Financing terms for purchase, refinance, construction, and commercial real estate loans.

A professional designation for real estate auctioneers who meet the issuing organization’s education, experience, and ethics requirements.

A loan or contract provision allowing the lender or other party to demand full payment after default or another stated event.

Notice that the lender has declared the full debt immediately due after default.

A credit or guaranty arrangement made to help another party obtain financing or credit.

A person who signs an instrument to lend credit support for another party.

The cost to acquire an asset, sometimes including related installation, closing, or transaction costs.

A loan used to purchase real estate, sometimes later replaced by construction or permanent financing.

Protection for a secured creditor against decline in collateral value during bankruptcy.

Loan funds disbursed before, at, or after closing, including construction draws and future advances.

A mortgage loan originated or purchased under Fannie Mae, Freddie Mac, FHA, VA, or similar program standards.

A person authorized to act for another person or entity, usually called the principal.

A loan or deed restriction allowing acceleration or consent rights when property is sold or transferred.

A separate paper attached to a note for endorsements when space on the note is insufficient.

Gradual repayment of debt through scheduled payments that include principal and interest.

A table showing how each loan payment is applied to interest, principal, and the remaining balance.

The yearly cost of credit stated as a rate. APR includes the interest rate and certain loan charges, so it is broader than the note rate.

A payment stream made yearly or at regular intervals, often under an insurance or investment contract.

A fee charged by a lender or mortgage broker to process a loan application.

A formerly common insulation and fireproofing material that can create health, disclosure, abatement, and lender concerns when present in buildings.

Property or another item of value owned by a person or entity.

A transfer of the lender’s rights in the note, mortgage, assignments, guaranties, and related loan papers.

A document transferring the lender's interest in a mortgage from one holder to another.

A mortgage that a buyer may take over from a seller, usually only if the loan documents and lender permit it.

A buyer's agreement to take responsibility for an existing loan or mortgage obligation.

A lender or landlord charge for approving or documenting a buyer’s or transferee’s assumption of obligations.

A buyer’s agreement to take over responsibility for an existing mortgage.

A systematic review of records, accounts, procedures, or operations against stated standards.

Computer-assisted review of a loan application that evaluates credit, income, assets, collateral, and loan program rules.

Action taken against a debtor or property despite the bankruptcy stay without permission.

A financial statement showing assets, liabilities, and net worth as of a specific date.

A loan with periodic payments that do not fully repay the debt before maturity, leaving a large final payment.

A large final payment due at maturity of a loan.

A federal court process for dealing with debts, creditor claims, automatic stay issues, asset sales, and discharge or reorganization.

A special-purpose entity structured to reduce bankruptcy risk or isolate a property from other liabilities.

An east-west survey line used with a principal meridian in the government survey system.

One one-hundredth of one percent; 100 basis points equal one percent.

Cash flow after operating expenses and debt service but before income taxes.

Income measured before taxes are deducted; often called gross income.

A person or entity entitled to benefit from a trust, escrow, guaranty, or deed of trust arrangement.

A mortgage requiring payments every two weeks instead of once per month.

A mortgage covering more than one parcel or property.

A person or business that provides bonds for others, usually for compensation and subject to applicable law.

A written borrower statement confirming facts used by the lender in underwriting or closing a loan.

Short-term financing used to bridge timing between one transaction and another, often before sale proceeds or permanent financing are available.

A licensed person or firm that acts as an intermediary in a real estate sale, lease, loan, or other transaction.

A broker’s estimate of property value, often used by lenders and servicers.

A table estimating construction or reproduction costs by building type, size, and component.

Short-term gap financing, often used when construction financing ends before permanent financing is in place.

A financing arrangement in which money is paid upfront to reduce a borrower’s interest rate or monthly payment for a period of time.

An account holding funds used to supplement mortgage payments during a buydown period.

A contractual limit on how much an adjustable interest rate or payment may change.

A borrower’s ability to repay a loan based on income, employment, assets, debts, and other obligations.

Wealth or money invested in a business, property, or project.

A guaranty making a sponsor or principal liable for specific bad acts, losses, or exceptions to nonrecourse treatment.

Cash or cash equivalents subject to a creditor’s lien, including some rents or proceeds.

