Mortgage terminology

Featured resources

People walking through a large park on a sunny day.

10-minute read

Eminent domain, defined and explained

Cases of eminent domain have been happening since 1876 and still affect us today. Learn about what they are, how they’re used and eminent domain examples.

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 researching on a computer, likely conducting real estate or financial research online.

8-minute read

What Is PITI? Its meaning and what it stands for

PITI stands for principal, interest, taxes and insurance. Learn how each component of PITI affects your mortgage payment, and how to calculate each factor.

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.

A couple discussing finances, real estate investments or taxes on a laptop.

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 Black man's hands signing a document on a desk at home, potentially related to paperwork or contracts.

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.

Aerial shot of a neighborhood, showcasing houses, streets, and community living.

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.

Fork in two sidewalks through a residential neighborhood.

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.

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.

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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.

Possibly an image depicting occupancy or preparations related to property intent.

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.

The front door of a suburban home with flowers, showcasing curb appeal and home aesthetics.

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.

A beautiful brick home, showcasing real estate or homeownership.

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.

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.

A woman working from home on her laptop with her pet cat sitting in front of her.

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.

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7-minute read

Mortgage insurance: Your quick guide to different types and cost

Mortgage insurance protects lenders against default on home loans. Learn more about the different types of mortgage insurance, how much it costs and more.