Payments made during the course of an escrow or at closing.

The part of the purchase price which the buyer pays in cash and does not finance with a mortgage.

A provision in a mortgage allowing the lender to demand repayment in full if the borrower sells the property securing the mortgage.

An undivided interest in property, taken by two or more joint tenants. The interests must equal, accruing under the same conveyance, and beginning at the same time. Upon death of a joint tenant the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.

The decision of a court of law. Money judgments, when recorded, become a lien on real property of the defendant.

The penalty a borrower must pay when a payment is made after the due date.

Lease-Purchase Mortgage Loan:

An alternative financing option that allows low- and
moderate-income home buyers to lease a home from a nonprofit organization with an option to buy, and with each month's rent payments consisting of "PITI" payments on the first mortgage, plus an extra amount that is earmarked for a savings account in which money for a down payment accumulates.

Lien:

A legal claim against a property that must be paid when the property is sold.

A provision of an ARM that limits the total increase in interest rates over the life of the loan.

The collection of mortgage payments from borrowers and the related responsibilities of a loan servicer, such as foreclosure, tax and insurance escrow, etc.