MORTGAGE COMMITMENT Approval of loan after all information has been verified
DOWN PAYMENT Cash of payment toward purchase
EARNEST MONEY DEPOSIT (EMD) Purchaser’s deposit held in Escrow until settlement ENCUMBRANCE Property interest or lien on property
MORTGAGE NOTE Agreement to repay a mortgage loan
PREMIUM Fee paid by borrower to HUD to pay for cost of FHA mortgage insurance
EQUITY Owner’s interest in property over mortgage value and market value ESCROW Deposit account for earnest money held in trust until settlement
PRINCIPAL Mortgage loan balance owed
PURCHASE (OR SALES) AGREEMENT Contract of sales
QUITCLAIM DEED Deed transferring ownership from one party to another party STATE STAMPS Transfer taxes paid to state or county to transfer property TAX Fee levied by government against property owners TITLE Document of ownership of property TITLE INSURANCE Insurance property owner for claims against the title TITLE SEARCH Search land records for liens or encumbrances against the title
GRANTEE Buyer of property GRANTOR Seller of property
HUD ( Housing & Urban Development) U.S Department that enforces federal housing laws
INTEREST Charge paid by borrower to lender
LIEN Claim filed against deed on property fow money owed
MARKETABLE TITLE Title is free of liens/encumbrances
MORTGAGE Liens against property for which money is borrowed
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