Amortization
Repayment of a mortgage loan through monthly installments of principal and interest the monthly payment amount is based on a schedule that will allow you to own your home at the end of a specific time period for example 15 or 30 years

Good faith estimate
An estimate of all closing fees including pre-paid and escrow items as well as lender charges must be given to the borrower within three days after submission of a loan application.

Pre-qualify
A lender informally determines the maximum amount an individual is eligible to borrow.

Budget
A detailed record of all income earned and spent during a specific period of time.

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.

Closing costs
Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.

Principal
The amount borrowed from a lender doesnt include interest or additional fees.

PITI Principal Interest Taxes and Insurance
The four elements of a monthly mortgage payment payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance homeowners and mortgage if applicable goes into an escrow account to cover the fees when they are due.

HELP Homebuyer Education Learning Program
An educational program from the FHA that counsels people about the homebuying process HELP covers topics like budgeting finding a home getting a loan and home maintenance in most cases completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.

Certificate of title
A document provided by a qualified source such as a title company that shows the property legally belongs to the current owner before the title is transferred at closing it should be clear and free of all liens or other claims.