Structure Your Mortgage Right From the Start

Not necessarily - a pre approval is basically a letter of initial confidence that still has to undergo underwriting, documentation and approval. Funds sources, unexpected surprises, appraisals, inspections can all delay getting to the title company for closing. But I will guide you all the way and we will get there together.

Advertised mortgage rates often depend on assumptions involving credit, down payment, loan amount, property type, occupancy, discount points and other conditions. A rate shown in an advertisement may not reflect the annual percentage rate, closing costs or terms available for your financial profile. Marita can review the complete offer and help you compare the rate, fees and loan structure—not merely the headline number.

Mortgage insurance is a type of protection for the lender—not the borrower—when a loan has a smaller down payment.

If you’re putting less than 20% down on a conventional loan, or using certain loan programs like FHA, mortgage insurance is typically required. It helps offset the lender’s risk in case of default.

While it does add to your monthly payment, mortgage insurance also makes it possible to purchase a home sooner without waiting to save a full 20% down.

In some cases, it can be removed over time as equity increases, depending on the loan type and structure.

The key is understanding how it fits into the overall loan strategy—cost, timing, and long-term goals.

Most home loans close in about 3 to 5 weeks, but the exact timing depends on several factors.

The timeline is influenced by the type of loan, how quickly documents are provided, the appraisal process, and how smoothly the file moves through underwriting. In Santa Fe, property type and appraisal timing can sometimes affect the schedule as well.

A well-prepared file and clear communication can keep things on track, but it’s important to set realistic expectations rather than assume a fixed timeline.

At the start of the process, I’ll give you a more specific estimate based on your situation and the property involved.

Yes, many loan programs allow a co-borrower, and in some cases it can help strengthen the overall application.

A co-borrower is someone who applies for the loan with you and shares responsibility for repayment. Their income, assets, and credit may be used to help qualify, which can be useful if you’re looking to increase purchasing power or meet certain guidelines.

The structure matters, though. Not all co-borrower situations are the same, and factors like occupancy, relationship, and financial profile can affect how the loan is evaluated.

It’s important to set it up correctly from the beginning so the loan performs smoothly through underwriting and closing.

In most cases, second homes do not have the exact same terms as a primary residence.

Lenders typically view second homes as higher risk than owner-occupied properties, so the requirements can be stricter. This often means a larger down payment, stronger credit profile, and sometimes a slightly higher interest rate.

There are also specific guidelines around how the property is used—it must generally be for personal use and not treated like an investment or rental property.

That said, well-qualified borrowers can still secure favorable terms. The key is structuring the loan correctly based on how the property will be used and how it fits into your overall financial picture.