Mortgage Basics
A mortgage is the biggest loan most people ever take out. So it’s important to get the right one. Learn how mortgages work, what types are available, and what to expect from the mortgage process.
-
1 Mortgage 101
-
2 Important Mortgage Definitions
- Plain English guide to terms you’ll hear from your loan officer
- What is amortization? How a mortgage amortization schedule works
- LTV explained: What is “loan to value” for a mortgage?
- Simple mortgage definitions: Debt-to-Income (DTI)
- What are mortgage discount points and how do they work?
- Title insurance and owner’s title insurance explained
- Escrow: What it is and how it works
- What does homeowners insurance cover, and why does your lender require it?
-
3 Types Of Mortgages
-
4 Mortgage Pre-Approval
- Mortgage pre-approval: The first step to buying a home
- What are your chances of mortgage approval? Your down payment and credit score make a big difference
- Should you get pre-qualified or pre-approved? What’s the difference? [Video]
- How long does it take to get pre-approved for a mortgage? [VIDEO]
- How long does pre-approval for a mortgage last?
-
5 How To Apply For A Mortgage
- How to apply for a mortgage and get approved: 5 steps to success
- Home buying checklist for first-time buyers: Your 2021 guide
- Bank statements: 3 things mortgage lenders don’t want to see
- Before applying for a mortgage with your bank, read this
- How to get an online mortgage
- Should you apply for a mortgage online? Pros and cons of digital mortgages
-
6 Mortgage Costs And Fees
- How much is a mortgage?
- The average down payment on a house & when to put down more or less money
- Mortgage insurance cost versus benefits: Should you pay for PMI?
- What is PITI? Mortgage payments explained
- Earnest money check, down payment and closing costs: When are they due?
- Average closing costs in 2021 and how to keep yours low
- Seller concessions: How a seller can pay your closing costs
-
7 How To Shop For A Mortgage
- How to read a mortgage Loan Estimate (formerly a “Good Faith Estimate”)
- How to shop for a mortgage: Tips to compare quotes and rates
- Don’t accept your first mortgage rate quote
- 4 types of mortgage companies: Which will give you the “best deal”?
- Mortgage broker vs. bank or mortgage lender: Which is best?
-
8 The Mortgage Loan Process
- The mortgage loan process explained in 9 steps: From pre-approval to closing day
- My mortgage is in “processing.” What does a mortgage loan processor do?
- Mortgage process: What does “submission to underwriting” mean?
- What does “underwriting” mean? How to deal with loan conditions
- What happens after underwriting? Mortgage approval and closing
- Background check: Verbal verification of employment and other intrusions
- How to decipher the stack of mortgage loan disclosures from your lender
- What happens when I’m “clear to close”?
-
9 Closing On A Home Loan
- See all Guides