Mortgage Terminology

Get clarity on the unique language of mortgage loans
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Featured Articles:

Fixed- Vs. Adjustable-Rate Mortgage (ARM): What’s The Difference?

While shopping for home loans, you’ll need to decide between a fixed-rate or adjustable-rate mortgage. Learn how they differ and which is better for you.

 Read More Debt-To-Income Ratio (DTI): What Is It And How Is It Calculated?

Your debt-to-income ratio (DTI) measures your total income against any debt you have. Learn what a good DTI is, how to calculate it and how to lower it.

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Mortgage Basics - 5-MINUTE READ

Scott Steinberg - Oct 16, 2024

What Is The Prime Rate And How Does It Work?

The prime rate is an index that helps determine rates on loans. But how does that work? In our guide, you’ll learn how the prime rate affects your wallet.

A small greenhouse or conservatory, showcasing a structure designed for gardening, relaxation, or cultivating plants within a home setting.

Mortgage Basics - 10-MINUTE READ

Cathie Ericson - Sep 25, 2024

Contingent: What It Means In Real Estate

In real estate, “contingent” refers to conditions that must be met for a sale to proceed as planned. Learn how contingencies protect potential home buyers.

Two-story white house in winter with snowy lawn and trees.

Mortgage Basics - 6-MINUTE READ

Ashley Kilroy - Sep 23, 2024

What Does Assessed Value Mean And How Is It Determined?

The assessed value of a home helps determine its worth for property tax purposes. Discover how a home’s value gets assessed and why this matters.

Woman sorting letters at a desk.

Mortgage Basics - 6-MINUTE READ

Kevin Graham - Sep 19, 2024

How A Fed Rate Drop Affects Home Buyers And Sellers

What’s the impact on home buyers and sellers when the federal funds rate drops? Learn how a Fed rate drop impacts interest rates and home loans.

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Mortgage Basics - 7-MINUTE READ

Hanna Kielar - Sep 10, 2024

What Is A Conventional Loan?

Conventional loans are a traditional mortgage option. Learn what a conventional home loan is, how it works and common lender requirements in our guide.
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Mortgage Basics - 6-MINUTE READ

Kevin Graham - Sep 9, 2024

What Is Fannie Mae’s Community Seconds Program?

Need a little extra help covering your down payment or closing costs? A program like Fannie Mae's Community Seconds might be able to help.