Frequently Asked Questions

An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

PMI is a type of mortgage insurance you might be required to pay for if you have a conventional loan and make a down payment of less than 20% of the home's purchase price.

A 15-year mortgage has higher monthly payments but lower total interest over the life of the loan. A 30-year mortgage has lower monthly payments (providing more cash flow) but you will pay significantly more interest over 30 years.

Your credit score heavily influences the interest rate lenders will offer you. A higher score signifies lower risk to the lender, resulting in a lower interest rate, which saves you money over the life of the loan.

A fixed-rate loan has an interest rate that remains the same for the entire term of the loan. A variable-rate (or adjustable-rate) loan has an interest rate that can change periodically based on a benchmark interest rate.