When you go to apply online you should make sure that you have following information in front of you; Drivers license, Social Security Card, Blanks checks, and your pay stubs. Most online lending companies will require that you give them your address , phone number, Sin number, Your bank name, Check number, Bank Account number, references, and if you are paid weekly, bi-weekly, or monthly. When you are filling in area on take home pay, you should look on your pay check under net pay and fill in that amount.

Adjustable-rate loans, also known as variable-rate loans, usually offer a lower initial interest rate than fixed-rate loans. The interest rate fluctuates over life of loan based on market conditions, but loan agreement generally sets maximum and minimum rates. When interest rates rise, generally so do your loan payments; and when interest rates fall, your monthly payments may be lowered.

Annual percentage rate (APR) is cost of credit expressed as a yearly rate. The APR includes interest rate, points, broker fees, and certain other credit charges that borrower is required to pay.

Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as FHA (Federal Housing Administration), VA (Veterans Administration), or Rural Development Services (formerly know as Farmers Home Administration, or FmHA).

Escrow is holding of money or documents by a neutral third party prior to closing. It can also be an account held by lender (or servicer) into which a homeowner pays money for taxes and insurance.

Fixed-rate loans generally have repayment terms of 15, 20, or 30 years. Both interest rate and monthly payments (for principal and interest) stay same during life of loan.