Not necessarily! Many loan options let you buy a home with less than 20% down. With a Conventional loan, you may only need 3-5% down if you’re a first-time homebuyer, though you’ll pay Private Mortgage Insurance (PMI). FHA loans require just 3.5% down and include Mortgage Insurance Premiums (MIP). If you’re a veteran, VA loans offer even lower or no down payment options. Let’s find the best fit for you!

A pre-qualification is a quick estimate of what you might qualify for based on basic financial info.

A pre-approval goes a step further—we review your credit, income, and assets to give you a conditional commitment for a specific loan amount. While some steps, like the appraisal and title work, still need to be completed, a pre-approval shows sellers you’re a serious buyer.

Building credit takes time, but tools like OpenSky’s Secured Visa® Credit card can help. With a secured card, your credit limit is based on your security deposit, and you can use it just like a regular credit card for everyday purchases—gas, groceries, or bills. By making on-time payments, you show lenders you can manage credit responsibly and since OpenSky reports to all three major credit bureaus every month, your good habits can help boost your score! Connect with our team today to learn more about our free 1-1 Financial counseling options and if an OpenSky Secured Visa® Card is right for you.

The interest rate is the cost of borrowing the money.

The APR includes the interest rate plus fees and other loan costs, giving you a better picture of the total cost over time. Think of it this way: the interest rate tells you what you’ll pay for the loan itself, while the APR shows the bigger picture, including extra fees