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Mortgage Education Center

Understand the mortgage process, loan types, and key terms so you can make confident financing decisions.

Common Loan Types

Not government-backed. Typically require a 620+ credit score and 3–20% down. Best for borrowers with strong credit and stable income.

Backed by the Federal Housing Administration. Require as little as 3.5% down with a 580+ credit score. Popular with first-time buyers.

Available to eligible veterans, active-duty service members, and surviving spouses. No down payment required and no private mortgage insurance.

For eligible rural and suburban homebuyers. No down payment required. Income limits apply.

For loan amounts exceeding conforming loan limits ($766,550 in most areas). Require stronger credit and larger down payments.

Short-term financing for building a new home. Converts to a permanent mortgage upon completion.

APR (Annual Percentage Rate): The total annual cost of your loan, including interest and fees, expressed as a percentage. Use APR to compare loan offers apples-to-apples.
Amortization: The process of paying off your loan over time through regular payments. Early payments are mostly interest; later payments are mostly principal.
Escrow: A neutral third party that holds funds during a real estate transaction. Also refers to the account your lender uses to collect property taxes and insurance.
PMI (Private Mortgage Insurance): Required on conventional loans when your down payment is less than 20%. Protects the lender — not you — if you default.
Points: Upfront fees paid to reduce your interest rate. One point equals 1% of the loan amount. Buying points makes sense if you plan to stay in the home long-term.
DTI (Debt-to-Income Ratio): Your total monthly debt payments divided by your gross monthly income. Most lenders prefer a DTI below 43%.

Our loan officers are here to walk you through your options and find the right loan for your situation.