The OwnMG library
Six in-depth guides to the parts of a mortgage that matter most, plus a glossary of the terms you will meet along the way.
Guides
Each guide is written to stand on its own, with links to the others where a topic overlaps. Reading times are approximate.
Guide 01 · Mortgage basics · 5 min read
What you are agreeing to when you borrow to buy a home, and the order in which it all happens, from the first budget to the final payment.
In this guide
Guide 02 · Loan structure · 5 min read
One keeps your rate the same for the life of the loan; the other trades a lower starting rate for uncertainty later. Here is how each works and how to weigh the trade.
In this guide
Guide 03 · Costs and comparison · 5 min read
Two percentages appear on every mortgage offer, and they answer different questions. Learn what each measures, what the APR leaves out and how to use both.
In this guide
Guide 04 · Loan programs · 5 min read
Four families of home loans cover most US purchases. They differ in who backs them, who qualifies, how much you need to put down and what insurance or fees come attached.
In this guide
Guide 05 · Monthly payments · 4 min read
Why your mortgage payment is usually more than principal and interest, how an escrow account works and why the amount can change even on a fixed-rate loan.
In this guide
Guide 06 · Refinancing · 5 min read
Refinancing replaces your current mortgage with a new one. It can lower costs, reshape your loan or free up equity, but it is never free. Here is how to weigh it.
In this guide
Glossary
Short definitions of the words that come up most often in loan paperwork. The guides explain each one in more depth.
Beyond OwnMG
When you need to confirm a current rule, limit or right, go to the source. These are the public websites of federal agencies and official bodies. OwnMG is not affiliated with any of them.
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