Condition in a mortgage that may require the balance of the loan to become due immediately if regular mortgage payments are not made or for breach of other conditions of the mortgage.

Any mortgage that does not have a fixed interest rate and a fixed payment for the term of the loan, or does not amortize to zero at the end of the set term, when required payments are made on time.

A mortgage in which the interest rate is adjusted periodically according to the movement in a pre-selected index.

Insurance coverage that offers protection against claims alleging the property owner's negligence or inappropriate action resulting in bodily injury or property damage to another party.

A legal claim against a property that must be paid when the property is sold.

A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).

A one-time charge by the lender to increase the yield of the loan; a point is 1 percent of the amount of the mortgage.

(Real Estate Settlement Procedures Act). A Federal law that require lenders to provide home mortgage borrowers with information about known or estimated settlement costs.

Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to a "mortgagee's title policy." Insurance benefits will be paid only to the "named insured" in the title policy, so it is important that an owner purchase an "owner's title policy" if he desires the protection of title insurance.

A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law.