{"id":26860,"date":"2026-04-23T16:50:59","date_gmt":"2026-04-23T16:50:59","guid":{"rendered":"https:\/\/didebta.com\/?p=26860"},"modified":"2026-04-23T16:51:00","modified_gmt":"2026-04-23T16:51:00","slug":"what-is-a-mortgage-your-definitive-home-loans-guide","status":"publish","type":"post","link":"https:\/\/didebta.com\/?p=26860","title":{"rendered":"What Is A Mortgage? Your Definitive Home Loans Guide"},"content":{"rendered":"<div id=\"\">\n<div class=\"overflow-hidden relative bg-blue-50 aspect-video w-full rounded-lg\"><\/div>\n<p>\n            David Papazian\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate\n        <\/p>\n<\/p><\/div>\n<div>\n<div id=\"block_8cec16bfbef788205b3fff86c111483f\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            A mortgage is a loan that helps you purchase a home, with the home itself serving as collateral.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Mortgage payments typically consist of principal (the amount borrowed), interest, property taxes and homeowners insurance. They can also include mortgage insurance.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            To qualify for a conventional mortgage \u2014 the most common type \u2014 you\u2019ll typically need a credit score of 620 or higher and at least 3% of the home price for a down payment.\n                                                <\/li>\n<\/ul>\n<\/div>\n<h2 id=\"what-is\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What is a mortgage?\" data-outcome=\"\">What is a mortgage?<\/h2>\n<p>A mortgage is a loan used to buy a house. Mortgages are available with a variety of terms \u2014 the length of time to repay the loan \u2014 but they usually range between eight and 30 years. You repay your mortgage in monthly installments, which typically include both interest and principal payments, as well as escrow payments to cover property taxes and homeowners insurance.<\/p>\n<div class=\"BlockQuote pb-8 BlockQuote--bordered flex flex-col items-center text-center md:text-left md:flex-row gap-3 md:gap-8 mb-8 md:mb-0\">\n<blockquote class=\"BlockQuote-text text-center md:text-left\"><p>\n        <q>Shopping for a mortgage is one of the few instances when comparison-shopping can save you money every month. A few extra quotes can uncover a better rate, lower fees, or both, and that can make a real difference to your budget. Isn\u2019t that worth putting in the work?<\/q><br \/>\n                    <cite class=\"PullQuote-cite text-gray-900 ml-0 md:ml-4\"><br \/>\n                \u2014 Mark Hamrick, senior economic analyst, Bankrate<br \/>\n            <\/cite>\n            <\/p><\/blockquote>\n<\/div>\n<h3>How does a mortgage work?<\/h3>\n<p>When you get a mortgage, you have a set loan term to repay the debt as well as a total loan amount to repay. The majority of each payment goes toward interest and principal, or your original loan balance.<\/p>\n<p>Most mortgages are paid monthly and are fully amortized, meaning they\u2019re repaid in regular, equal payments, with the last payment paying off the loan at the end of the term.\u00a0<\/p>\n<p>Mortgages are also secured loans, meaning that they\u2019re backed by collateral \u2014 in this case, your home. If you default on your mortgage \u2014 fail to make payments \u2014 your home can enter into foreclosure and your lender can reclaim it.<\/p>\n<h3>Current mortgage interest rates<\/h3>\n<p>Current mortgage rates are averaging at the lowest they have since 2022: in the low-6% range. While this is higher than the historic lows seen during the COVID pandemic, it\u2019s lower than the historical average of around 7%. Bankrate forecasts that rates should remain largely in this low-6% range for 2026.<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Bankrate Insight\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>Keep in mind that the mortgage rate analysts are typically discussing is the 30-year fixed mortgage rate. While 15-year fixed mortgage rates respond to all the same market forces, they\u2019re often somewhat lower than the rates for 30-year mortgages.