Understand the most important lending and mortgage terms. Mortgages can be confusing for the first time home buyer, so let us help explain. Below you'll find explanations for most of the mortgage industry terms.
What is Rate Lock?
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate and lender costs for a specified period of…
What is Real Estate Agent®?
A real estate broker or an associate who is an active member in a local real estate board that is affiliated with the National Association of Real Estate…
What is Recording?
The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making…
What is Revolving Liability?
A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and…
Mortgage Glossary
