Buyer Resources
Home Loan Glossary
This glossary explains common mortgage terms in plain English to help you understand the process with confidence
Appraisal
An unbiased estimate of a home’s market value, required by lenders before approving a loan.
Closing Costs
Fees paid at the end of a real estate transaction, including lender, title, and attorney fees.
Down Payment
The portion of the home price the buyer pays upfront, typically 3–20%.
Equity
The difference between your home’s market value and the remaining balance on your mortgage.
FHA Loan
A government-insured loan designed for low-to-moderate income buyers with lower credit scores.
Interest Rate
The percentage charged by a lender for borrowing money.
Pre-Approval
A lender’s written estimate of how much you can borrow, based on verified income and credit.
Refinance
Replacing your current mortgage with a new one, usually to lower your rate or change terms.
Mortgage Check-Up Tool
Use this checklist to see if it’s time to revisit your mortgage strategy
- Has your income, credit score, or employment changed recently?
- Have interest rates dropped since your last mortgage?
- Would lowering your payment help your monthly budget?
- Are you planning home renovations or debt consolidation?
- Would a shorter term loan help you build equity faster?
Refinance Readiness Worksheet
Answer these questions to see if refinancing might make sense for you:
- What is your current loan balance and rate?
- How long do you plan to stay in your home?
- What is your credit score range?
- Do you have any high-interest debt that could be consolidated?
- Would lowering your term (e.g., 30 years to 15 years) fit your budget?
Understanding Your Home Loan Options
Buying a home is one of life’s biggest milestones — but choosing the right mortgage can make all the difference. Here’s a quick breakdown of popular loan types available through Northpoint Mortgage:
Conventional Loans
Best for buyers with good credit who want competitive rates and flexible terms.
FHA Loans
Perfect for first-time buyers with lower credit or smaller down payments.
VA Loans
Exclusive benefits for veterans and active-duty service members, including 0% down options.
USDA Loans
Ideal for rural and suburban buyers seeking 100% financing with low rates.
Jumbo Loans
Designed for higher-value homes that exceed conforming loan limits.
Need help finding the best fit? Our Georgia-based team will walk you through every option to make the process simple and stress-free.
Ask a Loan Officer
Have a question about your home loan, refinance, or application process? Complete the form below and one of our loan officers will reach out personally.