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"requirements\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Mortgage requirements\" data-outcome=\"\">Mortgage requirements<\/h2>\n<p>There are many types of mortgages, but the requirements fall down to these major factors:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Down payment: <\/strong>Conventional loans can require as little as 3% down, FHA loans require a minimum of 3.5% down. For those who qualify, USDA and VA loans have no minimum down payment requirements.<\/li>\n<li>\n<strong>Credit score<\/strong><strong>: <\/strong>For a conventional loan, you need a minimum credit score of 620. FHA loans require a minimum score of 500 with 10% down, or 580 with less than 10% down.\u00a0<\/li>\n<li>\n<strong>Debt-to-income (DTI) ratio<\/strong><strong>: <\/strong>Your DTI ratio is all of your regular, monthly debt payments as a percentage of your income. Typically, these must make up no more than 45% of your income, though there is some variability between lenders and loan types.<\/li>\n<\/ul>\n<p>Keep in mind that these are just the minimum requirements. The stronger your financial picture going into the mortgage, the less interest and fees you\u2019ll pay.<\/p>\n<h2 id=\"how-to-compare\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"How to compare mortgage offers\" data-outcome=\"\">How to compare mortgage offers<\/h2>\n<p>Once you\u2019ve done the prep work to apply for a mortgage, including working on your credit and saving up for a down payment, you can apply for preapproval. Ideally, you should seek preapproval with a handful of lenders \u2014 at least three \u2014 and compare their offers.<\/p>\n<p>Different lenders have slightly different underwriting requirements, and even if you\u2019re preapproved with every lender, you might find that the rate and terms you\u2019re offered vary. As you compare offers, focus on the APR, as opposed to the interest rate, as it reflects the all-in cost of borrowing. One loan may have a higher interest rate than another, but lower fees, leading to a lower total APR.<\/p>\n<h2 id=\"types-of-mortgages\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Types of mortgages\" data-outcome=\"\">Types of mortgages<\/h2>\n<p>There are several types of mortgages available to borrowers. Let\u2019s break them down into a few categories:<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Conventional vs. government-insured: <\/strong>A conventional mortgage is a mortgage originated through a private-sector lender. On the flip side, government-insured mortgages \u2014 VA loans, USDA loans and FHA loans \u2014 are backed by the government, and often have a lower barrier to entry than conventional mortgages.<\/li>\n<li>\n<strong>Fixed-rate vs. <\/strong><strong>adjustable-rate mortgages (ARM)<\/strong><strong>: <\/strong>These are the two primary ways interest is charged on mortgages, with a fixed-rate mortgage being the most common. Fixed-rate mortgages have the same interest rate throughout the loan. ARMs, on the other hand, typically have an initial low, fixed-rate period of three to 10 years, followed by a period where the interest rate changes on a regular basis for the remainder of the loan.<\/li>\n<li>\n<strong>Conforming vs. <\/strong><strong>jumbo loans<\/strong><strong>: <\/strong>Most mortgages are conforming loans, meaning that they fit into the criteria set by government agencies, including how large a loan can be. Jumbo loans don\u2019t conform to these loan limits and are used for more expensive properties.<\/li>\n<\/ul>\n<h2 id=\"what-is-included\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What is included in a mortgage payment?\" data-outcome=\"\">What is included in a mortgage payment?<\/h2>\n<p>There are four core components of a mortgage payment: the principal, interest, taxes, and insurance. These are collectively referred to as \u201cPITI.