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Mortgage Glossary

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Mail-Away Closing

When you can't be present at the closing table, it may be possible to do a mail-away closing: The closing documents are mailed to you by the closing agent. You sign all necessary documents and mail them back. The closing agent then releases the funds and records the transaction at the county office before mailing the package back to the lender.

Manufactured Housing

Factory-built homes, including prefabricated (also known as modular) and mobile homes.

Monthly Payment

The amount you pay on your mortgage loan on a monthly basis. Normally, a monthly mortgage payment consists of principal, interest, property taxes and homeowners insurance—known as PITI.

Mortgage

A legal document that gives you conditional ownership of your home, and uses the home itself for security (see collateral ) on the loan. The main condition of a mortgage is that you make regular payments of principal and interest until the mortgage debt is fully paid.

Mortgage Application

The process by which you submit personal financial information—including income, assets and debts—to a mortgage lender. The lender verifies and evaluates the information to determine loan approval.