Coulee Bank’s Top Mortgage FAQs of the Year

Real questions from real customers — answered by our mortgage team.

As we wrap up another year of helping our neighbors buy, build, and refinance their homes, we took a look at the most common mortgage questions we heard in 2025. Whether you're a first-time buyer or planning ahead for a future move, here are the answers our lending team shared most often.

1. “Do I need a 20% down payment to buy a home?”

Short answer: Not anymore.
 Many of our borrowers qualify with as little as 3–5% down, and some loan programs allow even less. We also work with local and statewide down payment assistance options for eligible homebuyers.

2. “Is now a bad time to buy because of interest rates?”

Rates are only one part of the equation. For many buyers, factors like rent increases, home equity potential, and personal timing matter more. We help customers run the numbers so they can decide what makes sense for them, not just the market.

3. “What credit score do I need to qualify?”

There’s no single number, but most loan programs start around 620. If you’re not there yet, we’ll walk you through steps to improve your credit and see how soon you could qualify.

4. “What’s the difference between pre-qualification and pre-approval?”

A pre-qualification is a quick estimate of what you might be able to borrow.
A pre-approval is a verified review of income, credit, and assets — and it carries more weight with sellers (especially in competitive markets).

5. “When should I consider refinancing?”

Refinancing may make sense if you can:
✔ Lower your monthly payment
✔ Drop PMI
✔ Shorten your term
✔ Use equity for home improvements or debt consolidation

 We offer free mortgage check-ins if you're unsure whether a refinance benefits you.

Have a mortgage question we didn’t cover?

Our lenders are always happy to chat — whether you're ready to apply or just gathering info for the future.