Mortgage Dictionary: Mortgage Terms Explained A to Z
Plain definitions of the mortgage terms you see on a Loan Estimate, a Closing Disclosure or a lender email, from APR to value acceptance.
Category
Understanding Mortgages
Lenders check your income, assets, debts and the home before they approve a loan. These explainers cover the underwriting rules that most often surprise borrowers, from large bank deposits to appraisal problems.
Mortgage Overlays: Why Lenders Add Rules and What to Do
Mortgage overlays are a lender's own rules that go beyond what FHA, VA, USDA, Fannie Mae or Freddie Mac require. If one lender turned you down, another lender…
What Is a Loan Origination Fee, and Can You Negotiate It?
A loan origination fee is what the lender charges to make your mortgage, and it sits in Section A of your Loan Estimate. Here is what it covers,…
What Happens in Mortgage Underwriting?
Mortgage underwriting is the lender's check that you, your income and the home meet the loan program's rules. Here is what underwriters look for, what a conditional approval…
What’s the Difference Between Interest Rate and APR?
The interest rate sets your monthly payment. The APR adds most lender charges and shows the loan's yearly cost over its full term, so here is how to…
How to Buy a House on Disability: Income Rules and Loans
Lenders can count SSDI, SSI, VA disability and private disability benefits toward a mortgage. Here is what they ask for, how each loan type treats the income, and…
Mortgage Repayment Plan: How to Catch Up on Missed Payments
A mortgage repayment plan spreads your missed payments over several months on top of your regular payment. Here is how it works, who it fits and what else…
Mortgage Discount Points: How to Tell If They Pay Off
Mortgage discount points let you pay more at closing for a lower rate. Here is how to price them, find your break-even month and decide whether they fit…
401(k) Loan for Down Payment: How It Works and the Risks
You can borrow from your 401(k) to buy a house if your plan allows loans. Here are the IRS limits, how mortgage lenders treat the loan, what it…
5-Year Mortgage: Can You Get One and What It Costs
True 5-year fixed-rate mortgages are rare in the US, but a few banks and credit unions make them. Here is where to look, what a five-year payoff costs…