Mortgage terminology

Featured resources

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5-minute read

What is deed of trust?

A deed of trust is an agreement between home buyers and lenders at the closing of a property. Learn about trust deeds and how they differ from mortgages.

A document showing goods sold, income and other things in different years.

8-minute read

Proof of funds: What is a POF letter in real estate?

Proof of funds (POF) is a document that shows how much money a person or entity has available. Learn more about POF letters when getting a mortgage.

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7-minute read

Cybersecurity best practices to keep you safe online

How can you stay safe from cyber threats? Start with these 7 tips.

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4-minute read

Easement appurtenant: What it means and how it works

An easement appurtenant creates a right of access for non-owners of one property for another’s benefit. Find out how this easement might affect your property.

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5-minute read

Deed of reconveyance: Definition, process and FAQs

A deed of reconveyance is a document that transfers the property title from the mortgage lender to the borrower. Learn more about how a reconveyance works here.

12-minute read

What is a mortgage? Loan basics for beginners

Mortgages help people buy homes, allowing millions to achieve a coveted milestone. Explore what a mortgage loan is, how it works and how to get one.

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7-minute read

Deed in lieu of foreclosure: What is it and is it right for you?

If you’re staring down the possibility of foreclosure, you might have options. Learn what a deed in lieu of foreclosure is and whether it’s right for you.

A woman wearing glasses stands at a desk, working on a laptop computer and looking on a piece of paper.

12-minute read

Closing disclosure: What it is and how to read the form

Your Closing Disclosure is an important mortgage document, but it can be difficult to interpret. We broke down the essential components in this complete guide.

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3-minute read

Intent to occupy letter: What it is and how to write one

To qualify for some mortgages, your lender may need a letter of your intent to occupy the property. Learn what the letter should include and how to write it.

A man reviewing paperwork at a laptop, possibly managing real estate or financial documents.

4-minute read

Mortgage loan term: What is it, and which option is best for you?

“Loan term” often refers to how much time it takes a borrower to pay off their mortgage when making regular payments. Learn more about loan term options here.

Two women looking at different paint colors for their house.

4-minute read

What is a co-borrower? A beginner's guide

When you buy a home with a co-borrower, you typically share ownership of the loan and the home. Let’s explore the pros and cons of having a co-borrower.

Couple discussing a CMT loan or adjustable-rate mortgage with a financial advisor.

4-minute read

How the constant maturity treasury rate affects your mortgage

The Constant Maturity Treasury rate plays a key role in determining adjustable-rate mortgage interest rates. Learn about the CMT rate and how it impacts your monthly payments.

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7-minute read

Clear to close: What to expect and what happens next

Being clear to close on a mortgage means you're almost done with the mortgage process. Learn how to become clear to close and what happens after.

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4-minute read

What is chain of title and why is it important?

Chain of title represents the complete and unbroken ownership of a property. Learn more about chain of title in real estate and why it’s important.

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5-minute read

A guide to TILA-RESPA integrated disclosures (TRID)

Learn how TRID mortgage guidelines, or “Know Before You Owe” rules, protect borrowers, including what they mean for you during the home buying process.

A home exterior with red shutters on a sunny summer day, portraying a residential property's facade.

4-minute read

Defeasance clause: Definition and overview

Defeasance clauses assure buyers that they’ll get the title once they meet all payment conditions. Learn more about the impact of defeasance on your mortgage.

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5-minute read

Assessed value vs. market value: Your questions answered

What’s the difference between assessed value and market value? One is the home’s tax-assessed value; the other is what buyers are willing to pay. Learn more.

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5-minute read

Basis points (BPS): A complete guide

Basis points are units of measurement that assess percentages. Learn how this financial tool can determine your mortgage cost and its potential monthly changes.