Resources
APR. PMI. FHA. HECM. Enough alphabet soup.
Here's the same plain-English translation Ask Dawn uses — no jargon-first definitions.
Affordability
how much house can i afford
In general, affordability depends on your income, your existing debts, your down payment, your credit history, and other monthly obligations — plus your own comfort level with a payment. There's no single number that applies to everyone. Dawn's Mortgage Compass can help point you in the right direction, but only Dawn, working from your real numbers, can tell you what you specifically qualify for.
Costs
what is closing cost
Closing costs are the fees and expenses — beyond your down payment — that are due when you finalize a home purchase or refinance. They can include things like appraisal fees, title insurance, recording fees, and lender fees, and they vary by transaction. Dawn can walk you through an estimate for your specific loan.
Family
i'm helping my parents
If you're helping a parent think through their home and finances, you're not alone — this comes up often. Dawn has a dedicated page that walks through common family questions in plain language, including what happens to the home, what heirs can expect, and what to ask before making a decision.
Loan Terms
what is apr
APR stands for Annual Percentage Rate. It's meant to represent the yearly cost of a loan — including certain fees — expressed as a percentage, so it's usually a bit higher than the interest rate alone. It's a useful tool for comparing loan offers, but it isn't the only thing that matters. Dawn can help you understand how APR applies to your specific loan options.
Loan Terms
what is dti
DTI stands for debt-to-income ratio — a comparison of your monthly debt payments to your monthly income. Lenders use it as one of several factors to understand how much additional debt you may be able to manage. It's one piece of the picture, not the whole picture.
Loan Terms
what is ltv
LTV stands for loan-to-value ratio — the loan amount compared to the home's appraised value, shown as a percentage. It's one of the factors that can affect loan terms and whether mortgage insurance is required.
Loan Types
what is fha
FHA stands for the Federal Housing Administration. An FHA loan is a mortgage insured by the FHA, which allows many lenders to offer more flexible down payment and credit requirements than a conventional loan. FHA loans are popular with first-time buyers, but they aren't the only option — Dawn can help you compare what fits your situation.
Loan Types
what is arm
ARM stands for Adjustable-Rate Mortgage — a loan where the interest rate can change over time, usually after an initial fixed period, based on market conditions. This is different from a fixed-rate mortgage, where the rate never changes.
Refinance
can i refinance
People typically refinance to lower their monthly payment, change their loan term, or access home equity. Whether refinancing makes sense depends on your current loan, your goals, and today's terms — it's genuinely different for every homeowner. Dawn can walk through your specific situation with you.
Reverse Mortgage
what is a reverse mortgage
A reverse mortgage is a loan for homeowners — typically 62 or older — that lets you borrow against your home's equity without making monthly mortgage payments. The loan is repaid when you sell the home, permanently move out, or pass away. You remain responsible for property taxes, homeowners insurance, and upkeep. The most common type, a HECM, is insured by the FHA and requires HUD-approved counseling before closing.
Reverse Mortgage
what is a hecm
HECM stands for Home Equity Conversion Mortgage — the most common type of reverse mortgage, insured by the FHA. It has specific rules, including a minimum age of 62 and a requirement to complete HUD-approved counseling before closing.
Reverse Mortgage
i'm 72 and my home is paid off what are my options
Homeowners in this situation often explore a few different paths: staying put and simply enjoying a paid-off home, a reverse mortgage to access equity without monthly payments, a home equity loan or line of credit, or selling and moving to something that fits better. What makes sense depends entirely on your goals and circumstances — this is exactly the kind of question worth a real conversation with Dawn.
Have a term that's not here?
Ask Dawn directly, or reach out — Dawn is happy to explain anything in plain English.