Lender A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."
Loan A sum of borrowed money (principal) that is generally repaid with interest.
Loan Estimate A three-page form that you receive after applying for a mortgage. All lenders are required to use the same form and provide it within three days of receiving your loan application.
The form provides you with important information, including the estimated interest rate, monthly payment and total closing costs for the loan. The Loan Estimate also gives you information about the estimated costs of taxes and insurance, and how the interest rate and payments may change in the future. In addition, the form indicates if the loan has special features that you will want to be aware of, like penalties for paying off the loan early or prepayment penalties.
Loan Officer Also referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution.
Median "in the middle". So, with regard to list or sales price, this means exactly half of homes listed or sold are above this price and exactly half are below.
Mortgage A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, Texas uses a Deed of Trust