Mortgage Application Online

Mortgage Application Glossary

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Lien – An ownership claim placed upon real estate to ensure payment of a debt.

Loan – Money given that is to be repaid with interest.

Loan Fraud – Submitting a loan application with invalid information to qualify for a better loan.

LTV - The relationship between the loan amount and the fair market value of the property.

Lock-In – A guarantee on a given interest rate granted when a loan is closed within a designated period of time.

Margin – A fixed amount added to the index to calculate the interest rate on an adjustable rate mortgage.

Mortgage- A debt instrument used to create a lien on real estate. It secures the promise to repay the loan.

Mortgage Broker – An individual or company who bridges the borrower and lender together.

Mortgage Insurance – Private or government issued insurance that protects a lender against loss caused by a borrower who defaults.

Origination – Completion of the application; this is the first step in the mortgage application process.

Origination Fee – A charge incurred for originating a loan; it is generally paid at closing.