First-Time Home Buyer's Mortgage Guide

Buying your first home is a big step. This guide covers the basics you need to know before applying for a mortgage.

Fixed-rate vs adjustable-rate mortgages

A fixed-rate mortgage keeps the same interest rate for the entire loan term, while an ARM can change after an initial period.

Saving for a down payment

A larger down payment can lower your monthly payment and may help you avoid private mortgage insurance (PMI).

Use a calculator to plan

Before you shop, plug expected price, rate, and term into a loan calculator to see what monthly payment you can afford.