The transfer of the seller's existing mortgage to the buyer.

A preliminary agreement, secured by the payment of earnest money, under which a buyer offers to purchase real estate.

A provision of an ARM limiting how much the interest rate or mortgage payments may increase.

A requirement of some lenders that buyers have sufficient cash remaining after closing to make the first two mortgage payments.

A title that is free of liens and legal questions as to ownership of the property.

The occasion where a sale is finalized; the buyer signs the mortgage, and closing costs are paid. Also called "settlement".

Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Also called "settlement costs".

A formal offer by a lender stating the terms under which it agrees to loan money to a home buyer.