MORTGAGE BASICS

Jump in and get an overview on common mortgage terms

Application Checklist

Applying for a mortgage can seem a bit overwhelming at times. To help, we’ve created a checklist for you to gather, 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. Below you can read about credit, how it works, and how to improve your score.

Closing Costs

A closing cost is a payment required to finalize a home loan and is separate from a down-payment. Read about closing cost, their purpose, how you can pay them and more by clicking learn more below.

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. Read about appraisals, how they work, ownership and more …

Private Mortgage Insurance

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

Mortgage terms are listed on the link 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.
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