Resources
Everything you need to understand the mortgage process.
Frequently Asked Questions
The first step is getting pre-qualified or pre-approved. During pre-qualification, a lender evaluates your financial situation to estimate how much you can borrow. Pre-approval is more thorough and involves verifying your income, assets, and credit.
The Home Buying Process
A step-by-step overview of what to expect.
Submit your financial information for an initial lending assessment.
Mortgage Glossary
Amortization
The process of spreading loan payments over the full term, with each payment going partly toward principal and partly toward interest.
APR
Annual Percentage Rate — the total annual cost of a loan including interest and fees, expressed as a percentage.
Closing Costs
Fees paid at the closing of a real estate transaction, typically 2-5% of the loan amount.
DTI
Debt-to-Income ratio — your total monthly debts divided by your gross monthly income.
Equity
The difference between your home's market value and the remaining mortgage balance.
Escrow
An account held by the lender to pay property taxes and insurance on your behalf.
LTV
Loan-to-Value ratio — the loan amount divided by the property's appraised value.
PMI
Private Mortgage Insurance — required when your down payment is less than 20% of the home price.
Pre-Approval
A lender's conditional commitment to lend a specific amount, based on verified financial information.
Underwriting
The process of evaluating a loan application to determine risk and approval.
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Expert mortgage insights to guide your journey.
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