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The mortgage process

Sometimes getting a mortgage can seem pretty complicated. That’s why we’re here with tips, tools, and a team to guide you.

How much do you need for a down payment?
How much you put down matters, but a large down payment isn't always necessary when buying a home.

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Components of a mortgage payment
Learn how your monthly mortgage payment is divided between the principle balance, interest, taxes, and insurance.

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What are closing costs?
Closing costs can be a big consideration in choosing a mortgage. Learn what fees and payments are typically included.

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What is a jumbo loan and when do you need one?
Higher value homes may require a jumbo mortgage. Find out how they work and what makes them different from other home loans.

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What is APR?
When comparing mortgage options, interest rates tell only part of the story. Understanding APR can help you make a smarter borrowing decision.

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Your guide to escrow accounts
Learn how escrow accounts are used to manage taxes and insurance payments through your mortgage servicer.

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Learn about various types of insurance
Homeownership often comes with a variety of insurance types. Learn what they cover and why they matter.

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What is earnest money?
Learn the basics of earnest money and the important contract protections that can help secure your deposit.

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Preparing for your closing

A lot happens between having your purchase offer accepted and closing the loan. Here's what to expect and how to prepare.

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Why mortgage applications get denied
Discover the common reasons mortgage applications are declined and what steps can improve your chances of approval.

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What is an appraisal and inspection?
Learn how home appraisals and inspections can help you understand a home's condition and value before you buy.

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Costs tied to making an offer
The costs you pay don't just start with the first mortgage payment. Understand the upfront costs when making an offer on a home.

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What is PMI?
This guide explains private mortgage insurance, how it affects your mortgage payment, and when you may be able to remove it.

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Tips to understand mortgage underwriting
Learn what mortgage underwriting involves and how to prepare for each step to keep your home loan process moving.

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What is an interest rate lock?
Learn about mortgage rate locks, how they work, and what factors may cause your interest rate to change before closing.

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Getting a mortgage if you're self-employed
If you're self-employed, the documentation you'll need to provide will be slightly different from a traditional borrower.

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Guide to building a new home
This guide walks you through the key steps and milestones of financing, building, and closing on a newly constructed home.

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Debt-to-income ratio and why it matters
Learn how to calculate your debt-to-income (DTI) ratio, and why it's so important in determining your borrowing power.

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Making home financing work for your financial plan
Even if you can easily afford a home, some buying strategies may be better than others when it comes to your financial goals.

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How to make your home offer stand out
When you find a home that checks all your boxes, you can bet it checks someone else's, too. Here's how to make an offer that stands out in a competitive market.

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Using gift funds for your down payment
Using gift funds can help you put more toward your down payment and bring your homeownership goals even closer.

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Top questions about the mortgage process

The origination charge is the amount charged for services performed on the initial loan application and loan processing. This includes all charges (other than discount points) that lenders and brokers involved in the transaction will receive for originating the loan. It includes any fees for application, processing, underwriting services, and payments from the lender for origination. Learn more about closing costs.

A jumbo loan (also known as a nonconforming loan) is a mortgage typically used to finance properties where the price exceeds the limits of a conventional conforming loan.

Mortgage underwriting is done by your lender to ensure the loan is the right fit for you. This evaluation is completed by an underwriter who reviews your application and supporting documentation, focusing on four key areas:

  • Income – Look at your employment history and proof of income to make sure you can comfortably afford the loan’s payments
  • Property – Assess the value and condition of the property you plan to purchase to ensure your loan amount is appropriate
  • Assets – Verify you have the funds for the down payment, closing costs, and any unexpected initial home expenses

Learn about the importance of credit, debt, and savings when buying a home.

More home loan FAQs

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If you extend your loan term, you may pay more interest over the life of your loan.

If you are a service member on active duty, an eligible spouse, partner, or dependent, or currently receiving SCRA benefits, please consult with your legal advisor prior to seeking a refinance of your existing mortgage loan. In some cases, a refinance may impact your eligibility for benefits under the Servicemembers Civil Relief Act or applicable state law.

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