Clear definitions for the mortgage terms you will encounter when buying, refinancing, or comparing loan offers.
A fixed-rate mortgage has an interest rate that stays the same for the entire loan term. Your principal and interest payment never changes, making it easier to budget.
Mortgage points (also called discount points) are upfront fees you pay to the lender at closing in exchange for a lower interest rate. One point equals 1% of the loan amount.
A VA loan is a mortgage backed by the U.S. Department of Veterans Affairs, available to eligible veterans, active-duty service members, and surviving spouses. VA loans require no down payment and no private mortgage insurance.
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