A refinance in which the new loan exceeds the amount needed to pay off existing liens and closing costs, with extra proceeds paid to the borrower.

A bank deposit instrument promising repayment of principal with interest after a stated period.

A VA document showing that a borrower appears eligible for a VA-guaranteed loan program.

A checklist of points to cover when forming the attorney-client relationship.

A creditor claim seeking payment from estate assets.

Completion of a real estate or loan transaction through signing, funding, recording, and delivery of required documents.

Charges paid in connection with closing a purchase, sale, lease, or loan transaction.

The date on which a sale or loan transaction is scheduled to be completed.

A statement showing the purchase price, loan proceeds, credits, prorations, charges, and disbursements for a closing.

A claim, lien, unreleased mortgage, judgment, error, or other issue that makes title less marketable.

A borrower in addition to the primary borrower who signs the note or loan documents and shares repayment liability.

Property pledged to secure repayment of a loan.

An assignment given as security for an obligation rather than an outright transfer.

An assignment of a land-trust beneficial interest as loan collateral.

A lender’s written loan commitment stating approved loan amount, rate, conditions, and repayment terms.

A guaranty requiring a guarantor to complete construction or pay completion costs if the borrower fails to do so.

Something given up or granted in negotiation, such as a seller credit, rent credit, free rent, or repair allowance.

A periodic disbursement of construction-loan or project funds.

A loan used to finance construction, often funded in draws as work progresses.

Notice the law gives to later purchasers or creditors because an instrument is properly recorded.

A mortgage loan not insured or guaranteed by a federal agency such as FHA, VA, or RHS.

A loan provision allowing an adjustable-rate loan to be converted to a fixed-rate loan under stated conditions.

An adjustable-rate mortgage that may be converted to a fixed-rate mortgage if the loan terms allow it.

An entity authorization approving a real estate sale, mortgage, lease, or other transaction.

The return required for using capital in a project or investment instead of another use.

An index historically used to adjust certain adjustable-rate mortgages based on a lender or banking system’s cost of funds.

The cost of inventory or goods sold during an accounting period.

The county office or function responsible for recording deeds, mortgages, liens, plats, and other land records.

The ability to borrow money or obtain goods or services with payment deferred.

A company that collects consumer credit information and provides credit reports to lenders and other users.

A guaranty, letter of credit, insurance, or similar support improving the credit quality of public debt.

A record of a person’s borrowing, repayment, accounts, and delinquencies.

Insurance designed to pay a specified debt if the borrower dies while the policy is in force.

A report from a credit bureau showing credit accounts, payment history, inquiries, and other credit information.

A numerical measure used by lenders to estimate credit risk from credit-report information.

A person or entity to whom money is owed.

Having financial history and capacity sufficient to qualify for credit.

The time allowed to fix a loan or mortgage default before remedies proceed.

A short-term obligation expected to be paid within a relatively short period, often one year.

Money owed to another person or entity.

A ratio comparing net operating income to required debt service.

The scheduled amount needed to pay principal, interest, and sometimes related loan charges over a period.

A lender ratio measuring net operating income against the loan amount, without using interest rate or amortization assumptions.

The percentage of gross income used to pay housing costs and other recurring debt obligations.

A security instrument used in some states in which title is placed with a trustee to secure repayment of a debt.

A deed-of-trust clause addressing waiver or extension of limitations defenses.

A notice identifying a default and any period or method for curing it.

The contract interest rate applied to overdue amounts or obligations after default.

A clause providing that a mortgage or lien becomes void or must be released when the debt is paid or conditions are satisfied.

Failure to make a required payment when due.

A charge paid at closing, usually one percent of the loan amount per point, commonly used to reduce the interest rate.

The portion of the purchase price paid by the buyer from funds other than the mortgage loan.

A mortgage or security clause that purports to secure other debts in addition to the identified loan.

A borrower request for a construction-loan advance, usually supported by invoices, lien waivers, and inspection status.

A loan clause allowing the lender to require full repayment if the secured property is sold or transferred.

A statement showing income and expenses, often called a profit and loss statement.

The actual return on an investment after considering price, payments, timing, and other terms.

A person who organizes and assumes the risks of a business or investment enterprise.

