Mortgage Basics Guide
Everything you need to know about mortgages — explained in plain English. No jargon, no confusion. Just clear answers from Mike Walker.
Mike Walker
Regional Manager · NMLS #1595456
GFS Home Loans
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6 Essential Mortgage Topics
Everything you need to understand before you apply for a mortgage — explained clearly.
Understanding Interest Rates
Learn the difference between fixed and adjustable rates, how rates are set, and how to lock in the best rate for your situation.
Loan Types Explained
Conventional, FHA, VA, USDA, and Jumbo — understand the differences and which program is right for you.
The Pre-Approval Process
What documents you need, what lenders look for, and how to get the strongest pre-approval letter possible.
Credit Scores & Mortgages
How your credit score affects your rate, what score you need for each loan type, and how to improve your score fast.
The Closing Process
What happens between accepted offer and closing day — appraisals, inspections, title searches, and final walk-throughs.
Mortgage Costs Decoded
Understand origination fees, points, PMI, escrow, and all the costs involved so there are no surprises at closing.
Key Terms You'll Encounter
Annual Percentage Rate — the true cost of borrowing including fees and interest.
Debt-to-Income Ratio — your monthly debt payments divided by gross monthly income.
Loan-to-Value Ratio — the loan amount divided by the property's appraised value.
Private Mortgage Insurance — required when down payment is less than 20% on conventional loans.
A third-party account that holds funds for property taxes and homeowner's insurance.
Prepaid interest paid at closing to reduce your interest rate (1 point = 1% of loan amount).
+ 14 more terms in the full guide
"I believe an informed borrower is a confident borrower. When my clients understand the mortgage process, they make better decisions and feel less stressed. That's why I put this guide together — so you can walk into our first conversation already knowing the basics and ready to focus on finding the right loan for your family."
Mike Walker
Regional Manager · GFS Home Loans · NMLS #1595456
Ready to Put Your Knowledge to Work?
Now that you understand the basics, let Mike find the perfect loan program for your situation.
Mike Walker · NMLS #1595456 · GFS Home Loans · Equal Housing Lender