Financial Guide · FAQ
Last updated: May 2026
Quick Answer
Yes. Closing costs are separate from your down payment and are almost always paid in cash at or before closing, unless structured as a seller concession or no-closing-cost loan.
Related Questions
There is no single minimum, but lenders generally look for a debt-to-income ratio below 43 percent. On a $1.5 million purchase with 20 percent down, a buyer would typically need a gross household income of $350,000 to $400,000 or more to qualify, depending on other debts and loan terms.
Read answerYes — there are jumbo loan products that allow 10 to 15 percent down, and FHA or conventional loans for properties under conforming limits. However, below 20 percent typically triggers private mortgage insurance (PMI) and higher rates. At the luxury level, most sellers prefer buyers with larger down payments as a signal of financial strength.
Read answerThe market has moderated from the frenzy of prior years, but well-priced, well-presented homes still attract multiple offers. Buyers have more time to evaluate options, but should not interpret that as a signal to move slowly on a home they want.
Read answerAlways. Pre-approval gives you clarity on your real budget, strengthens your offer position, and signals to sellers and agents that you are a serious buyer. In the luxury segment, some listings will not schedule showings without it.
Read answerRelated Articles
The number most buyers think they need and the number they actually need are rarely the same. Here is what it takes — down payment, reserves, and total buying cost — to purchase a home in Seattle in 2026.
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