Egan Financial Group LLC · NMLS 2647764
Nobody wants a mortgage; they want a house!
We know the mortgage process can be daunting, and we do our best to make it as personal as we can. Here is the process: you apply, we look at your income, credit, and how much money you want to put down. We do an initial underwrite so you get a pre-approval your agent — and more importantly, the sellers and their agent — can actually use. Egan Financial Group LLC originates, underwrites, and funds the loan. A rate lock holds your interest rate for a set number of days. If rates drop after we lock, you get one float-down before closing so you can take the lower rate. Ask for details.
Direct answer
A purchase mortgage is the loan that pays the seller so you can own the house. Egan Financial Group LLC is a mortgage banker, sometimes called an Independent Mortgage Banker (IMB). We take the application, underwrite the file, and fund the loan in our name. That is different from a broker, who has to send your file to someone else for money.
Start with the numbers
Three worksheets first-time buyers actually use
Play with these before you fall in love with a listing. They use HousingWire’s daily 30-year print as a starting rate. Change every box. Sample market rate, not a quote; your rate may vary.
How much house can I afford?
Income, other debts, down payment, and a 40% total debt share of income. That is the house payment plus car, cards, and student loans.
Open the calculatorWhat will my monthly payment be?
Purchase price, down payment, taxes, insurance, and HOA. Conventional, FHA, or VA. See principal, interest, and the rest of the payment.
Open the calculatorHow much cash do I need to buy?
Down payment, closing costs, prepaids, earnest money already in, and credits. The remainder is what this worksheet says you still need at the table.
Open the calculatorWhat's my home worth?
Street, city, state, ZIP, and how many units. A starting estimate so you can talk about a purchase or a refinance. Not an appraisal.
Open the calculatorWhat it feels like
From first call to keys
First we look at you, not the house. Paystubs, bank statements, and credit. That becomes a pre-approval. You and your agent can print a letter 24/7 for the amount you want to offer, as long as it still fits what we already reviewed. If it will not print, we get together and talk about how to get approved for the higher price.
Then you shop. When you write an offer, the seller’s agent often calls to ask if the letter is real and if you can close on time. We pick up. A fast, honest close can be why your offer wins over a similar one.
After you are under contract we stay on the file. Appraisal, title, and — if it is a condo — the building review. We issue the Closing Disclosure when the loan is approved so you have time to compare fees. We fund the loan. You are not sitting in a conference room while someone “checks on funding.”
Loan types
In plain English
You do not have to pick a product name on day one. We will show you the payment and the cash to close on the same house.
- Conventional
- The most common loan when you have some down payment and credit. Some files allow as little as 3 percent down. More down can mean no mortgage insurance.
- FHA
- Often used with a smaller down payment — commonly 3.5 percent. You will pay mortgage insurance. It can still be the cheaper way in the door. Run the payment calculator on FHA and conventional side by side.
- VA
- For eligible Veterans. Often no down payment. We originate, underwrite, and fund VA purchases. Certificate of Eligibility and the funding fee are part of a real file, not a brochure.
- Jumbo
- If the loan is larger than the regular limit — the 2026 one-home baseline is $832,750 — it is often called jumbo. High-cost counties can go higher. The county of the house is what counts.
Common questions
What first-time buyers ask
Short answers here. Longer ones, with where a file goes wrong and how to get ready, live in the mortgage FAQs.
- How do I get a mortgage to buy a house?
- We know the mortgage process can be daunting, and we do our best to make it personal. You apply, we look at your income, credit, and how much money you want to put down. We do an initial underwrite so you get a pre-approval your agent — and more importantly, the sellers and their agent — can actually use. Egan Financial Group LLC is a mortgage banker — we originate, underwrite, and fund the loan. You are not sent to a third party to wait on money. Start with Apply in 10 minutes. It is a first look, not a lock.
- How much do I need for a down payment?
- It depends on the loan. Some conventional loans allow as little as 3 percent down when credit and income support it. FHA is often 3.5 percent. Eligible Veterans can buy with no down payment on a VA loan. More down can mean no mortgage insurance and a smaller payment. Use the how-much-house calculator, then we price a live file.
- How much cash do I need besides the down payment?
- Closing costs and prepaids. Prepaids are a few months of property tax and homeowners insurance the lender collects at the table. Earnest money you already sent is subtracted. Seller or lender credits also come off. The cash-to-close calculator is a worksheet for that pile. It is not a Closing Disclosure.
- Do I need a pre-approval before I make an offer?
- Yes if you want the offer taken seriously. A letter based only on what you typed in a box often falls apart when the seller’s agent calls. Ours is reviewed. You and your agent can print an updated amount 24/7 as long as it still fits what we already underwrote. If it will not print, we sit down and talk about how to get there.
- How long does a home purchase loan take?
- Many of our purchase files clear to close in about 14 days when the documents are in and the building cooperates. We also give you the chance to e-sign most closing papers before you sit down at the table. We fund the loan, so you are not waiting on another company’s funding approval.
- What if rates drop after I lock?
- A rate lock holds your interest rate for a set number of days so it does not jump while we close. If rates drop after that lock, Egan Financial Group LLC gives you one float-down before closing. That means we can move you to the lower rate one time. It is not unlimited. Ask for details on your file.
- What is the difference between conventional, FHA, and VA?
- Conventional is the most common loan when you have some down payment and credit. FHA can help with a smaller down payment; you will pay mortgage insurance. VA is for eligible Veterans and often has no down payment. We will show you the monthly payment and cash to close on the same house, not a slogan. You type the rates on the compare page.
- Can I use a mortgage to buy a condo?
- Yes, when the building can pass investor review. Condos have an association, a budget, and sometimes special assessments. We start that review early so you are not surprised after earnest money is hard. A house with no association does not have that extra step.
- What is the 2026 conforming loan limit?
- The FHFA 2026 one-unit baseline is $832,750. That is the regular size cap for one home. High-cost counties can go higher. If your loan is above the limit that applies to that county, it is often called jumbo. The county of the house is what counts, not where you live now.
- Is the purchase page a loan offer?
- No. Calculators and this page are estimates. Egan Financial Group LLC, NMLS 2647764, will price a live quote from credit, property, and investor rules. It is not a commitment to lend.
Related: mortgage FAQs, credit tips, compare three loans, banker vs broker.
Written by Bill Egan, NMLS 7342. Egan Financial Group LLC NMLS 2647764. This page is general information, not a commitment to lend.