Mortgage Resources & Guides
Free tools, educational guides, and a comprehensive mortgage glossary to help you navigate the homebuying process with confidence.
Mortgage Calculator
Full PITI payment with PMI and live amortization schedule.
Open →Refinance Calculator
Break-even analysis and cumulative savings over time.
Open →Affordability Calculator
Income-based max home price with DTI analysis.
Open →Amortization Schedule
Month-by-month or year-by-year payment breakdown.
Open →How Mortgage Rates Work
What drives rates, the Fed's role, APR vs rate, and how to get the best deal.
Read Guide →FHA vs Conventional
Down payments, credit requirements, MIP vs PMI, and total cost comparison.
Read Guide →PMI Explained
What PMI costs, when it's required, and every strategy to remove it faster.
Read Guide →ARM vs Fixed-Rate
When adjustable rates make sense and when fixed rates are the safer choice.
Read Guide →Mortgage Points
How to calculate break-even on points and when buying down your rate makes sense.
Read Guide →Refinancing Mistakes
The most costly refinancing errors homeowners make and how to avoid every one.
Read Guide →Annual Percentage Rate — the true yearly cost of your loan including interest and all lender fees.
The process of paying off a debt through regular scheduled payments, with each payment covering both principal and interest.
Fees paid at closing, typically 2–5% of the loan amount, covering lender fees, appraisal, title, and prepaid items.
Debt-to-Income ratio — your total monthly debt payments divided by gross monthly income. Lenders use this to assess affordability.
The upfront cash portion of the purchase price paid by the buyer. A 20% down payment eliminates PMI on conventional loans.
An account managed by your loan servicer that collects monthly amounts for property taxes and homeowners insurance, paid when due.
A mortgage with an interest rate that never changes for the entire loan term, providing complete payment predictability.
A government-backed loan (Federal Housing Administration) with lower credit and down payment requirements. Requires MIP.
Homeowners Association fees charged in planned communities for shared amenities and services. Included in your monthly housing costs.
A mortgage exceeding conforming loan limits ($766,550 in most areas for 2024–2026). Requires stricter qualification.
Loan-to-Value ratio — the loan amount divided by the home's appraised value. 80% LTV or lower eliminates PMI.
Mortgage Insurance Premium — FHA's version of mortgage insurance. Includes an upfront premium (1.75%) and annual premium.
Private Mortgage Insurance, required on conventional loans when down payment is under 20%. Removable at 80% LTV.
Prepaid interest paid at closing to reduce your interest rate. 1 point = 1% of loan amount, typically reduces rate by ~0.25%.
A lender's conditional commitment to loan a specific amount, based on verified income, assets, and credit. Needed to make offers.
The original loan amount borrowed, separate from interest. Each payment reduces your principal balance.
Principal, Interest, Taxes, and Insurance — the four components of a complete monthly mortgage payment.
A lender's guarantee of a specific interest rate for a defined period (30–60 days) during the loan process.
Replacing an existing mortgage with a new loan — typically to lower the rate, reduce the term, or access equity.
Secured Overnight Financing Rate — the index used by most modern ARM mortgages after LIBOR was phased out in 2023.
The lender's process of verifying income, assets, credit, and property to determine loan approval and terms.
A mortgage benefit for eligible veterans and service members — no down payment required, no mortgage insurance ever.