Mortgage Dictionary
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What’s a par rate—and does it really matter?
Mortgage lenders have different “point-values” associated with their interest rates, where there’s different costs associated. If you pay the… Read more
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What is a mortgage and why is it important?
A mortgage is your ticket to owning a home without having the full cash upfront. It’s a loan that… Read more
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How to buy a home with less cash—the hidden world of lender credits
Lots of folks obsess about finding the lowest possible interest rate. And, we don’t disagree that finding the lowest… Read more
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What is a buyer’s market?
A buyer’s market is a period when there are more homes or more supply in the market, than buyers… Read more
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What is a 3-2-1 buydown?
Think of a 3-2-1 buydown as a mortgage’s way of easing you into the big league. It’s like giving… Read more
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What’s the deal with hard vs. soft credit checks?
A soft-credit check is basically a little peek behind the curtain. You’ve probably done soft credit checks on yourself… Read more
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15-year or 30-year mortgage?
When trying to figure out how much house you can afford, or work out the best price for a… Read more
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What does clear to close mean?
“Clear to close” (CTC) is like the ultimate green light in the mortgage world. Hitting that milestone means your… Read more
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What’s the difference between a Buyer’s Agent and a Seller’s Agent?
If you’re new to home buying, you’ll need to quickly understand the roles of buyer’s agents and seller’s agents.… Read more
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What is a mortgage escrow account?
When financing a new home, you’ll likely hear the term “escrow.” When purchasing a new home, the escrow is… Read more
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What is the difference between earnest money and my down payment?
Earnest money is just an initial deposit to secure your offer, while the down payment is a larger sum… Read more
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What is mortgage underwriting?
The mortgage business ultimately comes down to underwriting, which is the process of assessing risks around the mortgage and… Read more
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APR vs. Interest Rates in a mortgage
While interest rates dominate the news, we would argue understanding APR (Annual Percentage Rate) can be a larger factor… Read more
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FHA Loans vs Conventional Loans: Which is better for a first time home buyer?
Choosing the type of loan that makes the most financial sense for you can be daunting for first time… Read more