\u201d There can be other costs included in the payment, as well.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Principal:<\/strong> The original amount of money you borrowed from a mortgage lender to purchase your home. If you made a $50,000 down payment on a $400,000 home, for instance, your loan principal is $350,000.<\/li>\n<li>\n<strong>Interest:<\/strong> Interest is what the lender charges you to borrow that money; it\u2019s the \u201ccost\u201d of the loan.\u00a0<\/li>\n<li>\n<strong>Property taxes:<\/strong> Your lender typically collects the property taxes associated with the home as part of your monthly mortgage payment. It then holds the money in an escrow account and uses it to pay your tax bill when it comes due.<\/li>\n<li>\n<strong>Homeowners insurance:<\/strong> Homeowners insurance is required to get a mortgage. Like your property tax payments, your lender usually breaks your homeowners insurance premium into monthly installments, collects them in your escrow account<s>,<\/s> and then uses the money to pay your bill.<\/li>\n<li>\n<strong>Mortgage insurance: <\/strong>Your monthly payment might also include mortgage insurance. For conventional loans, this is known as private mortgage insurance (PMI). It\u2019s required with a down payment of less than 20% of the home\u2019s purchase price. FHA loans also require a mortgage insurance premium (MIP), which you must pay for 11 years with 10% down, or for the life of the loan with less than 10% down.<\/li>\n<\/ul>\n<div class=\"DefinitionList mb-8 DefinitionList--table\">\n            <!-- htmlmin:ignore --><\/p>\n<h2 class=\"type-heading-two leading-8 sm:leading-10 mb-6\" data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key mortgage terms\" data-outcome=\"\">\n    Key mortgage terms<br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<dl>\n<div class=\"Definition-item flex\">\n<dt class=\"text-gray-900\">APR<\/dt>\n<dd class=\"text-gray-700\">\n<p>An APR, or annual percentage rate, reflects the yearly cost of borrowing the money for a mortgage. APR includes the interest rate, discount points and other fees that come with the loan, meaning it better reflects the total cost of borrowing than the interest rate alone.<\/p>\n<\/dd>\n<\/div>\n<div class=\"Definition-item flex\">\n<dt class=\"text-gray-900\">Escrow<\/dt>\n<dd class=\"text-gray-700\">\n<p>An escrow account holds the portion of a borrower\u2019s monthly mortgage payment that covers homeowners insurance premiums and property taxes. Escrow accounts also hold the earnest money the buyer deposits after their offer has been accepted.<\/p>\n<\/dd>\n<\/div>\n<div class=\"Definition-item flex\">\n<dt class=\"text-gray-900\">Mortgage servicer<\/dt>\n<dd class=\"text-gray-700\">\n<p>A mortgage servicer is the company that issues your mortgage statements, collects your payments, manages your escrow account and handles other day-to-day tasks related to your loan after it closes.<\/p>\n<\/dd>\n<\/div>\n<div class=\"Definition-item flex\">\n<dt class=\"text-gray-900\">Underwriting<\/dt>\n<dd class=\"text-gray-700\">\n<p>Mortgage underwriting is the process by which a bank or mortgage lender assesses the risk of lending to a particular individual. The underwriting process requires an application and takes into account factors like the prospective borrower\u2019s credit report and score, income, debt and the value of the property they intend to buy. Many lenders follow standard underwriting guidelines from Fannie Mae and Freddie Mac.<\/p>\n<\/dd>\n<\/div>\n<\/dl>\n<\/div>\n<h2 id=\"faq\" data-position=\"7\" data-beam-element-viewed=\"\" data-id=\"br-h2-7-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"FAQ\" data-outcome=\"\">FAQ<\/h2>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-what-does-conforming-mean', 'heading-what-does-conforming-mean']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-what-does-conforming-mean')\" :aria-controls=\"$id('panel-what-does-conforming-mean')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    What does \u201cconforming\u201d mean?