Question 1

What does a mortgage broker do?

Accepted Answer

A mortgage broker acts as an intermediary between borrowers and lenders, shopping multiple loan programs to find the best rates and terms for your situation. Unlike a bank loan officer who can only offer that bank's products, Future Home Loans has access to dozens of wholesale lenders across the country.

Question 2

How much does a mortgage broker charge?

Accepted Answer

Mortgage broker fees typically range from 0.50% to 2.75% of the loan amount. At Future Home Loans, our compensation is disclosed upfront in your Loan Estimate. In many cases, our wholesale rates offset broker fees, resulting in a lower total cost than going directly to a retail lender.

Question 3

Is it better to use a mortgage broker or a bank?

Accepted Answer

A mortgage broker can compare loan products from multiple lenders in a single application, potentially saving you time and money. Banks offer only their own product line. For borrowers who want rate comparison and personalized guidance, a broker typically delivers better outcomes.

Question 4

What credit score do I need to get a mortgage?

Accepted Answer

Minimum credit scores vary by loan type. Conventional loans typically require 620 or higher. FHA loans accept 580 or higher (or 500 with 10% down). VA loans have no official minimum but most lenders require 580-620. Future Home Loans works with borrowers across the credit spectrum to find the right program.

Question 5

Is Future Home Loans veteran-owned?

Accepted Answer

Yes. Future Home Loans is a veteran-owned and operated mortgage brokerage headquartered in Jacksonville Beach, Florida. We specialize in VA loans and serve active military, veterans, and civilian homebuyers across 14 states.

Question 6

How fast can Future Home Loans close a loan?

Accepted Answer

Future Home Loans typically closes loans in as little as 17 days from application to clear-to-close, thanks to dedicated in-house processing and strong lender relationships.

Mortgage Requirements

Fixed-Rate Mortgage Requirements: Credit Score, Down Payment & DTI You’ll Need