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It depends on the loan, lender, property, and your eligibility. The CFPB says most buyers need at least 3% and many loans require 5% or more; eligible FHA, VA, state, local, or lender programs may differ. A lower down payment can increase other costs. Twenty percent is not required, and mortgage-insurance rules depend on the program.

Checking your own reports or scores does not hurt them. A lender may make a hard inquiry for pre-approval or an application. Mortgage inquiries made within a short shopping window are generally grouped for scoring, but the window varies by scoring model, so ask before authorizing a pull.

Lenders use these terms and processes differently. A pre-approval generally involves a review of financial information and is a tentative statement that the lender may lend up to an amount, subject to assumptions and further verification. Neither term is a guaranteed loan offer or final approval.

There is no reliable universal timeline. Search conditions, negotiations, contingencies, appraisal, title work, documentation, underwriting, and local closing practices all affect it. Ask the professionals handling your actual transaction about deadlines before you agree to them.

Credit is one part of the file, and lender and program rules differ. FHA, VA, housing-finance-agency, or other options may be worth comparing if you are eligible. A HUD-approved housing counselor can help you review options without promising a particular approval.

A standardized annual measure that combines the interest rate with certain loan charges. It can help compare offers, but it is not the same as the note rate or your total cash needed.

How your loan is paid off over time. Early on, more of each payment goes to interest; later, more goes to principal.

Loan and transaction charges due in connection with the purchase. The amount depends on the property, location, lender, loan, and negotiated credits; compare the Loan Estimate and final Closing Disclosure.

A contract condition tied to an event such as financing, inspection, or appraisal. Rights and deadlines depend on the actual agreement and local law.

A mortgage that is not insured or guaranteed by a federal agency. Eligibility, down payment, mortgage insurance, and pricing depend on the product and full application.

The part of the price you pay up front. The rest becomes your mortgage.

A deposit made under the purchase contract. Whether it is credited, returned, or forfeited depends on the contract, contingencies, deadlines, and what happens to the transaction.

The share of your home you actually own — its value minus what you still owe. It grows as you pay down the loan.

The word can mean a neutral closing arrangement that holds funds and documents, or a mortgage account used to collect and pay property taxes and insurance. Ask which meaning applies.

A loan made by a private lender and insured by the Federal Housing Administration. It can allow a lower down payment or different credit flexibility, is not limited to first-time buyers, and requires FHA mortgage insurance.

A fixed-rate loan keeps the interest rate fixed; an adjustable-rate loan can reset under its contract. Even with a fixed rate, the total payment can change when taxes, insurance, or other charges change.

Private mortgage insurance may apply to a conventional loan and protects the lender, not the borrower. Its cost and cancellation rules vary. FHA mortgage insurance is a different program with different rules.

Up-front charges expressed as a percentage of the loan amount; one point equals 1% of that amount. A point may reduce the rate, but the effect and break-even period depend on the offer.

A tentative lender statement based on assumptions and reviewed information. It can support a home search, but it is not a guaranteed loan offer, final approval, or a personal spending recommendation.

The lender’s review of the borrower, property, documentation, and loan against its requirements. Approval remains conditional until the lender completes its process and issues final terms.