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Mortgage Basics
Short, practical guides on the topics that come up most when you're buying, refinancing, or thinking about your home equity. No jargon, no upsells.
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Lenders ask for documentation that supports four pillars: who you are, what you earn, what you have, and what you're buying. Pulling these together up front speeds up underwriting and reduces last-minute friction.
Read the guideCredit basics
Credit affects two things on a mortgage: whether you qualify and how you're priced. Programs have different floors, and pricing tiers usually shift in 20-point bands. Understanding where you stand makes program selection much clearer.
Read the guidePlan ahead
Closing costs are the fees due at the end of the transaction in addition to your down payment. They split into three buckets: lender fees, third-party services, and prepaid items. Total cost varies by program, lender, property, and location.
Read the guideProperty valuation
An appraisal is an independent opinion of a property's market value performed by a state-licensed appraiser. Lenders order appraisals on most purchase loans and many refinances to confirm the loan isn't larger than the property supports.
Read the guideInsurance you may not need forever
On a conventional loan, when the down payment is less than 20%, lenders typically require Private Mortgage Insurance (PMI) to protect them in case of default. PMI is a monthly cost (and sometimes also up-front) that has program-specific removal rules.
Read the guideWhen and why to refinance
A refinance replaces your existing mortgage with a new one. People refinance to lower a rate, change a term, drop PMI, tap equity, or restructure debt. The right choice depends on your current loan, goal, and timeline.
Read the guideTranslate the jargon
Mortgages come with their own vocabulary. Here are the terms you're most likely to encounter, translated.
Read the guideIf you're behind
Foreclosure is the legal process a lender uses to recover unpaid mortgage debt by taking and selling the property. The process and timeline vary by state, but in every case there are usually alternatives worth exploring before it reaches that point. None of the information here is legal advice.
Read the guideReady to talk?
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