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-what-does-conforming-mean')\" :aria-labelledby=\"$id('heading-what-does-conforming-mean')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>\u201cConforming\u201d refers to a conforming loan, a mortgage eligible to be purchased by Fannie Mae or Freddie Mac, the government-sponsored enterprises (GSEs) that buy loans from lenders to create mortgage-backed securities (MBS) for the secondary mortgage market. A loan that \u201cconforms\u201d meets certain standards set by the Federal Housing Finance Agency (FHFA). These standards set limits and guidelines for borrower credit profiles, down payments, loan amount and property types.<\/p>\n<\/div>\n<\/div>\n<\/li>\n<li x-id=\"['panel-how-does-a-non-conforming-loan-differ-from-a-conforming-loan', 'heading-how-does-a-non-conforming-loan-differ-from-a-conforming-loan']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-how-does-a-non-conforming-loan-differ-from-a-conforming-loan')\" :aria-controls=\"$id('panel-how-does-a-non-conforming-loan-differ-from-a-conforming-loan')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    How does a non-conforming loan differ from a conforming loan?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-how-does-a-non-conforming-loan-differ-from-a-conforming-loan')\" :aria-labelledby=\"$id('heading-how-does-a-non-conforming-loan-differ-from-a-conforming-loan')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n            A \u201cnon-conforming\u201d loan or mortgage doesn\u2019t meet (or \u201cconform to\u201d) the requirements that allow it to be purchased by Fannie Mae or Freddie Mac. One example of a non-conforming loan is a jumbo loan. Government-backed loans, like those insured by the FHA or VA, are another example.\n        <\/div>\n<\/div>\n<\/li>\n<\/ul>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"odddaFSWGn\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Thumbs Up Icon<\/title><path d=\"M13.165 2.175c.322 0 .57.022.774.065.796.161 1.43.624 1.85 1.345.71 1.216.722 3.067.023 5.499h.516c2.28 0 3.422 0 4.337.548a3.844 3.844 0 0 1 1.721 2.25c.29 1.032 0 2.13-.592 4.336l-.516 1.926c-.312 1.151-.484 1.786-.882 2.324a3.368 3.368 0 0 1-1.442 1.098c-.625.247-1.28.248-2.475.248l-.021.01h-4.595c-.42 0-.636 0-.84-.032a4.19 4.19 0 0 1-.635-.15c-.204-.065-.387-.162-.763-.355l-1.69-.856c-.014.034-.026.069-.043.102a2.334 2.334 0 0 1-1.044 1.044c-.495.247-1.012.248-1.948.248h-.161c-.936 0-1.453 0-1.947-.248a2.333 2.333 0 0 1-1.044-1.044C1.5 20.038 1.5 19.52 1.5 18.585v-7.683c0-.936 0-1.452.248-1.947A2.387 2.387 0 0 1 2.792 7.91c.494-.248 1.01-.247 1.947-.247h.16c.937 0 1.454 0 1.95.247.353.177.653.44.875.763.64-.606 1.788-2.184 3.31-5.142.183-.366.312-.603.538-.819.193-.193.462-.355.72-.441.302-.097.539-.097.873-.097ZM4.739 9.288c-.624 0-1.076 0-1.227.076a.721.721 0 0 0-.323.322c-.075.15-.075.603-.075 1.216v7.683c0 .624 0 1.076.075 1.227.065.14.183.248.323.323.151.075.603.075 1.227.075h.16c.625 0 1.078 0 1.228-.075a.722.722 0 0 0 .323-.323c.075-.15.075-.603.075-1.227v-7.683c0-.624 0-1.065-.075-1.227a.672.672 0 0 0-.323-.322c-.15-.075-.603-.076-1.227-.076h-.161v.01ZM13.057 3.8c-.14 0-.226 0-.259.011-.032 0-.086.043-.107.064a2.98 2.98 0 0 0-.226.399c-2.187 4.272-3.53 5.647-4.33 6.092.003.162.004.34.004.536v7.82l2.217 1.122c.28.14.42.216.56.27.107.032.214.064.332.075.151.021.314.021.626.021h4.594c1.022 0 1.539 0 1.862-.129a1.84 1.84 0 0 0 .763-.58c.215-.28.355-.808.613-1.765l.517-1.927c.495-1.85.775-2.873.603-3.475a2.309 2.309 0 0 0-1-1.313c-.538-.323-1.594-.323-3.51-.323h-1.129c-.226 0-.473 0-.72-.15a1.087 1.087 0 0 1-.464-.614c-.075-.301 0-.528.076-.754.957-2.97.603-4.26.301-4.777-.183-.312-.44-.506-.774-.57-.14-.033-.377-.033-.549-.033Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">Yes<\/span><br \/>\n            <\/button><br \/>\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--no