Mortgage terminology
Get clarity on the unique language of mortgage loans
Featured articles:
Fixed- vs. adjustable-rate mortgage: What’s the difference?
While shopping for home loans, you’ll need to decide between a fixed-rate or adjustable-rate mortgage. Learn how they differ, and which is better for you.
Debt-to-income ratio (DTI): What is it and how is it calculated?
Your debt-to-income ratio (DTI) measures your total income against any debt you have. Learn what a good DTI is, how to calculate it and how to lower it.
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6-minute read
Promissory notes: What are they?
A promissory note is a repayment agreement between a borrower and lender, but how does it differ from a loan? Read on to see how promissory notes affect you.
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6-minute read
What is assessed value and how is it determined?
Learn what assessed value means, how it's calculated, and how it affects property taxes. Know the differences between assessed, appraised, and market values.
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6-minute read
What does collateral mean and how does it work?
Collateral is an asset used to secure a loan. If a borrower defaults, the lender can take the collateral to recover losses.
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7-minute read
What does mortgage delinquency mean?
Mortgage delinquency means that a borrower’s payment is at least 30 days overdue. Understand how late payments affect your credit and your financial futur...
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4-minute read
What a forbearance agreement means for you
A forbearance agreement allows borrowers to temporarily suspend mortgage payments during unexpected financial hardship. Learn if it’s the right option for...
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5-minute read
What is a warranty deed?
When you buy a home, you want to be sure that no one but you and your lender hold claim to the property. Find out how a warranty deed protects you.
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