Get Mortgage-Ready
Mortgage Terms Made Simple
Appraisal
A professional estimate of a home's market value.
Closing Costs
Fees and expenses associated with finalizing a mortgage and completing a home purchase.
Down Payment
The portion of the home's purchase price paid upfront by the buyer.
Escrow
An account used to collect and pay property taxes and insurance.
Pre-Approval
A lender's estimate of how much you may qualify to borrow.
Principal
The amount borrowed before interest.
PMI
Private Mortgage Insurance, which may be required on certain loans when the down payment is below a specified threshold.
Rate Lock
An agreement that secures an interest rate for a specific period.








