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Tools & Resources

Mortgage Calculator

Our mortgage calculator helps you quickly estimate what your monthly home payment could look like. By adjusting factors such as your ideal home price, down payment, loan term, and interest rate, you can explore different scenarios and better understand how each element affects your potential payment.

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$1421

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Principal & Interest $1421

Monthly Taxes $1421

Monthly HOA $1421

Monthly Insurance $1421

Monthly PMI $0

Tools & Resources

Affordability Calculator

Our affordability calculator helps you estimate how much home you may be able to afford based on your income, expenses, and financial goals. It’s a helpful first step in planning your home search with confidence.

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Tools & Resources

Frequently Asked Questions

Have questions about the mortgage process? Our Frequently Asked Questions section provides quick answers to some of the most common topics—from loan options and down payments to interest rates and closing. It’s a quick and helpful way to learn more about the lending process and feel more confident as you move forward on your homebuying journey.

Getting Started

How much do I need for a down payment?

Many homebuyers believe they need a 20% down payment to purchase a home, but that’s not always the case. Depending on the loan program, you may be able to buy a home with little or even no money down. Reach out to an SLC Lending loan officer to learn more about the possibilities available to you.

A pre-approval is a preliminary review of your financial information that helps determine how much you may be eligible to borrow. It shows sellers that you are a serious buyer and can strengthen your offer when competing in the market.
The amount you can afford depends on several factors, including your income, monthly debts, credit profile, and down payment. A loan officer can help you evaluate your financial situation and determine a comfortable price range based on your goals.
Credit score requirements vary depending on the loan program, but many conventional loans typically require a minimum score in the 600s. Government-backed programs such as FHA loans may allow for lower scores. Your credit score also plays a role in determining your interest rate and loan terms.

Loan Process & Timing

The mortgage process can vary depending on the complexity of the transaction, but most loans close within 30 to 45 days. Your loan officer will help guide you through each step and keep you informed along the way.
You’ll typically need to provide income documentation such as recent pay stubs and W-2s, tax returns if applicable, bank statements, and a valid form of identification. Depending on your financial situation and the loan program, additional documentation may be required.
A rate lock allows you to secure your interest rate for a specified period of time while your loan is being processed. This can help protect you from market fluctuations during the homebuying process. Lock periods can vary, and your loan officer can help you determine the best timing based on your transaction and market conditions.

Costs & Payments

Closing costs typically range from about 2% to 4% of the home’s purchase price. After you complete your loan application with SLC Lending, you’ll receive an estimate that outlines these costs and other important loan details.
Mortgage insurance is typically required on conventional loans when the down payment is less than 20% of the home’s purchase price or appraised value, whichever is lower. The cost can vary based on factors such as your down payment amount and credit score. This insurance protects the lender in the event of default and is required by the loan investor. With Federal Housing Administration (FHA) loans, mortgage insurance is required both upfront and as part of the monthly payment.
With many home loans, a portion of your monthly mortgage payment is placed into an escrow account to cover expenses such as property taxes and homeowner’s insurance (and flood insurance if required). When these bills come due, the loan servicer pays them on your behalf using the funds collected in the escrow account.
Yes, many loan programs allow the use of gift funds from eligible sources such as family members. Guidelines vary depending on the loan type, and documentation is required to show the funds are a true gift and not a loan.

Loan Types & Options

A fixed-rate mortgage has an interest rate that remains the same for the life of the loan, providing consistent monthly payments. An adjustable-rate mortgage (ARM) typically starts with a lower initial rate that can change periodically based on market conditions after the initial fixed period ends.

A rate buydown allows you or another party, such as a builder or seller, to pay upfront to reduce your interest rate.

A temporary buydown lowers your interest rate for the first few years of your loan, resulting in reduced monthly payments during that period.

After the buydown period ends, your rate adjusts to the full note rate for the remainder of the loan term.

A permanent buydown reduces your interest rate for the entire life of the loan. This is achieved by paying discount points at closing to secure a lower long-term rate.

Your loan officer can help you evaluate which option makes the most sense based on your financial goals and how long you plan to stay in the home.

A Jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. In most areas, loan amounts above $832,750 require Jumbo financing, although higher limits may apply in certain high-cost markets. Jumbo loans often have different qualification requirements, including higher credit scores and larger reserve requirements.

After Closing

After closing, your loan may be transferred to a loan servicer who will handle your monthly payments and escrow account. You’ll receive communication with details on where to send payments and who to contact for questions.
Your first mortgage payment is typically due on the first day of the month after your loan has been closed for at least 30 days. For example, if you close in mid-June, your first payment will usually be due August 1. Your closing documents will outline your exact payment schedule.
It’s common for mortgages to be transferred or sold after closing. While the ownership of your loan may change, the terms of your loan will remain the same. You’ll be notified if your loan is transferred, along with instructions on where to send your payments and who to contact for servicing questions.

Next Steps

Connect With Us

There’s no one-size-fits-all when it comes to home financing. The best way to find your fit is to contact us. We’ll walk you through the benefits and help you choose the right solution.
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