An account held by a lender, title company, or escrow agent for taxes, insurance, deposits, or closing funds.

Funds advanced by a lender for taxes, insurance, property preservation, or similar escrow items.

A lender’s periodic review of escrow-account deposits and expected tax and insurance payments.

The time for creditors to file claims against an estate.

The Federal National Mortgage Association, a government-sponsored enterprise active in the secondary mortgage market.

A mortgage insured by the Federal Housing Administration, subject to FHA program rules.

Tenant or guarantor financial information requested to evaluate credit or ongoing solvency.

A lien securing repayment of debt or another financing obligation, such as a mortgage, deed of trust, or UCC lien.

The mortgage with priority over later mortgages or subordinate liens against the same property.

A buyer who has not owned a principal residence within the period specified by the applicable loan, tax, or assistance program.

A twelve-month accounting period that may or may not match the calendar year.

Long-term assets used in a business or income-producing operation.

A cost that does not vary directly with production, occupancy, or output in the short run.

A mortgage with an interest rate that remains the same for the loan term.

A charge for determining whether a property is in a flood zone requiring flood insurance for the loan.

Insurance covering certain flood losses, often required by lenders when property is in a special flood hazard area.

An agreement by a lender to delay or limit enforcement while the borrower meets stated conditions.

The Federal Home Loan Mortgage Corporation, a government-sponsored enterprise active in the secondary mortgage market.

A clause allowing later loan advances to be secured by the same mortgage or lien.

Title insurance coverage for matters arising between the effective date of the commitment and recording of the deed or mortgage.

A seller or borrower undertaking covering title matters that arise during the gap between title search and recording.

A legal process allowing a creditor to collect from money or property held by a third party for the debtor.

A bond backed by the full faith and credit or taxing power of a public body.

The Government National Mortgage Association, which supports federally insured mortgage-backed securities.

An older mortgage-disclosure form that estimated loan and closing charges; many consumer loans now use Loan Estimate and Closing Disclosure forms instead.

A period after a due date before default charges or remedies apply.

Monthly income before taxes and other deductions.

A mortgage with scheduled payment increases that reduce principal faster than a level-payment loan.

The contract by which a guarantor backs a tenant’s obligations.

A guaranty that generally requires the lender to attempt collection from the borrower or collateral before pursuing the guarantor.

A guaranty requiring payment of the debt when due, often without first requiring the lender to pursue collateral.

The person or entity entitled to enforce a promissory note.

A revolving credit line secured by equity in real property.

To pledge property as security for a debt without necessarily transferring possession.

Money or credit provided by landlord toward tenant improvements or buildout.

A published rate or measure used to adjust an adjustable-rate loan or other financial obligation.

A tax-advantaged retirement account that may affect proof of funds, reserves, or investment planning.

A general rise in prices and decline in purchasing power over time.

The starting interest rate on a loan, especially an adjustable-rate mortgage.

A request to review a consumer’s credit report, often shown on the report.

One scheduled payment in a series of payments owed on a debt or contract.

Debt repaid through scheduled payments over time.

The charge for borrowing money or the return earned on invested money.

A loan allowing payment of interest without principal reduction for a stated period.

Loan proceeds set aside to pay interest during construction, lease-up, or another expected non-stabilized period.

A lien imposed without the owner’s voluntary mortgage or pledge, such as a tax lien, judgment lien, or mechanics lien.

A contractual charge for a payment made after the due date or grace period.

A guaranty securing tenant’s lease obligations.

A formal property description used to identify land in deeds, mortgages, plats, and title documents.

Written lender approval required before a transfer, lease, easement, additional debt, or other restricted action.

A borrower claim alleging wrongful lender conduct in loan administration, enforcement, or workout negotiations.

A bank-issued payment obligation that can secure tenant duties in place of or in addition to a cash security deposit.

Debts or obligations owed by a person or entity.

A former benchmark interest-rate index used in some adjustable loans; many loans now use replacement benchmarks such as SOFR.

The maximum amount an adjustable-rate loan’s interest rate or payment may change over the life of the loan.

Cash or an asset that can be readily converted to cash.

The contract stating the lender’s conditions, borrower covenants, default provisions, and loan administration terms.

