Mortgage basics is the starting lane for the site. These pages explain what a mortgage is, how the debt is repaid over time, which documents define the loan, and which people or companies sit between the borrower and the money.
If you are new to mortgage vocabulary, start with Mortgage, Home Loan, Principal, Interest, and Monthly Payment. Those pages establish the core ideas that show up again in underwriting, closing, refinancing, and servicing.
When those basics feel clear, move into Amortization and Amortization Schedule to see how the balance changes over time, then compare Mortgage Lender and Mortgage Broker before exploring Loan Types.
As the section expands, it also covers how the borrowing process starts in practice through Mortgage Application and the day-to-day lender contact role of the Loan Officer.
In this section
- Mortgage
A mortgage is a home-secured loan and the legal arrangement that lets the property stand behind repayment.
- Home Loan
A home loan is borrowed money used for a home purchase or refinance, usually secured by the property itself.
- Principal
Principal is the amount borrowed that still has to be repaid, excluding interest and most other charges.
- Interest
Interest is the lender's charge for letting the borrower use money over time.
- Loan Term
Loan term is the length of time the mortgage is scheduled to run before full repayment.
- Monthly Payment
Monthly payment is the amount the borrower is expected to pay each month under the mortgage terms.
- Amortization
Amortization is the gradual repayment pattern that reduces mortgage principal over time through scheduled payments.
- Amortization Schedule
An amortization schedule is a payment-by-payment table showing how much goes to principal, interest, and remaining balance.
- Promissory Note
A promissory note is the signed document in which the borrower promises to repay the mortgage debt under stated terms.
- Mortgage Note
Mortgage note is the mortgage-specific promissory note that states the borrower's repayment obligation.
- Mortgage Lender
A mortgage lender is the bank, credit union, or other institution that provides the mortgage funds.
- Mortgage Application
A mortgage application is the borrower's formal request for a home loan and the starting point for lender review.
- Mortgage Broker
A mortgage broker helps a borrower shop or place a loan with lenders rather than funding the mortgage directly.
- Loan Officer
A loan officer is the lender-side professional who helps guide the borrower through the mortgage application and origination process.