Mortgage and Real Estate Glossary

Many terms in real estate are universal throughout the nation. For example, “title insurance,” which protects your property against hidden liens or potential ownership issues, always means “title insurance.” However, words describing or relating to the same thing often differ considerably in various parts of the country. For example, “closing” in one area is sometimes called a “settlement” or “escrow” in another.

Here we provide simple definitions for some of the most common terms you can expect to encounter during the real estate or mortgage transaction. These glossaries are not exhaustive and may not be 100% accurate in all jurisdictions. These definitions are for general purposes only and should not be used for legal purposes. Please consult with your local title company, real estate agent or lender to see if these terms apply in your area.