Guides
The short version of things buyers ask about.
No long-form theory — just what each thing means and whether it applies to you.
Down payment assistance
Many states and some lenders offer grants or low-interest second loans to cover part of your down payment or closing costs. FHA, USDA, and Fannie Mae's HomeReady program are the most common entry points — ask your lender to check what you qualify for before assuming you need the full amount saved up.
Removing PMI
On a conventional loan, PMI drops off automatically once your balance hits 78% of the home's original value, and you can request it removed at 80%. FHA loans work differently — MIP usually sticks around for the life of the loan unless you refinance out of FHA entirely.
Extra payments, explained
Every extra dollar goes straight to principal, which reduces the interest you're charged on all future payments. Even a modest recurring amount can cut years off a 30-year loan — try it on the calculator and watch the payoff date move.
Biweekly payments
Paying half your monthly payment every two weeks works out to 26 half-payments a year — the equivalent of one extra full payment annually. It's a disciplined way to get the same effect as an extra-payment plan without thinking about it.
Mortgage points
A point costs 1% of your loan amount upfront in exchange for a lower interest rate, usually around 0.25%. They pay off if you'll hold the loan long enough to recoup the upfront cost through the lower rate — otherwise skip them.
Fixed vs. adjustable rate
A fixed rate never changes for the life of the loan. An adjustable-rate mortgage (ARM) starts lower but can rise after an initial period. Fixed is the safer default; an ARM only makes sense if you're confident you'll move or refinance before the rate adjusts.
Run the numbers.
See how any of this changes your actual monthly payment.