Frequently Asked Questions

Getting Started

  • My Home Pathway helps people buy homes by guiding them step by step, from saving money to getting the keys to their new home.

  • Anyone! Whether it’s your first time buying a home or you’ve done it before, we’re here to help.

  • No! We don’t give out loans, but we do connect you with trusted lenders who can.

  • No, we don’t sell houses. But we can help you find a great real estate agent in your area.


  • We earn a fee only when you successfully get a loan through one of our trusted lenders. Your success is our success!

  • Just go to www.myhomepathway.com, click “Sign Up” and follow the steps. It’s quick and free!

  • Getting started is fast and easy with My Home Pathway. All you need is some basic information,

    like your name and home-buying goals, plus a few key details to help us personalize your

    journey. We’ll ask for a pay stub to verify your income and a quick link to your credit score and

    bank account using trusted tools like Array and Plaid. Everything is secure and fully digital, so

    you can complete the process in just a few minutes!

  • No problem! You can connect multiple accounts in the bank account section of the app. Just add the new one with your username and password.

  • Yes! You can access My Home Pathway on your phone, tablet, or computer through a web browser.

  • Yes! No matter where you are in the U.S., we provide helpful information for your area.

  • Right now, we don’t work in Canada, but we’ll let you know if that changes!

  • We take security very seriously! We use bank-level security to keep your personal info safe and private. Have questions? Email us at info@myhomepathway.com

  • Right now, we need to use the name on your ID and credit report.

  • Just log back into My Home Pathway and reconnect your bank account with your new password.

  • No! We don’t store credit card details, so you don’t have to do anything.

  • Go to the profile section in the app, update your info, and save your changes.

Home Buyer Readiness

  • Most lenders require 620 or higher, and some FHA loans allow 580. But we recommend aiming for 700 to qualify for more loan options and better rates. Our technology gives personalized tips to help you boost your score.

  • Pay your bills on time, use less than 20% of your credit limit, don’t open more than 4 credit cards, and check your credit report for mistakes.

  • No! Our credit check is a soft pull, which means it won’t hurt your score at all. You can also see how many hard pulls are on your report when you check it.

  • We first assess your current credit score, debt to income ratio, and down payment savings. Then, we give you targets to reach to get mortgage ready and recommendations to help you reach those targets.

  • That depends on you! Some people are ready in just 3 months, while others may need 9+

    months. It all depends on:

    ● Your credit score

    ● Your debt-to-income ratio

    ● How much you’ve saved for a down payment

    ● How quickly you follow the recommendations

  • Yes, you can! Just remember, your home price should match your income so that you can get approved for a mortgage.

  • Yes! Even if you qualify, we can help you:

    ● Find a fair lender who offers a good loan

    ● Check if you qualify for down payment assistance programs

  • Yes! If both of you are applying for a mortgage together, you both need to meet the lender’s

    requirements. That’s why it’s smart for both of you to join the program so you’re both ready.

  • Not 100% guaranteed, but it’s a really good sign! If you hit “Ready” status, one of our lending

    partners should be able to offer you a fair loan.

Mortgage Basics

  • There are different kinds of home loans:

    ● Conventional loans – The most common type.

    ● FHA loans – Good for first-time buyers, lower credit score needed.

    ● VA loans – For veterans, with no down payment.

    ● USDA loans – For homes in certain rural areas, with no down payment.

    ● Jumbo loans – For expensive homes.

    ● State & local programs – Some places offer special help for buyers.

  • It depends on your loan:

    ● Conventional loans: 3-20% of the home price

    ● FHA loans: At least 3.5%

    ● VA & USDA loans: No down payment if you qualify

  • Yes! Some programs help first-time buyers with down payments. Check local programs and special loan options like FHA loans.

  • Closing costs are extra fees you pay when you buy a home. They cover things like loan paperwork, appraisal, and title fees. Plan to save 2-5% of the home’s price for closing costs.

  • ● Pre-qualification is a quick estimate of how much you can borrow.

    ● Pre-approval is more official. The lender checks your finances to see how much they’ll lend you.

  • Usually 1-3 business days after you send in your documents.

  • Most pre-approvals are good for 60-90 days, but it depends on the lender.

  • It might lower your score a little, but don’t worry! If you apply for mortgages within 14-45 days, they count as one credit check.

  • ● Fixed-rate loans have the same interest rate for the whole loan.

    ● Adjustable-rate Mortgage (ARMs) start with a set rate, but later the rate can go up or down.

  • ● 15-year loan: Pays off faster, lower interest, but higher monthly payments.

    ● 30-year loan: Lower monthly payments, but you pay more interest over time.

