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Mortgage 101

New to mortgages? Start here.

Mortgage 101 is a free course of eight short lessons for first-time buyers and anyone new to home loans. Each lesson takes about three minutes and uses plain words and real dollar examples. It's in English and Spanish. See an underlined word you don't know? Tap it for a quick definition.

Reviewed October 2026 · Leer en español

How this works

Buying a home comes with a lot of new words and a lot of paperwork. You don't need to learn it all at once. These lessons go in order, from "What is a mortgage?" to "How do I read my loan offer?" Each one builds on the one before it.

  1. Read one lesson at a time. Each takes about three minutes. Start with Lesson 1 if you're brand new, or jump to any topic you need.
  2. Try the numbers. Every lesson has a worked example with real math. Use the calculators to plug in your own numbers.
  3. Ask when you're ready. When you want to know what might fit your situation, tell us about it. We review your scenario before connecting you with an appropriate lending partner.

Every number in these lessons is an example or a typical range. Rules vary by loan program and by lender, so always confirm the details for your own situation.

The 8 lessons

Lesson 1How a mortgage worksWhat a mortgage is, how the monthly payment is built, and why early payments are mostly interest.Lesson 2What lenders look atThe four things lenders check: your credit, your income, your savings and the home itself.Lesson 3DTI: how much you can borrowHow your monthly debts compared with your income set a limit on your payment.Lesson 4Down payment & cash to closeHow much cash you really need: down payment, closing costs and savings left over.Lesson 5The main types of loansConventional, FHA, VA, USDA and other loans, and who each one is built for.Lesson 6From preapproval to closingEvery step from your first application to getting the keys, in order.Lesson 7How to read a Loan EstimateWhat each page of the three-page form means and how to compare offers.Lesson 8Investors & self-employedOther ways to qualify when a W-2 does not tell your whole story.

Tools to use along the way

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Frequently asked questions

Do I need to finish all the lessons?

No. Read them in order if you're brand new, or jump straight to the topic you need. Each lesson stands on its own and links to the next one.

Is this advice for my situation?

No. Mortgage 101 is general education. Your own options depend on your credit, income, savings, the home and the program. LoanFight is not a lender: we review your scenario before connecting you with an appropriate lending partner, and every term must be confirmed by that lender.

Is it free?

Yes. All eight lessons, the checklists, the glossary and the calculators are free to use, with no sign-up.