Mortgage Basics
Learn the core concepts behind mortgages.
APR vs Interest Rate
APR vs Interest Rate is a key concept for mortgage borrowers. Learn how it works and how it affects your loan.
Read guide →How Mortgages Work
Learn how mortgages work from application to payoff. Understand principal, interest, amortization, and the process from application through closing.
Read guide →What Is a Mortgage
A mortgage is a loan secured by real property. Learn how mortgages work, key terms, types of loans, and the regulatory framework that protects U.S. borrowers.
Read guide →What is DTI
Debt-to-Income ratio compares monthly debt payments to gross income. Learn how lenders use it in underwriting.
Read guide →What is LTV
Loan-to-value compares your mortgage amount to the home's value. Learn how it affects underwriting and PMI.
Read guide →What Is Mortgage Principal
Principal is the amount you borrow. Learn how it differs from interest, how payments reduce it, and how extra principal payments work.
Read guide →What Is PITI
PITI stands for Principal, Interest, Taxes, and Insurance. Learn how it is calculated and how lenders use it to assess affordability.
Read guide →What is Amortization
How loan principal and interest are paid over time. Understand amortization schedules.
Read guide →What is a Loan Term
How long you have to repay. Learn about 15-year vs 30-year terms and how they affect your payment.
Read guide →What Is a Mortgage Lender
The lender funds your loan. Learn how lenders differ from brokers and servicers, and how to compare and choose one.
Read guide →What Is a Mortgage Broker
A broker connects borrowers with lenders. Learn how brokers work, how they are compensated, and when using one may make sense.
Read guide →What Is a Mortgage Payment
A mortgage payment typically includes principal, interest, taxes, and insurance (PITI). Learn how payments are calculated and what to expect.
Read guide →