Closing Closing is when your contract is finalized and you sign a lot of documents that make you an official homeowner. You will pay...

Underwriter Makes the final decision to approve or deny your mortgage loan, based on your specific financial situation. The underwriter...

Down Payment This is the initial cash that you put toward the home purchase, not including the amount you borrow. For many years, 20%...

Interest Rate When you borrow money to purchase a home, you pay interest on that loan according to rates set by the market. Rates change...