Mortgage FAQs Answered

Buy and Borrow

June 04, 2026

Tammy Kiehl from Suncoast Credit Union answers all of your mortgage questions

When it comes to mortgages, we know you have questions. Buying a home is a major purchase, so there are plenty of things that may be overwhelming. So, if you're feeling confused, you're not alone!

First, don’t worry! You may feel a little overwhelmed in the beginning, but there are plenty of people on your side, ready to make the process go smoothly for you.

Mortgage experts can guide you and put your mind at ease. Here are some of the most frequently asked questions about mortgages so you can get started with the answers you need.

What documentation do I need to apply for a mortgage?

Lenders need to review your income and assets. While requirements can vary based on lenders, a common example would be two years of W2s, your most recent 30-day paystub and two months of bank statements.

Whether or not you need physical copies of these documents depends on your lender. You may have the option to submit documentation electronically to make the process easier and more efficient.

What’s the difference between prequalification and preapproval?

Prequalification is simply a conversation. The lender will sit down and talk to you, ask questions, and figure out what you may qualify for in a mortgage.

While prequalification can help you get an idea of what sort of mortgage might work for you, preapproval lets you get the process started. You'll answer the same kind of questions that you would on a prequalification, but the difference is your credit is pulled with preapproval. This gives the lender a better idea of your borrowing capabilities.

Another common question about mortgage preapproval is if they must be done in person. This depends on the financial institution. At Suncoast, you can get pre-approved for a mortgage in-person or online.

What is private mortgage insurance (PMI)?

Private mortgage insurance is insurance that covers the lender if the borrower defaults on a mortgage loan. It is often required for borrowers who are putting less than 20% down on their mortgage.

However, some lenders may have options to save on PMI costs. For example, Suncoast offers a number of mortgage options with no PMI requirements.

How much are closing costs?

Typical closing costs will vary based on the mortgage amount. Sometimes you may be able to get a loan that doesn't require the standard closing costs.

What is good advice for a first-time homebuyer?

There is a lot to consider when buying your first home, but a simple way to start is to sit down and look at your budget.

Determine what you can realistically afford for your mortgage, then see what’s available in your range.

Take into consideration things like what area you would like to live in and whether you are looking for a house or a condo. Pay attention to whether a property comes with homeowner's association dues, as that can impact your budget.

Certain homebuyers may even qualify for special loan options, like people buying their first home. Ask your lender about any programs that you may qualify for.

Remember, mortgage experts are here to help, so there is no such thing as a bad question!

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