Mortgage Basics

Down payments range from 0% to 20% depending on loan type. Compare conventional, FHA, VA, and USDA down payment rules.

Closing costs typically run 2-5% of the home price. See what's included and practical ways to reduce your out-of-pocket costs.

PMI is required on many low-down-payment loans. Learn how it's calculated, what it costs, and how to remove it from your loan.

Compare fixed-rate and adjustable-rate mortgages, including how ARMs reset and which option suits different homeowner goals.

Discount points let you pay upfront to lower your mortgage rate. Learn the break-even math before deciding if points make sense.

Preapproval and prequalification sound similar but carry different weight with sellers. Learn the difference before you shop.

Underwriting is where your mortgage application gets verified and approved. Learn what underwriters review and common delays.

Escrow accounts collect funds for taxes and insurance as part of your mortgage payment. Learn how they're calculated and managed.

Recasting re-amortizes your loan after a lump-sum payment, lowering your payment without refinancing. Learn how it works.

Conforming loans meet limits set for Fannie Mae and Freddie Mac; non-conforming loans don't. Learn what that means for you.