Plain-English definitions for the terms you'll encounter on your financial journey.
A five-page form that provides final details about the mortgage loan, including loan terms and projected monthly payments.
The failure to meet the legal obligations of a loan, such as missing payments for a prolonged period or violating specific loan terms.
The length of time agreed upon by a borrower and lender for a loan to be repaid in full.
An intermediary who matches borrowers with mortgage lenders to help find the best loan terms and rates.
A refinancing of an existing mortgage to change the interest rate, the loan term, or both, without taking cash out.