Mortgages basics

What is the difference between a fixed-rate and adjustable-rate mortgage (ARM) loan?

What is an option or payment-option ARM?

What is a second mortgage loan or "junior-lien"?

What is a home equity loan?

What is a home equity line of credit (HELOC)?

What are some of the financial considerations of buying a home?

What kind of down payment do I need? How does the amount of down payment I make affect the terms of my mortgage loan?

Does having a reverse mortgage impact who can live in my home?

What is private mortgage insurance?

Where can I get money for a down payment on a home?

How do credit reporting companies get my information?

What’s the difference between a prequalification letter and a preapproval letter?

What is the difference between a mortgage lender and a mortgage broker?

How does a mortgage loan officer or broker get paid?

What is the difference between a mortgage interest rate and an APR?

How should I use lender credits and points (also called discount points)?

What is an escrow or impound account?

Is there such a thing as a no-cost or no-closing cost loan or refinancing?

What's a lock-in or a rate lock on a mortgage?

What costs come with taking out a mortgage?

What required mortgage closing services can I shop for?

What is homeowner's insurance? Why is homeowner's insurance required?

What is lender's title insurance?

What is owner's title insurance?

What are appraisals and why do I need to look at them?