A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Closing CostsThe fees paid to finalize a home purchase, covering things like appraisal, title work, and loan processing.
- EscrowA neutral holding account managed by a third party for funds like property taxes and insurance until they are due.
- DeedThe legal document that transfers and proves ownership of a property from one party to another.
- Homeowners InsuranceCoverage that protects your house and belongings against damage and covers you if someone is hurt on your property.
- ForeclosureThe legal process where a lender takes back and sells a home after the borrower falls too far behind on mortgage payments.
More in Real Estate
Adjustable-Rate Mortgage (ARM)Annual Percentage Rate (APR)AppraisalDown PaymentEarnest MoneyFHA Loan
Plain-English education — not personalized legal, tax, or investment advice.