  • PMI helps protect the lender if you can’t make your payments. If you put less than 20% down, you’ll likely need to pay PMI.

  • ● Put at least 20% down.

    ● Find a loan that doesn’t require PMI.

    ● Use a piggyback loan (a second loan to cover part of your down payment).

  • A rate lock means your interest rate won’t change for a set time (usually 30-60 days) while you finish your loan paperwork.

  • Lock your rate when you like the offer and have a signed home purchase agreement.

  • You’ll need:

    ● ID (like a driver’s license)

    ● Proof of income (pay stubs, tax returns)

    ● Bank statements

    ● Job details

    ● List of debts and assets

  • Lenders compare your monthly debt payments to your monthly income. A lower DTI (under 43%) helps you get approved for a loan.

  • Yes! But you’ll need extra paperwork like:

    ● Tax returns (1-2 years)

    ● Profit & loss statements

    ● Business bank statements

House Hunting

  • Think about:

    ● How much your lender says you can borrow (pre-approval)

    ● What monthly payment feels comfortable for you

    ● How much funds you have for a down payment

    ● Other costs like utilities, maintenance, and HOA fees

  • ● Buyer’s agent – Helps you find a home and looks out for your best interest.

    ● Seller’s agent – Works for the seller to help them sell their home.

  • No, but having a buyer’s agent makes the process easier and less stressful. They help with

    paperwork, negotiations, and more, plus, you don’t pay them (the seller does).

  • We can connect you with trusted agents! You can also:

    ● Ask friends or family for recommendations

    ● Read online reviews

    ● Talk to a few agents before picking one

  • ● Location – Is it close to work, school, or stores?

    ● House structure – Are there cracks, leaks, or damage?

    ● Layout – Does the space fit your needs?

    ● Big systems – Check heating, cooling, plumbing, and electricity.

    ● Natural light – Is it bright and airy?

  • Most people see 8-10 homes before making an offer, but it depends on the market and your needs.

  • ● How old are the roof, plumbing, and HVAC?

    ● Has anything been renovated recently?

    ● Why is the owner selling?

    ● How long has the house been for sale?

    ● What is the neighborhood like?

  • ● New homes – Modern features, less maintenance, but can cost more and take longer to build.

    ● Older homes – Might need updates but could be in a great location with mature landscape and a stronger community feel.

  • ● Condo – Less work (no yard!), shared amenities, but HOA fees and rules.

    ● House – More space and privacy, but you handle all maintenance.

  • ● Visit at different times of the day.

    ● Check crime rates.

    ● Look up schools.

    ● See how long it takes to get to work.

    ● Explore nearby stores and parks.

    ● Talk to neighbors!

Making an Offer

  • Think about:

    ● Prices of similar homes nearby (called & “comps”)

    ● The condition of the house

    ● How long the house has been for sale

    ● Your budget and the current market

  • Earnest money is a deposit that shows you’re serious about buying. It’s usually 1-3% of the home price and goes toward your down payment when you close.

  • Most offers include:

    ● Financing contingency – If you don’t get a loan, you can back out.

    ● Home inspection – Lets you check for big problems before buying.

    ● Appraisal – makes sure the home is worth what you’re paying.

    ● Title review – Checks if the seller truly owns the home.

    ● Home sale contingency – If you're selling a home first, this protects you.

  • An escalation clause means you’ll increase your offer if someone else bids higher, up to a limit you choose.

  • ● Get pre-approved before house hunting.

    ● Move fast when you find a home you like.

    ● Offer a strong price upfront.

    ● Keep contingencies limited (but don’t skip the important ones!).

    ● Put down more earnest money to show you’re serious.

    ● Some people write personal letters to the seller (but check with your agent first).

  • It can help sellers connect with you, but some areas have rules about this to avoid unfair treatment. Ask your agent if it’s a good idea.

  • The seller can:

    ● Accept it – You move forward with buying the home!

    ● Reject it – You can try again or look at other homes.

    ● Counter-offer – They may ask for a higher price or different terms.

  • Usually 24-48 hours, but it depends on the market.

  • Yes, if your contingencies allow it (like a failed inspection or financing issue). Otherwise, you might lose your earnest money.

  • ● If you back out for a valid reason, you get your money back.

    ● If you back out without a good reason, the seller may keep it.

Home Inspections & Appraisals

  • A home inspector looks at:

    ● Structure – Walls, floors, roof, and foundation

    ● Major systems – Electrical, plumbing, heating & cooling

    ● Safety issues – Water damage, insulation, and hidden problems

  • Sometimes! You might need extra checks for:

    ● Termites or pests

    ● Radon gas

    ● Mold

    ● Foundation problems

    ● Sewer lines

  • ● A standard inspection is $300-500

    ● Special inspections cost $100-500 each, depending on the area and home size.

