Jumbo Mortgages: Mortgages larger than the limits set by Fannie Mae and Freddie Mac, typically carrying a slightly higher interest rate.

Lien: A legal claim against a property.

Loan-to-Value (LTV): The amount of the loan as compared to the appraised value of the property.

Mortgage: A legal document that uses real property as collateral on a loan.

Mortgage Banker: The company or person making a mortgage loan directly, closing and funding the loan.

Mortgage Lender: A person or company who works on behalf of a borrower to find mortgage loans. Lenders do not work directly for mortgage bankers and typically work with many different lenders.

Mortgage Insurance: A policy that insures the lender against loss should the borrower default on a mortgage.

Note: The document where a borrower promises repayment of a debt.

Origination Fee: A fee paid to a lender for their work on a loan.

PITI: A mortgage payment which includes Principal, Interest, Taxes and Insurance.

Points:Each point is one percent of the loan amount.

Pre-Approval: A conditional approval made by a lender stating that they will approve a loan if the conditions outlined in the approval are met.

Refinancing: Restructuring a mortgage or mortgages on a property.

Sub-Prime Mortgage: Mortgages that are not conforming mortgages and that are typically made to a person with less than perfect credit, income, or property.

Underwriter: Underwriters analyze a borrower's credit worthiness and approve the loan.

VA Mortgage: A loan backed by the Veterans Administration.