Tools & Resources

Lock Rate

See Rate Lock.

Loss Mitigation

A process to avoid foreclosure — usually, when the lender assists a homeowner who has missed a number of payments. Loss mitigation methods include repayment plans, modification of mortgage terms, and bankruptcy.

Mail-Away Closing

When you can't be present at the closing table, it may be possible to do a mail-away closing: The closing documents are mailed to you by the closing agent. You sign all necessary documents and mail them back. The closing agent then releases the funds and records the transaction at the county office before mailing the package back to the lender.

Manufactured Housing

Factory-built homes, including prefabricated (also known as modular) and mobile homes.

Monthly Payment

The amount you pay on your mortgage loan on a monthly basis. Normally, a monthly mortgage payment consists of principal, interest, property taxes and homeowners insurance—known as PITI.