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- Customer Service: (800) 210-8849
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- Home Equity 101: A Guide to Home Equity and How to Leverage It
- What Is A Reverse Mortgage
- What Is A Mortgage Rate Buydown and Can I Benefit?
- Cash-Out Refinance: Using Home Equity to Pay Off Debt
- Should I Get Pre-Approved Before Buying A House?
- Your Adjustable-Rate Mortgage: Is it Time to Refinance to a Fixed Rate?
- How to Get a Mortgage Pre-Approval for Buying a New Home
- Cash-Out Mortgage Refinance: What It Is and How It Works
- Cash-Out Refinance vs Home Equity Loans vs HELOCs – What’s the difference?
- 7 Essential Tips For Buying Your Next Home
- All About Your Credit
- Tips on Buying a New Home from Real Estate Pros
- 10 Things to Know Before Refinancing Your Mortgage
- How Do I Get My Home Ready to Sell? 7 Easy Steps
- What Are the Costs of Homeownership?
- What is PMI (Private Mortgage Insurance) and Why Am I Paying It?
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Mortgage Glossary
Pre-Qualification
A preliminary evaluation of your financial status performed by a lender to estimate the amount and type of loans available to you. An evaluation does not include a credit report, and does not formally commit the lender to giving you a loan.
Primary Mortgage Market
Lenders who make mortgage loans available directly to borrowers. PHH is a primary lender, as are many savings and loan associations and commercial banks. Primary lenders frequently sell their mortgages in the secondary mortgage market, which includes Fannie Mae and Ginnie Mae.
Principal
The amount of your mortgage loan, excluding interest, which has not been paid.
Principal & Interest (P&I)
The two charges that make up your monthly mortgage payment. Principal is the outstanding balance of your loan, and interest is the finance charge on that amount.
Private Mortgage Insurance (PMI)
A policy that guarantees payment of a conventional mortgage loan in case of default. Usually required if your down payment is less than 20 percent of the home's price.
Dreaming about owning your own home?
Having a financial plan before you look can help you better prepare for home buying costs.
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Wondering if you should refinance?
Here is a list of ten things you should know before refinancing.
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