Mortgage terminology

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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!

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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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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...

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7-minute read

What are lender credits used for when buying a house?

Lender credits let you roll your closing costs into your loan for a higher interest rate. Learn about lender credits and if they could be helpful to you.

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.

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...

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9-minute read

How to get a mortgage preapproval

A mortgage preapproval determines how much you can borrow for your mortgage. Here’s what to expect from your lender and how to navigate the preapproval pr...

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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 small indigo colored house with a red door and green front yard.

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Mortgage rate lock: A guide to protect you from rate fluctuations

A mortgage rate lock prevents changes to your interest rate as you prepare to close. Learn about the steps you can take to lock in your mortgage rate.

6-minute read

Tenancy by entirety: Defined and explained

Tenancy by entirety allows married couples to each own 100% of the property – as one entity. Learn more about the benefits and drawbacks of this type o...

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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.

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7-minute read

What are easements and how can they affect my property?

Easements grant non-property owners limited access to a part of your property. Learn the different types of easements and how they can affect your property.<...

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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 exampl...

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4-minute read

Property title search: What it is and how it works

A property title search examines public records to confirm a property’s rightful, legal owner. See how title searches work and reasons to be aware of them...

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.

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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 fo...