Homeowners insurance
An insurance policy that combines protection against damage to a dwelling and Is contents with protection against claims of negligence r inappropriate action that result in someones injury or property damage.

Title search
A check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.

Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.

Credit history
History of an individuals debt payment lenders use this information to gauge a potential borrowers ability to repay a loan.

Title 1
An FHA-insured loan that allows a borrower to make non-luxury improvements like renovations or repairs to their home Title I loans less than $7500 dont require a property lien.

Deed-in-lieu
To avoid foreclosure ""in lieu"" of foreclosure a deed is given to the lender to fulfill the obligation to repay the debt this process doesnt allow the borrower to remain in the house but helps avoid the costs time and effort associated with foreclosure.

Equity
An owners financial interest in a property calculated by subtracting the amount still owed on the mortgage loonsfrom the fair market value of the property.

Conventional loan
A private sector loan one that is not guaranteed or insured by the U.S. government.

Freddie Mac Federal Home Loan Mortgage Corporation
A federally-chartered corporation that purchases residential mortgages securitizes them and sells them to investors this provides lenders With funds for new homebuyers.

Delinquency
Failure of a borrower to make timely mortgage payments under a loan agreement.