Mortgage Glossary

typically included in fees associated with closing costs, sometimes called processing fees; designed to cover costs incurred by lenders during the loan process.

the bank or finance company that directly awards home loan or mortgage money to a borrower or homebuyer. Legal-mortgagee.

a formal, legal symbol of money owed on a major asset such as property. Also, mortgage.

money lent from a financial institution to a creditworthy borrower(s) over a specified period of time and at a particular interest rate.