A lender’s written approval to make a loan, usually subject to listed conditions before closing.

The note, mortgage, guaranty, assignments, security agreements, loan agreement, and related documents evidencing or securing a loan.

A change to loan terms, such as rate, maturity, payment schedule, or unpaid balance treatment.

A fee charged by a lender or broker for originating a loan.

The loan amount divided by the value or purchase price of the collateral, expressed as a percentage.

Authority for local governments to accept credit card payments for taxes, fees, fines, or charges.

Illinois statute authorizing credit enhancement for local-government obligations.

An account arrangement directing rents or other receipts to a controlled account for lender or servicer processing.

An affidavit used when the original note cannot be located but enforcement is sought.

The building on a lot where the principal use is conducted.

The fixed amount added to an index to determine the interest rate on an adjustable-rate loan.

The change in total cost caused by producing or adding one more unit.

An equitable doctrine requiring a creditor with access to multiple funds or assets to avoid unfairly harming another creditor when possible.

The date when a loan or other obligation is due to be paid in full.

A credit report combining information from more than one credit bureau.

Financing secured by equity interests in the property-owning entity rather than by a direct mortgage on the real estate.

The absence of a recorded release for a lien, mortgage, or other encumbrance expected to be terminated.

A change to an existing contract, loan, lease, or other legal document.

A deposit account that may pay interest and allow limited transactions, depending on account terms.

A lien or security instrument given to secure repayment of a debt with real property.

A person or company that arranges mortgage loans between borrowers and lenders.

Insurance protecting a lender against some loss if a borrower defaults, often required when borrower equity is low.

The promissory note evidencing the borrower’s debt in a mortgage loan.

The lender or holder of a mortgage.

A loan condition where unpaid interest is added to principal, causing the balance to increase.

A signed written promise or order to pay money that can be transferred with special enforcement rules if it meets statutory requirements.

Monthly income after taxes and other deductions.

Assets minus liabilities.

An asset that cannot be quickly converted to cash without delay, cost, or loss of value.

A loan where the lender generally looks only to the collateral for repayment, subject to stated carveouts.

A signature or notation transferring or authorizing enforcement of a negotiable note.

The interest rate stated in the promissory note.

A notice warning that the lender may accelerate the loan if default is not cured.

A mortgage securing present debt and future advances up to a stated amount or under stated terms.

The value of the best alternative use of money, property, or another resource.

The amount borrowed at the start of a loan, before payments reduce principal.

A fee charged for making or arranging a loan.

A cost not directly traceable to a particular unit, project component, or service.

A sale in which the seller provides some or all of the buyer’s financing.

The stated face value of a security or other financial instrument.

A clause allowing part of the collateral to be released after stated conditions are met.

A statement showing the amount needed to pay a loan in full through a stated date.

Longer-term financing placed after acquisition, construction, or stabilization.

Title exceptions a buyer or lender accepts, such as easements, restrictions, taxes, and recorded matters.

A guaranty signed by an individual rather than a company.

A mortgage-payment shorthand for principal, interest, taxes, and insurance.

Court approval of a bankruptcy plan.

A security arrangement in which property or rights are given as collateral for an obligation.

Holding the original note, often relevant to standing and enforcement.

A lender’s conditional review indicating that a borrower appears qualified for a stated loan amount, subject to final underwriting and property approval.

A letter stating a lender’s preliminary approval of a borrower, usually subject to conditions.

An early estimate of borrowing ability based on information provided by the borrower, usually less formal than pre-approval.

A letter summarizing a lender’s preliminary estimate of a borrower’s possible loan eligibility.

Abusive or deceptive lending practices that impose unfair loan terms or costs on borrowers.

Payment of some or all loan principal before it is due.

A charge imposed for paying a loan earlier than scheduled.

A creditor’s filing stating the amount and basis of a claim in bankruptcy.

A direct reduction in tax liability available when statutory or program requirements are met.

Dividing costs or credits between parties based on time, usually as of closing, commencement, expiration, or termination.

A mortgage given to secure financing used to buy the property being mortgaged.

Buying property while an existing mortgage remains on title, without necessarily assuming personal liability for the debt.

