Explore the Mortgage101 Library
Check Local Mortgage Rates
Loan Program Choices
Use our calculator to find out your estimated monthly payment in advance: Enter the loan amount, interest rate, and length of mortgage.
Try our Mortgage Payment Calculator
Closing Costs – All the fees associated with a real estate transaction, excluding the purchase price.
Conventional Loan – A mortgage loan that is not insured by government agencies like the FHA or VA.
Debt-to-Income Ratio – The percentage of a borrower's monthly income that is used to repay debts. This ratio helps lenders determine how large of a mortgage a borrower can afford.
Down Payment – The amount of money a borrower contribute upfront on a real estate purchase.
Fixed Rate Mortgage – Home loans with fully-amortized payment schedules. The interest rate and monthly payment amount remain constant for the life of the loan.
Jumbo Mortgage – A loan amount that exceeds the limits set by government-backed companies Fannie Mae and Freddie Mac.
Points – A fee paid to buy down the interest rate. One point is equal to one percent of the loan amount.
Private Mortgage Insurance – Insurance paid by the borrower to protect the lender on loans with a down payment of less than 20 percent.
- 3 Warning Signs of Loan Modification Scams
- Second Mortgages: Advantages and Disadvantages
- Should You Refinance? Make Sure the Timing is Right
- FHA Loans for a First-Time Home Buyer
- Short Selling a Rental Property
- What Lenders Don't Reveal About Home Equity Loans
- 3 Reasons Banks Reject Short Sales
- 3 Common Short Sale Mistakes
- Low Down Payment Loan Qualification