border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-no=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-no\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"No\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Thumbs Down Icon<\/title><path d=\"M19.26 2.175c.936 0 1.454 0 1.949.247.452.226.818.592 1.044 1.043.247.495.248 1.012.248 1.948v7.678c0 .936 0 1.453-.248 1.948a2.333 2.333 0 0 1-1.044 1.042c-.495.248-1.013.248-1.95.248h-.16c-.937 0-1.454 0-1.95-.248a2.33 2.33 0 0 1-.885-.777c-.637.596-1.79 2.176-3.314 5.155-.183.365-.312.602-.538.828a1.924 1.924 0 0 1-.722.441c-.258.086-.484.097-.742.097l.022-.011a5.39 5.39 0 0 1-.905-.064 2.741 2.741 0 0 1-1.852-1.345c-.71-1.216-.721-3.066-.022-5.496h-.516c-2.283 0-3.424 0-4.34-.548a3.843 3.843 0 0 1-1.722-2.248c-.29-1.033 0-2.13.593-4.324l.517-1.925c.312-1.162.484-1.786.882-2.323.377-.495.872-.871 1.443-1.097.624-.248 1.281-.248 2.476-.248h4.597c.42 0 .635 0 .84.032.215.032.431.086.636.15.193.065.387.162.753.345l1.702.864c.017-.04.033-.082.053-.122a2.333 2.333 0 0 1 1.044-1.043c.496-.247 1.013-.247 1.95-.247h.16ZM7.503 3.798c-1.022 0-1.54 0-1.862.13-.302.118-.56.322-.765.58-.215.28-.345.775-.614 1.753l-.517 1.926c-.495 1.85-.775 2.871-.602 3.474a2.308 2.308 0 0 0 1 1.312c.539.323 1.594.322 3.51.322h1.142c.236 0 .473 0 .72.15.227.14.388.367.453.625.075.28 0 .516-.075.742-.959 2.969-.603 4.27-.301 4.775.183.312.44.506.774.57.162.033.41.033.572.033.128 0 .203 0 .236-.01.021 0 .085-.044.107-.065.032-.032.14-.237.227-.399 2.208-4.308 3.556-5.671 4.352-6.102a39.945 39.945 0 0 1-.003-.523v-7.79L13.63 4.175c-.28-.14-.41-.215-.56-.27a1.796 1.796 0 0 0-.344-.085c-.151-.022-.313-.01-.625-.022H7.503Zm11.596.001c-.625 0-1.077 0-1.228.076a.72.72 0 0 0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/mortgages\/what-is-mortgage\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>David Papazian\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate Key takeaways A mortgage is a loan that helps you purchase a home, with the home itself serving as collateral. Mortgage payments typically consist of principal (the amount borrowed), interest, property taxes and homeowners insurance. They can also include mortgage insurance. To qualify for a conventional mortgage<\/p>\n","protected":false},"author":1,"featured_media":26861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-26860","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is A Mortgage? Your Definitive Home Loans Guide | Didebta<\/title>\n<meta name=\"description\" content=\"David Papazian\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate Key takeaways A mortgage is a loan that helps you purchase a home, with the home\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/didebta.com\/?p=26860\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Is A Mortgage? Your Definitive Home Loans Guide | Didebta\" \/>\n<meta property=\"og:description\" content=\"David Papazian\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate Key takeaways A mortgage is a loan that helps you purchase a home, with the home\" \/>\n<meta property=\"og:url\" content=\"https:\/\/didebta.com\/?p=26860\" \/>\n<meta property=\"og:site_name\" content=\"Didebta\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-23T16:50:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-23T16:51:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/didebta.com\/?p=26860#article\",\"isPartOf\":{\"@id\":\"https:\/\/didebta.com\/?p=26860\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/didebta.com\/#\/schema\/person\/1d68332532577889b0f653a8233c8e1d\"},\"headline\":\"What Is A Mortgage? Your Definitive Home Loans Guide\",\"datePublished\":\"2026-04-23T16:50:59+00:00\",\"dateModified\":\"2026-04-23T16:51:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/didebta.com\/?p=26860\"},\"wordCount\":1492,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/didebta.