
Check out these articles covering all your mortgage and financial basics. This is your all-in-one resource on key topics. After you are done browsing, Call Hall First to chat with a mortgage expert on your next steps!
We’ve compiled a list of the most common mortgage words and acronyms along with their definitions below.
Home equity is the difference between how much you owe on your mortgage and how much your home is worth.
Appraisals are important to buyers, sellers, and lenders to ensure homes are priced fairly and borrowers are given the fair market value.
As a homeowner you may see an escrow amount on your itemized monthly mortgage payments.
Closing costs are fees and expenses buyers pay in addition to the down payment to secure a loan.
Depending on the type of loan, homeowners may be required to pay mortgage insurance.
What Is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance (PMI) is a type of insurance certain borrowers are required to pay.
FHA loans allow homebuyers to qualify for a home with a lower credit score and low down payments.
Four Great Benefits of an Appraisal
If homeowners are purchasing or refinancing, an appraisal holds great benefits.
A flex term gives borrowers the opportunity to customize the length of their home mortgage loan, between 8 and 30 years, with a fixed interest rate.
Conventional loans are a common loan type available to homebuyers. They come in two categories: conforming and nonconforming.
Home Appraisal vs Home Inspection
A home appraisal and home inspection may seem similar since they evaluate homes; however, they are vastly different in their evaluation process.
An interest rate is a percentage of the overall loan you borrow converted into an annual amount you are charged for borrowing that loan.
A jumbo loan is a type of non-conforming conventional loan that allows buyers to purchase homes above conforming loan limits.
A down payment is money paid upfront as an initial installment on a purchase made with credit. Down payments commonly range from 3% to 20%.
A credit score predicts the likelihood of you making payments on time and is primarily utilized to predict the financial habits of a borrower.
FHA and Conventional loan are two common types of mortgages that allow borrowers in a wide range of financial situations to become homeowners.
What is a VA (Veterans Affair) Loans?
VA loans (established by the U.S Department of Veterans Affairs) are available to military members, veterans, and qualifying surviving spouses.
What is a Credit Utilization Ratio?
When you open a credit card, you are given a limit. The credit utilization ratio shows how much of the credit limit you are currently using.
There are many different loan types, for this article we focus on four: Conventional, FHA, VA, and Jumbo loans.
DTI, or debt-to-income, calculates the percentage of your monthly income that goes towards your monthly debt.
Your debt-to-income ratio (DTI) is important when applying for a housing loan. How high a DTI ratio can be depends on the borrower’s loan type.
A mortgage is an agreement between the buyer and the mortgage lender to pay the loan amount over a set number of years along with interest.
A USDA loan is backed by the US Department of Agriculture and is a zero-down payment home loan mortgage available to rural homebuyers.
Does Checking Your Credit Hurt Your Score?
A handful of actions can impact your credit score; however, self-checking your score does not hurt it.
A home inspection examines a residential property to determine if there are any problems or issues.
Debt held by consumers can be categorized into good debt and bad debt.
Underwriting is a verification step. At this stage, a borrower’s income, assets, debts, and property details are finalized for the home loan mortgage.
Monthly mortgage payments primarily consist of four key components: principal, interest, taxes, and insurance.
Does Credit Card Debt Affect Loan Acceptance?
In addition to other requirements, such as debt-to income ratio (DTI), your credit card debt can impact the likelihood of attaining a housing loan in two ways
An appraisal waiver is when a lender waives an in-person appraisal. Lenders will then use automated information and data, to determine the value of the home.

How to Get an Appraisal Waiver
An appraisal waiver is when a lender approves the removal of an in-person appraisal. The stronger the income, credit score, and home equity, the higher the chance of receiving an appraisal waiver.
Instead of making separate payments on multiple debts, consumers can consolidate their financial obligation into one monthly payment.
A down payment is money paid upfront, for mortgages usually at closing, to complete a financial purchase that is typically paid for on credit.
How Can Your Home Equity Work for You?
A variety of circumstances, such as the housing market or home renovations, can help increase the equity within your home.
A lot of key elements are evaluated when figuring out how much home you can afford. The best way to know the amount is with a pre-approval.
A pre-approval is an estimate of the loan amount, type, and terms a potential borrower can qualify towards to buy a house.
An Adjustable-Rate Mortgage, often referred to as an ARM, is a loan option with a set interest rate for a fixed period.
Benefits of Debt Consolidation
Debt consolidation allows consumers to roll multiple debts into one single monthly payment; it is a great tool to help tame overwhelming debt such as student loans or credit card debt.
A fixed rate mortgage is a home loan option with a set interest rate for the life of the loan. The interest rate will not change despite any discrepancies or changes in the housing market.
Importance of Home Appreciation
Home appreciation is the increased value of a primary, secondary, or investment property over a period of time. Homes can be appreciated naturally or intentionally.
What is a Homeowner’s Association
A homeowner’s association, or HOA, is an organization within a subdivision, planned community, or condominium complex that oversees the creation and implementation of rules.

How Can I Qualify for a Mortgage?
There are specific qualifications a borrower needs to meet before they can get a mortgage to buy a house, but qualifying for a mortgage often depends on the loan type a borrower is interested in.

5 Tips for Building Good Credit
If you have a low credit score or no score at all, here are five helpful tips to help you become a homeowner.

What is a Certificate of Eligibility (COE)
The certificate of eligibility (COE) is a form provided by the Department of Veterans Affairs that is used to receive a VA loan.

When Is Your First Mortgage Payment Due?
For many homeowners, the home loan payment is due at the beginning of each month. But your first due date after purchasing a home depends on the date that you close on the home.

What is a Title and Title Search?
A home title acts as the record of ownership for a property. A title search is an important process that takes place when you are purchasing a home.

What is an Earnest Money Deposit?
The EMD is a percentage of the total cost of the house, usually not exceeding 3%.
A lien is a legal claim on an asset used as collateral on some type of debt.
Should You Pay Your Mortgage Off Early?
Paying your mortgage off early truly depends on whether you are on a sound financial footing.
A mortgage reinstatement is when you pay off the total amount which is past due and get back on track with your normal payments.
Do USDA Loans Require Mortgage Insurance?
A USDA home loan is a home loan option that is targeted towards individuals that own or are looking to own rural property.