Mortgage Dictionary
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VA vs. conventional loans: which is better?
If you’re eligible for a VA loan, the zero down payment and no PMI combination is hard to beat,… 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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What are mortgage interest rate points?
The term points gets frequently thrown around, but what do points actually mean and should you get them? So what… 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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What is mortgage protection?
Mortgage protection is essentially a safety net for homeowners. It’s one type of insurance that steps in if life… 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
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What are real estate taxes, and why do I have to pay them?
Real estate taxes (also called property taxes) are what help keep local services—like schools, roads, and public safety—up and… Read more
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What is a “lock” in the mortgage world?
Locking in a mortgage rate is a strategic move that can secure a set interest rate for a specific… Read more
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Understanding guaranteed loans: benefits, types, and requirements
So, what exactly is a guaranteed loan? At its core, a guaranteed loan is a mortgage backed by a… Read more
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What to expect when you hear the term loan servicing
So, you’re diving into the world of homebuying, and you keep hearing the term “loan servicing.” What’s the deal… Read more