Mortgage terminology

Get clarity on the unique language of mortgage loans

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Featured resources

Family enjoying a leisure time possibly on a picnic.

6-minute read

Float-down option: Can it lower your mortgage rate?

Want to protect yourself from higher mortgage rates? Read our article to learn all about the float-down option and how it can work with a mortgage rate lock.

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8-minute read

What is Ginnie Mae (GNMA) and how does it work?

Discover how Ginnie Mae guarantees mortgage-backed securities, supports the housing market, and helps make homeownership more affordable.

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5-minute read

Co-borrower vs. co-signer: What's the difference?

If you need help getting a mortgage, a co-borrower or co-signer can bolster your application. Learn more about buying a home with a co-borrower or co-signer.

A beautiful house with a green front yard.

7-minute read

Do you have an underwater mortgage? Here are your options

You have an underwater mortgage if you owe more than your home is worth. Learn the early indicators and what to do if your mortgage is upside down.

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5-minute read

What is a lien and how does it work?

A lien gives a lender or creditor the ability to claim a property to pay off a debt. Learn how they work and about other types of property debt.

Woman using a phone and a MacBook, potentially managing finances or conducting research online.

6-minute read

Loan principal definition and basics

The principal is the amount you borrowed for your loan, while interest is the fee for use of the loan. Learn how each makes up your monthly payment.