How to Apply for a Mortgage
Our step-by-step guide details the mortgage application process, explaining what you do and what the lender does.
Pros and Cons of a 15-Year Mortgage
A 15-year mortgage lets you own your home faster and pay less interest. Higher monthly payments are the trade-off.
Pros and Cons of a 30-Year Fixed-Rate Mortgage
A longer repayment period qualifies buyers for lower payments or a pricier home. But the rate will be higher and you'll pay more interest over the life of the loan.
How Interest-Only Mortgages Work: Pros and Cons
An interest-only mortgage offers a lower monthly payment at first and is best suited for people with ample assets, good credit and short-term ownership plans.
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Adjustable-Rate Mortgage: Pros and Cons
Pros include low introductory rates; cons include the potential for bigger payments over time.
How to Get Rid of PMI
You can wait for PMI to cancel automatically, request early cancellation, get a reappraisal or refinance the mortgage to get rid of it.
How to Get a Mortgage
To get a mortgage, you’ll generally need a decent credit score and sufficient down payment — though exact requirements vary by loan type and lender.
No-Closing-Cost Refinance: Is It Right for You?
A no-closing-cost refinance eliminates upfront fees but results in a higher monthly payment.
What Is PMI? How Private Mortgage Insurance Works
PMI protects your lender. You’re required to pay it if you put down less than 20% on a conventional loan or have less than 20% home equity when refinancing.
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How to Calculate the Break-Even Point on a Mortgage Refinance
The break-even point of a refinance occurs when savings equal costs. Here’s how to do the math.
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How to Get the Best Mortgage Rate
You can get the best mortgage rate by knowing what lenders are looking for, shopping around and paying aggressively upfront.
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Prequalification vs. Preapproval: What’s the Difference?
Prequalification estimates how much you may be able to borrow, based on an informal evaluation of your finances. Preapproval requires documentation.
Requirements for Self-Employed Mortgage Borrowers
Expect to show extra documentation to prove income and debt levels, and boost your chances by separating business and personal finances.
Should You Refinance Back to a 30-Year Home Loan?
Refinancing back to a 30-year home loan may offer lower payments, but you'll pay more interest in the long run.
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How to Get Preapproved for a Mortgage
Mortgage preapproval shapes your budget and how sellers view you — here’s what you need to know.
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Mortgage Brokers vs. Loan Officers: What’s the Difference?
A loan officer represents one lender. A mortgage broker can help you shop around with multiple lenders, for a fee.
How Often Can You Refinance Your Mortgage?
You can refinance as often as it makes financial sense. Some lenders and loan types require a waiting period.
Can I Refinance My Mortgage With Bad Credit?
You may be able to refinance a mortgage with a lower credit score. Credit requirements vary by lender and the type of loan.
What Is a Conventional Loan?
Conventional mortgages aren't federally guaranteed. Qualifying can be tougher than with government loans, but the options fit a wider range of buyers and properties.