Mortgage Dictionary
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What Credit Score Do I Need for a VA Loan?
The Department of Veterans Affairs sets no minimum credit score for a VA loan. That requirement comes from individual… Read more
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What Is FHA Mortgage Insurance Premium (MIP)?
MIP, or mortgage insurance premium, is an essential part of certain home loans, specifically those backed by the Federal… Read more
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What are mortgage interest rate points?
The term mortgage points (also called discount points) gets frequently thrown around, but what do points actually mean and should… Read more
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VA Loan vs. FHA Loan: Which Is Better?
If you’re eligible for a VA loan, the combination of 0% down and no ongoing mortgage insurance is hard… Read more
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What Are Seller Credits (and How Do They Work)?
Seller credits (also called seller concessions) are essentially a way for the seller to help you with some of… Read more
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What is Mortgage Protection Insurance (MPI)?
Mortgage protection is essentially a safety net for homeowners. It’s one type of insurance that steps in if life throws… Read more
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What is Private Mortgage Insurance (PMI)?
Private mortgage insurance (PMI) is a policy your lender requires when you put down less than 20% on a… Read more
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What is a VA loan?
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty… Read more
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Who Qualifies for a VA Loan? Eligibility Requirements Explained
A VA loan is a mortgage loan backed by the U.S. Department of Veterans Affairs (VA). Its primary purpose… Read more
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What does “primary residence” mean when getting a mortgage?
A mortgage for a primary residence is the loan you get for the place you actually call home, not… Read more
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What is debt-to-income ratio (DTI) in a mortgage?
DTI measures how much of your income goes toward debt payments. Lenders use this ratio to assess your financial… Read more
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What is a mortgage origination fee?
If you are in the process of shopping around for a lender, or just curious about the home buying… Read more
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Conditionally approved? What does it mean?
Getting conditionally approved means the lender has reviewed your loan application and things are looking good, but they still… Read more
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Buying a house that’s for sale by owner (FSBO): gold mine or headache?
Buying a house that’s For Sale By Owner (FSBO) can either be a gold mine or a headache, depending… Read more
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Demystifying mortgage: who are Fannie Mae and Freddie Mac?
Maybe you’ve heard the names Fannie Mae and Freddie Mac tossed around in conversations about homebuying and wondered what… Read more
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How to finance a mobile or manufactured home?
Alright, so you’re considering a mobile or manufactured home—good on you for looking into an affordable path to homeownership.… Read more
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FICO vs. credit score: One and the same?
When it comes to buying a home, your credit score is a crucial factor that influences your mortgage options… Read more
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Tenants in common explained: ownership, co-borrowing, and how it works for rental properties
If you’re looking to co-own property but want flexibility in ownership and inheritance, tenants in common might be the… Read more
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Mortgage modification vs. refinancing: what’s the difference?
If you’re thinking about changing up your mortgage—great, you’re in the right place! But before you dive in, let’s… Read more
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What is a hard money loan?
A hard money loan is a type of short-term financing secured by real estate. Typically issued by private investors… Read more