Mortgage terminology

Featured resources

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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7-minute read

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.

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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.

Large regal brick home with white columns and stone stairway.

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...

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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 residential neighborhood with multiple houses, showing a suburban or urban living environment.

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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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 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.

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.

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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...

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.

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 opt...

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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....

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.

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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.

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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 mo...