Common terms in lending

In home ownership, equity refers to how much of your home you actually own, meaning, how much of the principal you've paid off.

Escrow is an account that the lender sets up that receives monthly payments from the buyer, usually used for the payment of property taxes and insurance.

A probate sale happens when a homeowner dies without leaving a will or leaving the property to someone.

To give buyers a specified number of days in which they can be refunded their earnest money.

These are settlement costs and fees you pay to the lender in exchange for finalizing your loan. Common closing costs include appraisal fees, loan origination fees and inspection fees