offer letter for the new job is usually enough to close before your first day of work.
Which states can you lend in?
Arizona, Florida, Michigan, and Tennessee. If you're moving into or between any of those, we can handle the loan. If you're headed somewhere else, we'll say so on the first call instead of wasting your week.
Can everything be done remotely?
Almost all of it. Application, documents, and disclosures are all electronic, and we work by phone and video. Depending on the state, closing happens with a mobile notary where you are now or a quick signing when you arrive.
My new salary starts after closing. Does that count?
Usually, yes. Offer-letter programs let lenders qualify you on documented future income, typically when your start date lands within 60 to 90 days of closing. It's one of the most common relocation structures we set up.
Working with a broker
What an independent brokerage actually is, and why the incentives point your way.
What's the difference between a broker and a bank?
A bank can offer you its own products at its own prices. We're independent, so your file goes to dozens of lenders who compete for it, and we hand you the offers that come back with the tradeoffs explained. Same paperwork on your end, more shelves checked.
How does Iron Hill get paid?
By the lender, when your loan closes, at the same rate of compensation no matter which lender wins. You never pay us out of pocket, and the exact dollar figure is disclosed on your Loan Estimate. Flat compensation means we have no reason to steer you toward one lender over another.
Who will I actually be working with?
One of three licensed brokers, and only that person, from the first call to the closing table. No call centers, no handoffs, no starting your story over. Their names and faces are on our Partners page.
What happens if no lender says yes?
We tell you that plainly, along with exactly what would change the answer and in what order to work on it. A real no with a map beats a soft maybe. And if you've already been turned down somewhere else, that's precisely the file we like to take a second look at.
Didn't find your question?
Twenty minutes on the phone answers most of them. No cost to talk, no credit impact to ask.
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