Loan FAQ Library

An assumable mortgage allows a buyer to take over the seller's existing loan, including its interest rate, remaining balance, and terms. This is especially valuable when the seller...

A rate-and-term refinance replaces your existing mortgage with a new loan that has a different interest rate, loan term, or both — without taking any additional cash out. The goa...

A construction-to-permanent loan (also called a one-time-close or single-close loan) finances both the construction of a new home and its permanent mortgage in a single loan. Durin...

A co-signer (or co-borrower) applies for the mortgage jointly with the primary borrower, and their income, credit, and assets are considered in qualification. This can help a borro...

Homeowner's insurance (also called hazard insurance) protects your home and personal property against damage from fire, storms, theft, and other covered perils. Mortgage lenders re...

A piggyback loan is a combination of two mortgages taken simultaneously to avoid PMI or reduce the loan amount. The most common structure is the 80-10-10: an 80% first mortgage, a...

The best choice depends on your situation:FactorFHAConventionalMin. Credit Score580 (500 with 10% down)620Min. Down Payment3.5%3%Mortgage InsuranceRequired for life of loan (if <...