Your Mortgage Questions Answered
Buying a home or refinancing can feel overwhelming, but it doesn’t have to be. At Bixby Knolls Mortgage, we’re here to simplify the process and guide you every step of the way. Whether you’re a first-time homebuyer or a seasoned investor, we know you have questions—and we’ve got the answers.
Below, you’ll find answers to the most frequently asked questions about mortgages, home loans, and the lending process. If you don’t see what you’re looking for, feel free to reach out—we’re always here to help you make informed decisions with confidence.

What is the difference between a mortgage broker and a bank?
A mortgage broker acts as an intermediary between you and multiple lenders to find the best mortgage rates and loan options that fit your needs. Unlike a bank that offers only its own products, a broker has access to a wide range of lenders, giving you more flexibility and better chances of securing favorable terms.
How much do I need for a down payment?
The down payment required can vary depending on the type of loan. Typically, it ranges from 3% to 20% of the home’s purchase price. Some government-backed loans, like FHA loans, allow for lower down payments, while conventional loans might require more. We’ll help you find the best option based on your financial situation.
What credit score do I need to qualify for a mortgage?
Most lenders prefer a credit score of 620 or higher for conventional loans. However, some programs, like FHA loans, may accept scores as low as 500 depending on circumstances. A higher credit score generally means better interest rates and loan terms. If you’re unsure, we can guide you on how to improve your credit before applying.
How long does it take to get approved for a mortgage?
The mortgage approval process typically takes 30 to 45 days, but this can vary depending on your financial situation and the lender’s process. Getting pre-approved before house hunting can speed things up significantly. We’ll work closely with you to make the process as quick and smooth as possible.
Can I get a mortgage if I’m self-employed?
Yes, you can get a mortgage if you’re self-employed. Lenders will typically review your income history, tax returns, and business financials for the past 2 years. As mortgage brokers, we know which lenders are more flexible with self-employed applicants and can help you prepare the right documentation.
What are closing costs, and how much should I expect to pay?
Closing costs are fees associated with finalizing your mortgage, including loan origination fees, appraisal fees, title insurance, and more. They usually range from 2% to 5% of the home’s purchase price. We’ll provide a detailed estimate upfront, so there are no surprises when it’s time to close.
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“Get the Best Rates Tailored to You”
Mortgage rates change frequently based on market conditions, credit profiles, and loan types. The best way to secure the most competitive rate is to speak with us directly. We’ll assess your unique financial situation to find the best rate available for you.
📞 Call us today to get your personalized rate!
(562) 427-2222

Tools & Estimators
Take the guesswork out of home financing with our comprehensive suite of easy-to-use tools and calculators. Whether you’re estimating monthly mortgage payments, comparing loan options, or determining how much home you can afford, our tools are designed to help you make informed financial decisions with confidence.
With just a few clicks, you can:
- Estimate your monthly payments based on loan amount, interest rate, and term.
- Compare different loan options to see which one fits your budget and financial goals.
- Calculate how much you can afford before starting your home search.
- Estimate potential savings when refinancing your current mortgage.
These tools are here to empower you with the knowledge you need, but remember—every financial situation is unique. For personalized guidance and expert advice, feel free to reach out to us directly.
