Mortgage terminology

Featured resources

A couple on a couch with a laptop, potentially engaging in real estate-related activities or discussions.

6-minute read

What is Fannie Mae's Community Seconds Program?

Need a little extra help covering your down payment or closing costs? A program like Fannie Mae's Community Seconds might be able to help.

A man working on a desktop computer, potentially managing finances or researching mortgage-related information.

4-minute read

What is a desktop appraisal and how does it work?

A desktop appraisal is a property valuation that is completed remotely by a professional appraiser. Find out whether a desktop appraisal is right for you.

Image of a newly constructed home with white bricks and a black roof, showcasing modern residential architecture.

4-minute read

What is mortgage curtailment?

Interested in shortening the life of your mortgage loan? Consider how a mortgage curtailment could benefit you in reducing your debt.

A young woman sitting at a desk, possibly managing bills or finances using a digital tablet.

7-minute read

What is a good debt-to-income ratio?

What is a good debt-to-income ratio and why does it matter when getting a mortgage loan? Explore the details to help get the best loan terms possible.

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5-minute read

Get a leg up on the competition with Verified Approval

A Verified Approval allows you to confidently make an offer knowing that your financing is rock solid. Read on for details!

Small vivid red brick house with white door/window trim and lush green lawn.

7-minute read

CARES Act mortgage forbearance: FAQs and updates

The CARES Act provides mortgage forbearance and other relief to those suffering from the effects of the COVID-19 pandemic. Read on for updates on the CARES A...

A luxury mountain home in the Pacific Northwest, highlighting a high-end residence in a scenic location.

5-minute read

What is an encumbrance in real estate?

An encumbrance is a claim against a property by someone who isn’t the property owner. Discover how encumbrances can affect how you can use your property.

A man wearing a headset, likely in a customer service or financial services role.

4-minute read

Mortgage loan originators: What they do and how they can help you

Mortgage loan originators (MLOs) guide borrowers through the home loan process, from application to closing. Learn what an originator can do for you.

A woman in middle of call or meeting talking with either colleague or customer.

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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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 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 mo...

Colorful apartments in an urban city, depicting vibrant and colorful urban apartments.

4-minute read

What is HUD and what does it do?

HUD is an acronym for the U.S. Department of Housing and Urban Development. Learn how HUD works, what it does and how it helps aspiring home buyers.

Modular home, an image illustrating a modular home structure.

3-minute read

What is a chattel mortgage and how does it work?

A chattel mortgage is an option for purchasing a manufactured home where the home secures the loan. See how chattel loans differ from traditional mortgages.<...

A handshake, symbolizing a mortgagor agreement or agreement between parties in a mortgage transaction.

4-minute read

Mortgagor: A definition

A mortgagor is an individual or organization that borrows money to purchase real estate. Learn about mortgagors versus mortgagees and their relationship.

Entrance of a building with white and red colors possibly a school or hospital.

4-minute read

Blanket mortgages: Everything you need to know

Blanket mortgages finance multiple properties under one loan. Uncover the pros and cons of blanket loans to see if this type of financing is right for you.

A women possibly calculating her taxes or finances.

7-minute read

The difference between forbearance and foreclosure

The words may sound the same, but there’s a difference between forbearance and foreclosure. Here’s what you need to know.

8-minute read

The red desk: What is escrow?

In this episode, we're going in-depth on everything you need to know about this critical, yet confusing, part of the home buying process -- what escrow is and h...