  • Yes! It helps you see issues in person and ask questions about the house.

  • ● Cracked foundation

    ● Water damage

    ● Roof problems

    ● Electrical hazards

    ● Mold or pests

  • Yes! You can:

    ● Ask for repairs

    ● Ask for money off the price

    ● Ask for credit toward closing costs

  • An appraisal is when an expert estimates the home’s value. The bank requires it to make sure the home is worth the loan amount.

  • The buyer usually pays for the appraisal as part of closing costs.

  • If the home is worth less than the price, you can:

    ● Ask the seller to lower the price

    ● Pay the difference in cash

    ● Ask for a new appraisal

    ● Walk away (if your contract allows it)

  • No, it’s best to negotiate repairs before the appraisal. Talk to your agent for advice!

After Closing

  • Usually right after closing! But sometimes, the seller may stay longer if it’s in your contract.

  • ● Change the locks for security.

    ● Find shut-off valves (for water and gas).

    ● Find the circuit breaker (for electricity).

    ● Replace HVAC filters to keep air clean.

    ● Check smoke & carbon monoxide detectors.

    ● Deep clean before unpacking.

  • Call the electric, water, and gas companies at least one week before closing to set up service.

  • Usually the first of the month after a full month passes. For example: If you close on April 15, your first payment is due June 1.

  • Your lender will give you payment options like:

    ● Autopay (automatic withdrawals)

    ● Online payments

    ● Mailing a check

  • As soon as possible! Check your local tax office for deadlines. This can help lower your property taxes.

  • Once a year and after big upgrades or new expensive items.

  • ● Kitchen & bathroom remodels

    ● Adding more space

    ● Energy-saving upgrades

    ● Better curb appeal (landscaping, paint, etc.)

  • ● If interest rates drop a lot lower than your current rate.

    ● If your credit score improves a lot.

    ● If you want a shorter or longer loan term.

  • Forever! Keep your deed, title insurance, and survey safe. Other papers should be kept for at least 7 years.

Special Home Buying Situation

  • Yes! But lenders will count your student loan payments in your debt-to-income ratio. Some

    loans, like income-based repayment plans, are considered differently by different lenders.

  • If you’ve had a bankruptcy, you’ll need to wait 2-4 years before you can get most home loans.

    The wait time depends on the loan type and the kind of bankruptcy.

  • Yes! Many loans allow gift money from family, but you’ll need a gift letter stating you don’t have to pay it back.

  • Rent-to-own means you rent a home first but have the option to buy it later. Sometimes, part of your rent goes toward the purchase price.

  • You have options! Some people use:

    ● Bridge loans (short-term loan to buy before selling)

    ● Home equity loans (borrowing against your current home)

    ● Contingent offers (buying a home only if your current one sells)

    ● Sell and rent back (selling your home but renting it until you move)

  • ● Pros: May be cheaper!

    ● Cons: Might need lots of repairs, take a long time, and have a tricky process.

  • Maybe! Fixer-uppers can save you money if you:

    ● Have renovation skills

    ● Have extra money for repairs

    ● Are patient with the process

    ● Some loans (like FHA 203(k) and Fannie Mae Home Style) help with repairs!

  • Homeowners Associations (HOAs) have rules and monthly fees. Before buying, check:

    ● What the fees cover

    ● What rules you must follow

    ● If the HOA is financially stable

  • Good news! You might be able to deduct mortgage interest and property taxes from your income taxes. Talk to a tax expert to learn more!

  • Yes! You can buy a duplex, triplex, or fourplex and live in one unit while renting out the others.

    Some loans (like FHA loans) let you buy with as little as 3.5% down!

My Home Pathway Features

  • Yes! Our website has easy-to-use tools to help you figure out:

    ● Monthly payments

    ● How much home you can afford

    ● If refinancing is a good idea

    ● Whether renting or buying is better, and more!

  • Our dashboard keeps you on track with a personalized checklist and timeline from start to finish!

  • Yes! We Provide:

    ● Articles

    ● Videos

    ● Webinars

    ● Interactive courses

  • Yes! Our secure document vault lets you upload and share papers safely with your lender and agent.

  • Our loan comparison tool helps you see different loan choices side by side, so you can pick the best one!

  • Yes! If you’re a premium subscriber, you’ll get:

    ● Credit score alerts

    ● Tips to improve your score

  • Our network includes:

    ● Lenders

    ● Real estate agents

    ● Inspectors

    ● Insurance agents

    ● Attorneys

  • Of course! Contact us by chat, or email. Premium users also get one-on-one help from an expert!