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Tools & Resources

  

Mortgage Glossary

Closing Statement

An itemized list of all closing costs to be paid by you and the seller. Also known as the HUD-1 Uniform Settlement Statement.

Co-Homeowner

All of the borrowers listed in the mortgage document when more than one person will be responsible for repaying the loan.

Collateral

Monetary assets and/or property you legally promise to a lender as a guarantee that you will repay a debt.

Commitment Letter

An official notification from a lender stating that your loan application has been approved. The commitment letter also details the terms of the agreement. Also called a Loan Commitment.

Collateral

An official notification from a lender stating that your loan application has been approved. The commitment letter also details the terms of the agreement. Also called a Loan Commitment.

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