From estimating your monthly payment to understanding your loan options, explore straightforward tools and helpful information designed to make the mortgage process easier to understand.
Adjust the numbers below to explore an estimated monthly mortgage payment. Choose a loan type, enter your own figures and see how the pieces of your payment may come together.
This calculator is provided for educational and illustrative purposes only. Results are estimates and are not a loan quote, approval, commitment to lend or guarantee of financing. Actual rates, fees, mortgage insurance, taxes, insurance, loan amounts, payments and refinance savings may vary based on borrower qualifications, property details and current loan program requirements.
There is no one-size-fits-all mortgage. Explore several common loan options and learn which features may be worth discussing based on your goals, eligibility and the property you plan to purchase.
A widely used mortgage option that can work for many buyers, including first-time and repeat homeowners.
Government-backed financing designed to provide more flexible qualification options for eligible borrowers.
A powerful home financing option available to eligible veterans, active-duty service members and certain surviving spouses.
A government-backed mortgage option designed for eligible buyers and qualifying properties in designated areas.
Buying or financing a home can come with a lot of questions. These resources are designed to make the process easier to understand before you ever have to make a decision.
Understand the basics of financing your first home, from getting prepared to choosing a loan and moving toward closing.
Start the GuideLearn what a mortgage pre-approval is, what lenders typically review and why getting prepared early can make the home search easier.
Learn About Pre-ApprovalGet a clearer picture of the expenses that can come with closing on a mortgage and why those costs can vary from one transaction to another.
Understand Closing CostsLearn how credit can factor into mortgage financing, what lenders may review and why your score is only one part of the overall picture.
Learn About CreditFollow the journey from application and pre-approval through underwriting, final approval and closing so you know what comes next.
See the ProcessStraightforward answers to common questions about down payments, mortgage insurance, loan approval, payments and financing.
Browse Common QuestionsMortgage financing can feel complicated when you are hearing new terms, comparing programs and trying to understand what applies to your situation. Here are straightforward answers to some of the questions borrowers commonly ask.
The amount can vary depending on the loan program, borrower qualifications and property. Some programs may offer lower down payment options, while certain eligible borrowers may qualify for financing with no down payment. A loan officer can help you compare the programs available for your situation.
There is not one universal credit score requirement for every mortgage. Guidelines can differ between conventional, FHA, VA, USDA and other loan products. Credit is also only one part of the approval process, so it is usually better to have your full financial picture reviewed rather than assuming you cannot qualify based on a score alone.
Timing depends on how quickly the required information and documentation are available and whether anything requires additional review. Having income, asset and identification documents ready can help make the process more efficient.
A mortgage lender may need to review your credit as part of the pre-approval process. Whether that involves a hard or soft credit inquiry can depend on the lender and stage of the process. Your loan officer can explain what type of credit review will be performed before it happens.
Affordability depends on more than a purchase price. Income, monthly debts, available funds, interest rate, taxes, insurance, HOA costs and the loan program can all affect the result. A pre-approval can provide a more personalized range than a general online calculator.
Closing costs are expenses associated with completing a real estate transaction and mortgage. They can include lender, appraisal, title, government, insurance, prepaid and escrow related charges. The exact amount varies by transaction and will be detailed in the loan disclosures you receive.
Mortgage insurance can apply to certain loans and generally protects the lender if the borrower defaults. The type, cost and duration depend on the loan program and other factors. Conventional, FHA, VA and USDA financing each handle mortgage insurance or program-related guarantee fees differently.
The terms can be used differently between lenders, but a pre-qualification is generally an initial estimate based on information provided by the borrower. A pre-approval commonly involves a more detailed review of financial information and documentation. Neither is a final loan approval.
Yes, self-employed borrowers can qualify for mortgage financing. The documentation and income calculation may look different than it does for a salaried employee. Tax returns, business documentation and other financial records may be reviewed depending on the loan program and borrower profile.
Refinancing may be worth exploring when you want to compare your current mortgage with different rates, terms or equity options. The potential benefit depends on closing costs, how long you plan to keep the loan, your current mortgage and the terms available at the time.
