Common Loan Documents and Terms

A document that provides the final details about the mortgage loan, including the loan terms, closing costs, and other important information. 

A legally binding document that outlines the borrower's promise to repay the loan, including details such as the loan amount, interest rate, and repayment terms.

A legal document that conveys the title of a property to a trustee as security for a loan. It is used in some states in place of a mortgage.

A standardized form that provides an estimate of the costs associated with a mortgage loan. It helps borrowers compare offers from different lenders. 

Fees and expenses associated with finalizing a real estate transaction, including loan origination fees, title insurance, and attorney fees.

A process where a neutral third party holds and manages funds, documents, and other assets during a real estate transaction until all conditions are met.

A document that outlines the final costs and fees associated with a real estate transaction, providing a detailed breakdown for both buyers and sellers.

Insurance that protects the lender against any losses due to disputes over the ownership of a property.

Insurance that protects the borrower against financial loss from defects in the title of the property.

A person or entity responsible for facilitating the closing of a real estate transaction, ensuring that all documents are properly executed and funds are disbursed.

A fee charged by some lenders if the borrower pays off the loan before the specified term, discouraging early repayment. 

A fee charged by some lenders if the borrower pays off the loan before the specified term, discouraging early repayment.

A mortgage with an interest rate that may change periodically based on changes in a corresponding financial index.

A mortgage with a constant interest rate and monthly payments that do not change throughout the life of the loan.

A fee charged by a lender for processing a new loan application.

A trained professional who is a commissioned Nptary Public in their state, capable of meeting with parties of a loan, purchase or refinance, to assist in securing initials, signatures, and notarizations on behalf of the parties.