Mortgage Basics

Jump in and get an overview on common

mortgage terms

Application Checklist

The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan's lifetime.

Adjustable ARM

Adjustable-rate mortgages include interest payments which shift during the loan's term, depending on current market conditions. Typically, these loans carry a fixed-i...

Interest Only

Interest only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...

Graduated Payments

Graduated Payment Mortgages are loans in which mortgage payments increase annually for a predetermined period of time (e.g. five or ten years) and...

Private Mortgage

Insurance (PMI)

Private Mortgage Insurance or PMI is insurance that protects a lender from increased risk from borrowers putting less than 20% down on a house. Read about PMI, how it works, cost and more by clicking learn more below.

Refinance

Refinancing your mortgage is a common practice used to lower monthly payments, interest rates, lower your DTI and more. Read about refinancing, how it works, cost and more by clicking learn more below.

Glossary of Terms

See a full list of mortgage terms by clicking learn more below.

Foreclosure

Foreclosure is the process of a lender seizing a property in accordance with the terms stipulated in the mortgage contract. Read about foreclosure and how to avoid it by clicking learn more below.