How U.S. Mortgages Work
A mortgage is both a loan and a legal claim against real property. Learn how the borrower, lender, servicer, investor, insurer, closing agent and local recording system fit together.
Guide collection
Mortgage Basics
Understand the people, documents, timelines and trade-offs that shape a U.S. home loan.
The Mortgage Process From Planning to Closing
Follow a practical sequence from budget preparation and lender shopping through application, underwriting, closing and the first servicing statement.
Lenders, Brokers, Servicers and Other Mortgage Roles
Clarify who originates the loan, who may broker it, who services payments, who owns the loan and who handles appraisal, title and settlement work.
Mortgage Loan Types at a Glance
Use a needs-first overview of fixed, adjustable, conventional, government-backed, jumbo, construction, renovation, reverse and home-equity products.
Mortgage Prequalification vs. Preapproval
Understand the difference between an early estimate and a lender-reviewed preapproval, including what neither document guarantees.
Mortgage Application Checklist
Organize identity, income, assets, debts, housing history, property and insurance information before a lender requests it.
U.S. Mortgage Terms Glossary
Plain-language definitions for principal, interest, APR, escrow, points, LTV, DTI, PMI, MIP, note, deed of trust, servicing and other common terms.
Choosing a Mortgage Term
Compare shorter and longer repayment periods by payment, total interest, flexibility, qualification and the rest of the household budget.
Fixed-Rate Mortgages Explained
Learn what remains fixed, what can still change, and why taxes, insurance, fees or escrow can move even when principal and interest do not.
Adjustable-Rate Mortgages Explained
Read the initial period, index, margin, adjustment schedule and caps before comparing an ARM with a fixed-rate loan.