Smooth, Transparent, and Empowering — Every Step of the Way

Typically 2% to 5% of the purchase price — roughly $5,500 to $13,750 on a $275,000 home. Iowa buyers often land at the low end because there's no mortgage recording tax and title coverage runs through Iowa Title Guaranty instead of private title insurance. Seller concessions, lender credits and Iowa Finance Authority grants can all offset them. Full cost breakdown →

Most Iowa purchase loans close in 30 to 45 days from accepted offer. Pre-approval itself usually takes one to three business days once you've sent documentation. The two most common causes of delay are appraisal scheduling — especially rural properties and spring volume — and abstract continuation if the seller's abstract needs significant updating.

Most programs allow total monthly debt somewhere around 43% to 50% of gross income depending on the loan type and the strength of the overall file. In Iowa the binding constraint is often property taxes and insurance rather than the loan itself, since both fold into your monthly payment. A real estimate on a specific address beats any rule of thumb.

A pre-qualification is an estimate based on numbers you tell me. A pre-approval means I've pulled credit and reviewed your actual income and asset documents, so the figure is verified. In competitive Des Moines showings, a pre-qualification alone can put your offer behind someone else's.

I'm a mortgage loan officer with Key Mortgage Group's Des Moines office in Urbandale, Iowa, NMLS #2799819, helping buyers and homeowners across the metro and central Iowa with purchase loans and refinancing.

I'm licensed in Iowa and additional states through Key Mortgage Group. Get in touch and I'll confirm licensing for the state you're buying in.

A rate lock holds your quoted rate for a set window, commonly 15 to 60 days, protecting you if rates rise before closing. Ask whether there's a fee, what an extension costs if your closing slips, and whether a float-down option exists in case rates fall after you lock.

Do the break-even math. A point costs 1% of the loan amount; divide that by your monthly savings to find how many months until it pays for itself. If you'd likely sell or refinance before then, the money's gone. If you're staying long-term, it can be a solid return.

Because the quote usually isn't the payment. Your actual payment includes property taxes and homeowners insurance collected through escrow, plus mortgage insurance if applicable and HOA dues if any. I'd rather show you the full number up front than have it surprise you at the Closing Disclosure.

Your file goes to processing and underwriting while the appraisal is ordered and title work begins, and you complete your inspection. Expect requests for more documentation — that's normal, not a warning sign. About three days before closing you'll get a Closing Disclosure with the final numbers.

A government-issued photo ID and your funds, usually by wire or cashier's check arranged ahead of time. One critical thing: verify wire instructions by calling a number you looked up yourself, never one from an email. Closing wire fraud is common in Iowa and elsewhere, and the money is almost never recovered.

You have options: renegotiate with the seller, bring the difference in cash, dispute the appraisal with better comparable sales, or walk away if your contract has an appraisal contingency. It isn't automatically a dead deal, but it does need a decision quickly.