What is a mortgage?
AnswerA loan used to buy property, secured by that property
A mortgage is a loan secured by real estate.
Money · Facts & stats
Mortgage facts & stats
8 fact-checked facts about mortgage basics, terms and home-loan history, each with the reason behind it. 4 more are in today's round and join this page after it closes.
The basics
What is 'principal' in a mortgage payment?
AnswerThe portion that repays the amount borrowed
Principal reduces the loan balance.
Going deeper
What does ARM stand for?
AnswerAdjustable-rate mortgage
An ARM's rate can change after an initial period.
What is 'amortization'?
AnswerPaying off a loan through scheduled payments over time
Amortization spreads repayment over the loan's term.
What does LTV stand for?
AnswerLoan-to-value
LTV compares the loan amount to the property's value.
The word 'mortgage' comes from Old French words meaning what?
AnswerDead pledge
'Mort gage' means dead pledge.
Expert level
One mortgage 'discount point' typically equals what?
Answer1% of the loan amount
A point costs 1% of the loan amount.
In what year was Fannie Mae created?
Answer1938
Fannie Mae was established in 1938.
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