Mortgage Basics

Take a quick look at the essential mortgage terms every borrower should know

Application Checklist

Applying for a mortgage can feel overwhelming, but it doesn’t have to be. To make the process simpler, we’ve prepared a detailed checklist of everything you’ll need to gather, complete, and review before submitting your application. Click “Learn More” below to view the full list.

Appraisals

An appraisal is an independent estimate of a property’s fair market value, required by lenders to confirm that the loan amount does not exceed the home’s actual worth. Learn how appraisals work, why they’re necessary, who conducts them, and more by clicking “Learn More” below.

Credit

Your credit history is a record of your past and current credit activity, and it plays a key role in determining your credit score. Learn how credit works, how your score is calculated, and what steps you can take to improve it by clicking “Learn More” below.

Private Mortgage Insurance (PMI)

Private Mortgage Insurance (PMI) is coverage that protects the lender when a borrower puts down less than 20% on a home. Learn how PMI works, what it costs, when it’s required, and more by clicking “Learn More” below.

Closing Cost

Closing costs are the expenses required to finalize a home loan and are separate from your down payment. Learn what closing costs include, why they’re necessary, how they can be paid, and more by clicking “Learn More” below.

Refinance

Refinancing your mortgage is a common strategy to reduce monthly payments, secure a lower interest rate, improve your debt-to-income ratio, and more. Learn how refinancing works, what it costs, and the benefits it can offer by clicking “Learn More” below.

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