Tools & Resources

  

Mortgage Glossary

Collateral

Monetary assets and/or property you legally promise to a lender as a guarantee that you will repay a debt.

Commitment Letter

An official notification from a lender stating that your loan application has been approved. The commitment letter also details the terms of the agreement. Also called a Loan Commitment.

Collateral

An official notification from a lender stating that your loan application has been approved. The commitment letter also details the terms of the agreement. Also called a Loan Commitment.

Community Property

In some states, property acquired during a marriage is legally considered to be jointly owned.

Comparable Properties

Recently sold properties with similar features to the one being appraised. Comparables have similar size, location, and amenities, and help an appraiser estimate the property's fair market value. Also known as Comps.

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