Guides

Home Buying and Mortgages: Affordability, Loans and Refinancing

Learn how much house you can afford, how mortgages and refinancing work, what closing costs to expect and how to compare loan offers.

A couple standing in front of a house they are thinking about buying

Buying a home is usually the largest purchase of a person's life, and the mortgage that pays for it can last for decades. Small differences in your interest rate, loan type and closing costs add up to large sums over the life of the loan, so it pays to understand the process before you start shopping.

This section explains how lenders decide what you can borrow, how debt-to-income ratios and down payments work, and the differences between conventional, FHA, VA and USDA loans. We cover fixed and adjustable rates, points, private mortgage insurance, the Loan Estimate and Closing Disclosure forms, and when refinancing may or may not make sense.

We rely on sources such as the Consumer Financial Protection Bureau and federal housing agencies for rules and definitions. Mortgage rates change daily and depend on your credit, down payment and property, so compare official Loan Estimates from more than one lender before you decide.

Guides in Home & Mortgage

The first guides in this section are being written and fact-checked now. Until they publish, these are good places to start:

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