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/didebta.com\/?p=26860#primaryimage\"},\"thumbnailUrl\":\"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg\",\"articleSection\":[\"Homes\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/didebta.com\/?p=26860#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/didebta.com\/?p=26860\",\"url\":\"https:\/\/didebta.com\/?p=26860\",\"name\":\"What Is A Mortgage? Your Definitive Home Loans Guide | Didebta\",\"isPartOf\":{\"@id\":\"https:\/\/didebta.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/didebta.com\/?p=26860#primaryimage\"},\"image\":{\"@id\":\"https:\/\/didebta.com\/?p=26860#primaryimage\"},\"thumbnailUrl\":\"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg\",\"datePublished\":\"2026-04-23T16:50:59+00:00\",\"dateModified\":\"2026-04-23T16:51:00+00:00\",\"description\":\"David Papazian\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate Key takeaways A mortgage is a loan that helps you purchase a home, with the home\",\"breadcrumb\":{\"@id\":\"https:\/\/didebta.com\/?p=26860#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/didebta.com\/?p=26860\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/didebta.com\/?p=26860#primaryimage\",\"url\":\"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg\",\"contentUrl\":\"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg\",\"width\":1280,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/didebta.com\/?p=26860#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/didebta.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What Is A Mortgage? Your Definitive Home Loans Guide\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/didebta.com\/#website\",\"url\":\"https:\/\/didebta.com\/\",\"name\":\"Didebta\",\"description\":\"Latest Personal Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/didebta.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/didebta.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/didebta.com\/#organization\",\"name\":\"Didebta\",\"url\":\"https:\/\/didebta.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/didebta.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/didebta.com\/wp-content\/uploads\/2024\/03\/d-icon.png\",\"contentUrl\":\"https:\/\/didebta.com\/wp-content\/uploads\/2024\/03\/d-icon.png\",\"width\":512,\"height\":512,\"caption\":\"Didebta\"},\"image\":{\"@id\":\"https:\/\/didebta.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/didebta.com\/#\/schema\/person\/1d68332532577889b0f653a8233c8e1d\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/didebta.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/didebta.com\/wp-content\/uploads\/2024\/03\/avatar_user_1_1710355201-96x96.png\",\"contentUrl\":\"https:\/\/didebta.com\/wp-content\/uploads\/2024\/03\/avatar_user_1_1710355201-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/didebta.com\"],\"url\":\"https:\/\/didebta.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What Is A Mortgage? Your Definitive Home Loans Guide | Didebta","description":"David Papazian\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate Key takeaways A mortgage is a loan that helps you purchase a home, with the home","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/didebta.com\/?p=26860","og_locale":"en_US","og_type":"article","og_title":"What Is A Mortgage? Your Definitive Home Loans Guide | Didebta","og_description":"David Papazian\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate Key takeaways A mortgage is a loan that helps you purchase a home, with the home","og_url":"https:\/\/didebta.com\/?p=26860","og_site_name":"Didebta","article_published_time":"2026-04-23T16:50:59+00:00","article_modified_time":"2026-04-23T16:51:00+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/didebta.com\/?p=26860#article","isPartOf":{"@id":"https:\/\/didebta.com\/?p=26860"},"author":{"name":"News Room","@id":"https:\/\/didebta.com\/#\/schema\/person\/1d68332532577889b0f653a8233c8e1d"},"headline":"What Is A Mortgage? Your Definitive Home Loans