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Mortgage Glossary

Bridge Loan

A mortgage loan that enables you to obtain financing for a new house before your current house is sold. The current house is used as collateral. Also called a swing loan.

Buyer

The person who applies for a mortgage loan and will be responsible for repaying it. There may be more than one buyer on a single loan.

Buyer's Title Insurance

Insurance that protects you from losses that may result from disputes over the property's title. Typically, you purchase two separate policies: The Lender Title Insurance, which is a part of your closing costs, and separate insurance to protect your interests.

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