Glossary

The likely selling price of a home between a willing buyer and a willing seller on the open market. In a mortgage, the market value is usually determined by an appraisal. Also called fair market value.
The contractual date by which all outstanding principal, interest and fees must be repaid.
The minimum amount you must pay (usually monthly) on your account to avoid a delinquency.
A factory-built home that's erected on-site, with the appearance and characteristics of a site-built residence.
The amount paid each month toward the principal and interest due on a loan. The monthly payment may or may not include taxes and insurance.
This term is used in two ways. (1) It is used to describe a security instrument that gives a lender a lien on real estate to secure repayment of a loan. This type of security instrument is used in states that do not allow lenders a right to foreclose on property without judicial proceedings. (2) It is used interchangeably with "home loan."
Portion of a monthly payment that covers the cost of private mortgage insurance.
The lender, who is the party named in the loan documents as the party who's entitled to receive repayment of the home loan.
The borrower, who is the party named in the loan documents as the party obligated to repay the home loan.
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