principle, interest, taxes and insurance, forming the basis for monthly mortgage payments.

one percent of the loan principle. It's charged in addition to interest and fees.

a fee paid by a borrower who pays off the loan before it is due.

one of the parties to a contract; or the amount of money borrowed, for which interest is charged.

divide or assess proportionately.

all financial transactions required to make the contract final. See "Settlement - who pays what" in this guide.

a document that indicates ownership of a specific property.

detailed examination of the entire document history of a property title to make sure that there are no legal encumbrances.