A large principal payment due all at once at the end of some loan terms.

A formal document that serves as evidence of ownership.

Detailed examination of the entire document history of a property title to make sure there are no legal encumbrances.

All financial transactions required to make the contract final.

A contract between buyer and seller that outlines the details of the property purchase and transfer.

To divide, distribute, or calculate proportionately.

One of the parties to a contract; or the amount of money borrowed, for which interest is charged.

Loans containing prepayment penalty clauses allow a lender to collect extra money from the home owner if the loan is prepaid above a certain percentage.

One percent of the loan principal. It’s charged in addition to interest and fees.

An application fee(s) for processing a proposed mortgage loan.