Your down payment is the first payment you make on your mortgage loan.
A mortgage term indicates the total duration of a mortgage.
The annual percentage rate (APR) estimates the total interest rate you will pay on your mortgage, including any additional lender fees.
The debt-to-income (DTI) ratio equals your total fixed monthly debts divided by your total monthly gross income.
A tax imposed on a real estate property by the government is called property tax.
Homeowners insurance is the insurance policy that ensures the protection of a home and its belongings from specific damages.
An adjustable-rate mortgage (ARM) refers to a mortgage with variable interest rates, which change regularly after an initial period.
A fixed-rate mortgage keeps the interest rate fixed throughout the loan term.
Principal refers to the initial mortgage amount taken against the property you mortgaged.