Mortgage terms and definitions for
home buyers, home sellers, and real estate consumers. Use
the links below to find the word you're looking for.
Faith Estimate -
An estimate of charges which a borrower is likely to incur
in connection with a loan closing.
A type of mortgage insured by the FHA (Federal Housing Authority),
VA (Veteran's Administration), or RHS (Rural Housing Authority).
National Mortgage Association (Ginny Mae) -
Provides funds for government loans and takes over special
assistance and liquidation functions of Fannie Mae.
A time allowed, usually 15 days, for making late payments
without a penalty.
The person to whom an interest in real property is conveyed.
The person conveying an interest in real property.
Monthly Income -
The total amount the borrower earns per month, not counting
any taxes or expenses. Often used in calculations to determine
whether a borrower qualifies for a particular loan.