What Is a Mortgage? Mortgage Basics for First-Time Buyers (2026)
A mortgage is a loan that lets you buy a home now and pay for it over time — typically 15 to 30 years — with the home itself as collateral. If you're just starting to explore homeownership, here's the quick version of everything you need to know, with links to deeper guides on each topic.
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The Basics in 60 Seconds
What you're paying for Principal + interest + property taxes + insurance + mortgage insurance (if under 20% down) — together called PITI.
Loan types Conventional, FHA, VA, USDA, Jumbo, and Non-QM — each with different down payment and credit requirements.
Fixed vs. ARM Fixed rates never change. ARMs start lower but adjust after an initial period (5, 7, or 10 years).
The process Pre-approval → house hunting → offer → underwriting → closing — typically 30-45 days from contract to keys.
Before You Apply — Quick Checklist
- Check your credit score — 620+ for conventional, 580+ for FHA, no minimum for VA
- Calculate your debt-to-income ratio — most lenders allow up to 43-50%
- Decide on a down payment target — as low as 0% (VA/USDA) to 3.5% (FHA) to 3-5% (conventional)
- Gather your documents — pay stubs, W-2s, tax returns, bank statements
- Research Arizona down payment assistance — Home Plus and Home in Five can cover your entire down payment
Want the full breakdown? Our complete guide covers amortization, every loan type with 2026 Arizona limits, the full mortgage terminology glossary, and a step-by-step walkthrough of the entire process from application to closing.
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