Resources / Category: Mortgage IQ

Your down payment is the first payment you make on your mortgage loan.

A mortgage term indicates the total duration of a mortgage.

The annual percentage rate (APR) estimates the total interest rate you will pay on your mortgage, including any additional lender fees.

The debt-to-income (DTI) ratio equals your total fixed monthly debts divided by your total monthly gross income.

A tax imposed on a real estate property by the government is called property tax.

Homeowners insurance is the insurance policy that ensures the protection of a home and its belongings from specific damages.

An adjustable-rate mortgage (ARM) refers to a mortgage with variable interest rates, which change regularly after an initial period.

A fixed-rate mortgage keeps the interest rate fixed throughout the loan term.

Principal refers to the initial mortgage amount taken against the property you mortgaged.