Mortgage Basics
Jump in and get an overview on common mortgage terms
Application Checklist
A checklist of things for you to compile, complete and acknowledge before applying.
Credit
Credit history is a recorded file of past and current credit that is utilized to compile a credit score.
Closing Costs
A closing cost is a payment required to finalize a home loan and is separate from a down-payment.
Appraisals
An appraisal is an estimate of a property’s fair market value and is required by a lender to ensure the loan amount is not more than the property value.
Private Mortgage Insurance (PMI)
Private Mortgage Insurance protects a lender from increased risk from borrowers putting less than 20% down on a house.
Refinance
Refinancing your mortgage to lower monthly payments, interest rates, lower your DTI and more.
Glossary of Terms
See a full list of mortgage terms,
Foreclosure
Seizing a property in accordance with the terms stipulated in the mortgage contract.