A loan specifically for purchasing real estate, secured by the property itself.

A mortgage with a constant interest rate and monthly payments that never change.

A mortgage with an interest rate that may change periodically based on market conditions.

A government-backed mortgage insured by the Federal Housing Administration, ideal for low-to-moderate income buyers.

A mortgage option for veterans, active-duty service members, and certain members of the National Guard, backed by the Department of Veterans Affairs.

A mortgage option for rural homebuyers, backed by the U.S. Department of Agriculture, aimed at promoting rural development.

The process of creating a plan to spend your money, ensuring you can cover expenses and save for future goals.

Expenses associated with owning a home, including mortgage payments, property taxes, insurance, and maintenance.

Financial aid that does not need to be repaid, often aimed at helping first-time homebuyers.

Programs designed to provide financial support or resources to help homebuyers with their purchase.

The process of setting financial goals and creating a strategy to achieve them over an extended period.

A numerical representation of a person's creditworthiness, impacting loan eligibility and interest rates.

A measure of an individual's monthly debt payments compared to their gross monthly income, used by lenders to assess risk.

The initial payment made when purchasing a home, typically expressed as a percentage of the purchase price.

The difference between the market value of a property and the amount owed on the mortgage.

A lender's conditional commitment to loan a certain amount based on the borrower's financial profile.

A financial arrangement where a third party holds funds or documents until specific conditions are met.

Fees and expenses incurred during the finalization of a real estate transaction, beyond the purchase price.

An annual tax paid by homeowners based on the assessed value of their property.

Insurance that protects the lender in case the borrower defaults on the loan, often required for low down payments.

A licensed professional who represents buyers or sellers in real estate transactions.

The ability to understand and effectively use various financial skills, including budgeting, investing, and managing debt.

Savings set aside to cover emergencies or unexpected expenses related to homeownership.

The process of replacing an existing mortgage with a new one, often to secure a lower interest rate or change terms.