Most borrowers learning mortgage basics feel unsure how credit, income, and loan terms affect their ability to buy or refinance.
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Mortgage Basics
Understanding the basics of how mortgages work makes the homebuying process much easier. This guide breaks down the key terms, loan types, and steps so you can move forward with confidence.
You can check your loan options in under 60 seconds — fast, secure, and no credit impact.
What a Mortgage Is
- A loan used to buy a home
- Paid back over time with interest
- Secured by the property
Main Loan Types
- Conventional loans
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
Key Mortgage Terms
- Principal
- Interest
- Escrow
- Mortgage insurance
- Closing costs
How Mortgage Payments Work
- Principal + interest
- Taxes and insurance
- Monthly escrow
- How payments change with rates
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