How to buy a house course
Module 4 · Finance stage

Understanding Mortgages

Learn how mortgages work and how to compare loan types, rates, and offers with confidence.

15 lessons · about 105 minutes

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Lessons in this module

  1. 1How Mortgages WorkAn overview of how a mortgage loan is structured, repaid, and secured by the home you buy.6 min
  2. 2Mortgage Prequalification vs. PreapprovalHow mortgage prequalification and preapproval differ and why the distinction matters when house hunting.6 min
  3. 3Conventional LoansAn introduction to conventional mortgage loans, their general features, and how they differ from government-backed options.6 min
  4. 4FHA LoansAn overview of FHA loans, a government-insured mortgage option often used by first-time and lower-down-payment buyers.6 min
  5. 5VA LoansAn overview of VA loans, a mortgage benefit available to eligible veterans, service members, and some surviving spouses.6 min
  6. 6USDA LoansAn overview of USDA loans, a government-backed mortgage option for eligible rural and some suburban properties.6 min
  7. 7Fixed-Rate vs. Adjustable-Rate MortgagesA comparison of fixed-rate and adjustable-rate mortgages and the tradeoffs each involves.6 min
  8. 815-Year vs. 30-Year MortgagesA comparison of common mortgage term lengths and how they affect monthly payments and total interest.6 min
  9. 9Understanding Mortgage Interest RatesAn explanation of what mortgage interest rates represent and the general factors that influence them.6 min
  10. 10APR vs. Interest RateAn explanation of the difference between a mortgage's interest rate and its annual percentage rate (APR).6 min
  11. 11Mortgage Points ExplainedAn explanation of mortgage discount points, how they work, and how to evaluate whether paying them makes sense.6 min
  12. 12Understanding PMIAn explanation of private mortgage insurance, when it applies, and how it may eventually be removed.6 min
  13. 13Understanding FHA Mortgage InsuranceAn explanation of how mortgage insurance on FHA loans differs from PMI on conventional loans.6 min
  14. 14Mortgage Rate LocksAn explanation of what a mortgage rate lock is, how it works, and why timing matters.6 min
  15. 15How to Compare Mortgage OffersPractical guidance on comparing mortgage loan offers from multiple lenders beyond just the interest rate.6 min

Educational content only — not financial, legal, or tax advice.