An agreement to enter into a contract and be bound by the terms of the offer. In relation to mortgages, acceptance typically refers to the buyer’s offer on a home being accepted by the seller.

Costs of purchasing a property other than the purchase price. Examples may include attorney fees, title insurance and lender fees.

Extra money some lenders require borrowers to have available after loan closing to help ensure they can make the payments and keep the home.

A deposit made to a seller that represents the prospective buyer’s intention to purchase the home — this money can generally be applied toward the down payment at closing. Also known as a deposit.

A written explanation stating that money was given to a homebuyer, free and clear of any obligation to repay it, as a gift for the purchase of a house.

Protects a property owner against damage to a property due to certain hazards such as fire, severe storms, or other natural events.