Guide","datePublished":"2026-04-23T16:50:59+00:00","dateModified":"2026-04-23T16:51:00+00:00","mainEntityOfPage":{"@id":"https:\/\/didebta.com\/?p=26860"},"wordCount":1492,"commentCount":0,"publisher":{"@id":"https:\/\/didebta.com\/#organization"},"image":{"@id":"https:\/\/didebta.com\/?p=26860#primaryimage"},"thumbnailUrl":"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg","articleSection":["Homes"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/didebta.com\/?p=26860#respond"]}]},{"@type":"WebPage","@id":"https:\/\/didebta.com\/?p=26860","url":"https:\/\/didebta.com\/?p=26860","name":"What Is A Mortgage? Your Definitive Home Loans Guide | Didebta","isPartOf":{"@id":"https:\/\/didebta.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/didebta.com\/?p=26860#primaryimage"},"image":{"@id":"https:\/\/didebta.com\/?p=26860#primaryimage"},"thumbnailUrl":"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg","datePublished":"2026-04-23T16:50:59+00:00","dateModified":"2026-04-23T16:51:00+00:00","description":"David Papazian\/ Getty Images; Illustration by Austin Courreg\u00e9\/Bankrate Key takeaways A mortgage is a loan that helps you purchase a home, with the home","breadcrumb":{"@id":"https:\/\/didebta.com\/?p=26860#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/didebta.com\/?p=26860"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/didebta.com\/?p=26860#primaryimage","url":"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg","contentUrl":"https:\/\/didebta.com\/wp-content\/uploads\/2026\/04\/1776963059_Homes_What_is_a_mortgage.jpg","width":1280,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/didebta.com\/?p=26860#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/didebta.com\/"},{"@type":"ListItem","position":2,"name":"What Is A Mortgage? Your Definitive Home Loans Guide"}]},{"@type":"WebSite","@id":"https:\/\/didebta.com\/#website","url":"https:\/\/didebta.com\/","name":"Didebta","description":"Latest Personal Finance News and Updates","publisher":{"@id":"https:\/\/didebta.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/didebta.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/didebta.com\/#organization","name":"Didebta","url":"https:\/\/didebta.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/didebta.com\/#\/schema\/logo\/image\/","url":"https:\/\/didebta.com\/wp-content\/uploads\/2024\/03\/d-icon.png","contentUrl":"https:\/\/didebta.com\/wp-content\/uploads\/2024\/03\/d-icon.png","width":512,"height":512,"caption":"Didebta"},"image":{"@id":"https:\/\/didebta.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/didebta.com\/#\/schema\/person\/1d68332532577889b0f653a8233c8e1d","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/didebta.com\/#\/schema\/person\/image\/","url":"https:\/\/didebta.com\/wp-content\/uploads\/2024\/03\/avatar_user_1_1710355201-96x96.png","contentUrl":"https:\/\/didebta.com\/wp-content\/uploads\/2024\/03\/avatar_user_1_1710355201-96x96.png","caption":"News Room"},"sameAs":["https:\/\/didebta.com"],"url":"https:\/\/didebta.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/didebta.com\/index.php?rest_route=\/wp\/v2\/posts\/26860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/didebta.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/didebta.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/didebta.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/didebta.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26860"}],"version-history":[{"count":1,"href":"https:\/\/didebta.com\/index.php?rest_route=\/wp\/v2\/posts\/26860\/revisions"}],"predecessor-version":[{"id":26862,"href":"https:\/\/didebta.com\/index.php?rest_route=\/wp\/v2\/posts\/26860\/revisions\/26862"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/didebta.com\/index.php?rest_route=\/wp\/v2\/media\/26861"}],"wp:attachment":[{"href":"https:\/\/didebta.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/didebta.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/didebta.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}