Debt and housing-expense ratios used by lenders to evaluate whether a borrower qualifies for a loan.

Review procedures used by lenders or servicers to check loan files, underwriting, servicing, or compliance.

In the government survey system, a column of townships measured east or west of a principal meridian.

A limit on how much an adjustable interest rate may increase or decrease at adjustment or over the loan term.

A derivative or contract that limits the borrower’s exposure to increases in a floating interest rate.

A lender’s agreement to hold a stated interest rate for a specified period, subject to conditions.

A transfer or release returning title or security interest after a deed of trust or similar obligation is satisfied.

A loan that allows the lender to pursue the borrower or guarantor personally, not only the collateral.

The amount needed to cure default and restore the loan without paying the entire balance.

A bankruptcy court order allowing a creditor to proceed despite the automatic stay.

A record showing rent charges, payments, credits, late fees, and balances.

An arrangement for catching up missed payments over time.

A reserve account for future capital repairs or replacements required by the lender or loan documents.

A landlord, lender, or buyer request that tenant certify lease facts.

Short-term debt issued in anticipation of future non-tax revenues.

Debt under a credit line that may be borrowed, repaid, and borrowed again up to a limit.

A USDA agency or loan program source associated with financing for eligible rural housing.

The financing and payment terms of a sale, including down payment, interest rate, points, and related charges.

A transaction where an owner sells property and leases it back from the buyer.

The person who examines public records for deeds, mortgages, liens, taxes, and other title matters.

A claim backed by collateral to the extent of the collateral’s value.

Financial instruments such as stocks, bonds, or interests in investment vehicles.

A document creating a lien or security interest, such as a mortgage, deed of trust, or security agreement.

Lender consent to a sale for less than the debt secured by the property.

Subordination, nondisturbance, and attornment agreement among lender, landlord, and tenant.

Secondary financing, often from a public or nonprofit program, with payment terms more favorable than ordinary market debt.

A spouse signing a deed or mortgage to release homestead, marital, or other statutory rights.

The additional percentage added to an index or benchmark to determine a floating loan rate.

Income-producing property that has reached expected occupancy, rent collection, and operating performance.

Lower in priority or made subject to another right, lien, lease, or interest.

A loan or lien that is junior in priority to another mortgage or lien.

A tenant’s agreement that its lease is junior to a mortgage, ground lease, or other superior interest.

Performance close enough to the contract requirements that only minor defects or credits remain.

Replacement of one party, document, trustee, collateral, or obligation with another.

A person or entity responsible for another’s debt or performance if that party defaults.

Short-term debt issued in anticipation of future tax receipts.

Illinois statute authorizing short-term notes issued in anticipation of taxes.

A closing credit for accrued but unpaid taxes or tax obligations allocated to one party.

The escrowed or recurring costs for property taxes and insurance that often accompany mortgage payments.

A form of spousal ownership recognized in some states with survivorship and creditor-protection features.

Tenant’s certification of facts about the lease for a buyer, lender, or landlord.

A disagreement over the amount due based on payments, credits, charges, or accounting.

A defined period of time, such as a lease term, loan term, or contract term.

A preliminary summary of proposed loan terms, usually not the final binding loan document.

The principle that money available now is worth more than the same amount received later.

Insurance protecting an owner or lender against covered losses from title defects, liens, or other matters not excluded from the policy.

A temporary payment arrangement often used before a permanent loan modification.

A measure comparing sales over a period to average inventory or other base amount.

A ratio measuring how often inventory or similar assets are sold during a period.

A search for filed financing statements that may cover personal property, fixtures, or related collateral.

The review of a loan, insurance, or investment risk to decide whether to approve it and on what terms.

A mortgage that appears of record but has not been released or satisfied.

A loan not backed by specific collateral.

A mortgage loan guaranteed in part by the U.S. Department of Veterans Affairs for eligible borrowers.

Costs that change with output, occupancy, or activity level.

A lien created by the owner’s agreement, such as a mortgage or deed of trust.

Valuable property or assets owned by a person, entity, or group.

Seller or secondary financing that wraps around an existing mortgage, with the buyer paying the wrap lender while the original loan remains.

The expected annual return on a debt instrument if held to maturity, considering price, interest, and gain or loss at maturity.