Mortgage basics

Featured resources

A family moving into a new home, illustrating a family's relocation or moving process.

8-minute read

Gift letters for your mortgage: A guide

A gift letter for a mortgage shows your lender that you don’t need to repay gift money toward your down payment. Use our mortgage gift letter template and write yours.

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5-minute read

Freddie Mac: What is the Federal Home Loan Mortgage Corporation (FHLMC)?

Freddie Mac is a government-sponsored agency charged with keeping mortgage markets liquid. Learn more about FHLMC – and how it impacts home buyers and sellers.

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5-minute read

Get a leg up on the competition with verified approval

A Verified Approval allows you to confidently make an offer knowing that your financing is rock solid. Read on for details!

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4-minute read

Tenancy in common: What it is and how it works

Tenancy in common is an arrangement where two or more people share ownership rights in a property. Learn more about tenants in common and how it works.

A fashionable women sitting on a stool looking outside, possible posing for a photo.

4-minute read

Fee simple: What is it in real estate and how does it work?

Fee simple refers to a landowner’s absolute ownership of real property. Read our article to learn about how fee simple determines real estate or land ownership.

A luxury kitchen with a marble slab backsplash and modern appliances.

7-minute read

What are lender credits used for when buying a house?

Lender credits let you roll your closing costs into your loan for a higher interest rate. Learn about lender credits and if they could be helpful to you.

Documents spread across a table alongside a coffee mug, portraying an organized or busy setting related to home paperwork or financial documentation.

4-minute read

What is fair market value (FMV) in real estate and how is it calculated?

Fair market value (FMV) in real estate is an assessment of a property's worth in an open market. Learn how FMV is calculated and what it's used for.

A young woman working on a laptop, possibly in a home or office setting.

6-minute read

What is total debt service and the debt service coverage ratio (DSCR)?

Lenders use total debt service to measure your ability to repay a mortgage. Learn what a debt service coverage ratio (DSCR) is and how to calculate it yourself.

An escrow agent, potentially illustrating a professional involved in real estate transactions or property transfers.

4-minute read

Escrow agent in real estate: What to know

An escrow agent upholds the escrow agreement in a real estate transaction. Read on to learn how this entity protects the property and assets in escrow.

An image capturing a father and his child huddled closely together, both focused intently on a piece of paper laid out before them. The father, pencil in hand, is writing on the paper, while the child watches with interest.

4-minute read

What is the power of sale in a mortgage note, and how does it affect foreclosure proceedings?

The power of sale allows a lender to sell a home – without judicial review – if a borrower defaults on a mortgage. Learn more about how the power of sale works.

Couple laughing in living room together.

9-minute read

How to get a mortgage preapproval

A mortgage preapproval determines how much you can borrow for your mortgage. Here’s what to expect from your lender and how to navigate the preapproval process.

A couple pointing at a laptop, suggesting discussions or decisions related to real estate or finances.

6-minute read

How to shop for a mortgage: 5 steps

Planning to buy a house? One of the first steps in the process is securing a home loan. Learn how to shop for a mortgage and find the best rate here.

Older couple in blue shirts in the kitchen, possibly depicting domestic life or family moments.

5-minute read

Guide to Form 1098 mortgage interest statement

Did you know your mortgage interest and insurance payments may be tax deductible? Read on to better understand what’s in your 1098 mortgage interest statement.

A tan two-story home, showing a two-story house with a tan exterior.

8-minute read

Selling a house with a mortgage: A guide

Selling your home while you’re still paying off your mortgage can be difficult to navigate. Learn how to prepare to sell your house and pay off your mortgage.

An image showing grey and off-white house possibly a good real estate investment.

9-minute read

How to get the best mortgage rate: 9 tips

Home buyers can get the lowest mortgage rate available, even when market rates are trending high. Uncover 9 tips for how to get the best mortgage rate.

Small vivid red brick house with white door/window trim and lush green lawn.

7-minute read

CARES Act mortgage forbearance: FAQs and updates

The CARES Act provides mortgage forbearance and other relief to those suffering from the effects of the COVID-19 pandemic. Read on for updates on the CARES Act.

A small indigo colored house with a red door and green front yard.

7-minute read

Mortgage rate lock: A guide to protect you from rate fluctuations

A mortgage rate lock prevents changes to your interest rate as you prepare to close. Learn about the steps you can take to lock in your mortgage rate.

6-minute read

Tenancy by entirety: Defined and explained

Tenancy by entirety allows married couples to each own 100% of the property – as one entity. Learn more about the benefits and drawbacks of this type of ownership.

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