Mortgage terminology

Featured resources

An elderly couple possibly looking at property or mortgage paper.

5-minute read

What is a mortgage note and why is it important?

A mortgage note is a legal document that defines the terms of the loan for the borrower and lender. Learn more about mortgage notes and why they’re imp...

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4-minute read

Mortgage par rates: What they are, how they work

A par rate is a rate charged to a borrower based on DTI and other factors. It doesn’t include discount points or other adjustments. Read on to learn mo...

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8-minute read

Mortgage forbearance: What it is and how it works

Mortgage forbearance allows you to pause payments on a mortgage. Read on to learn about how forbearance works and whether it’s 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.

A man and women doing financing or taxes.

6-minute read

What is a mortgage commitment letter and how can I get one?

Getting a mortgage commitment letter is an important first step in the home buying process. Read on to find out how you can get a loan commitment letter.

Image related to mortgage processors, potentially depicting their role in the mortgage application process.

4-minute read

What is a mortgage processor, and what do they do?

A mortgage processor guides borrowers through the loan application process by collecting documents and information. Learn how they help secure mortgage loans.

Young couple inside their home with their baby.

9-minute read

Qualifying for a mortgage: The basics

Many factors can determine whether you qualify for a mortgage. Learn what factors affect your mortgage qualification and how you can improve your chances.

Showcasing a small house with an eye-catching Tiffany blue door.

8-minute read

What Is Fannie Mae (FNMA)? A guide for home buyers

The Federal National Mortgage Association (FNMA), or Fannie Mae, purchases and backs mortgage loans for borrowers. Learn more about how Fannie Mae works.

A woman in a sweater looking at a laptop, possibly working or engaging in online activities.

4-minute read

Variable interest rate: Should you get one?

Unlike a fixed interest rate, a variable interest rate changes over time based on a predetermined index. Learn how these rates work and why you might want on...

A couple with an agent in a home, likely discussing real estate matters.

7-minute read

Capital gains tax on real estate and home sales: A guide

Are you required to pay the capital gains tax on your real estate property? Review our guide to learn what the capital gains tax is, when to pay it and more....

An elderly couple sitting and reading together having a good time.

8-minute read

Mortgage protection insurance explained: Does every homeowner need it?

Mortgage protection insurance is an insurance policy that helps the family of the policyholder make mortgage payments after they die. Read on to learn more.<...

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5-minute read

Freddie Mac: What is the Federal Home Loan Mortgage Corporation (FHLMC)?

Freddie Mac is a government-sponsored agency charged with keeping mortgage markets liquid. Learn more about FHLMC – and how it impacts home buyers and ...

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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!

Documents spread across a table alongside a coffee mug, portraying an organized or busy setting related to home paperwork or financial documentation.

4-minute read

What is fair market value (FMV) in real estate and how is it calculated?

Fair market value (FMV) in real estate is an assessment of a property's worth in an open market. Learn how FMV is calculated and what it's used for.

A fashionable women sitting on a stool looking outside, possible posing for a photo.

4-minute read

Fee simple: What is it in real estate and how does it work?

Fee simple refers to a landowner’s absolute ownership of real property. Read our article to learn about how fee simple determines real estate or land o...

An image capturing a father and his child huddled closely together, both focused intently on a piece of paper laid out before them. The father, pencil in hand, is writing on the paper, while the child watches with interest.

4-minute read

What is the power of sale in a mortgage note, and how does it affect foreclosure proceedings?

The power of sale allows a lender to sell a home – without judicial review – if a borrower defaults on a mortgage. Learn more about how the power...

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...