Use GSHL’s Educational Resources For Everything Home Buying Related.


closing costs

Definition: closing costs Closing costs are the fees paid at the time of the closing of a real estate transaction.

mortgage rate lock

Definition: mortgage rate lock A mortgage rate lock is an agreement between the borrower and lender that allows the borrower... read more →

rental property

Definition: rental property A rental property is a property which the owner receives payment from tenants in return for using... read more →


Definition: rent (verb) To pay someone for the use of something or occupancy of somewhere.

property tax

Definition: property tax A property tax is a levy on the value of the property by government authority.

buyer (home)

Definition: (home) buyer A home buyer is a person who is looking to purchase a new home.

zoning laws

Definition: zoning Zoning is the regulation of the use of real estate property by local government, restricting property to residential,... read more →


Definition: condo Short for condominium, a condo is on of a group of housing units, in which each homeowner has... read more →


Definition: (home) seller A (home) seller is the person who puts a home on the market for sale.
mortgage refinancing

Refinance Rates New Jersey

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What does HUD stand for?

Definition: HUD The United States Department of Housing and Urban Development, otherwise known as the HUD, is a Cabinet department... read more →

Property address

Definition: property address The property address is a way to define or pinpoint where a piece of property is located.

What are processing fees?

Definition: processing fee A processing fee is a fee charged to process a loan application, including applications for credit checks,... read more →

Principal balance

Definition: principal balance The principal balance is an amount owed in order to satisfy the payoff of the underlying obligation,... read more →


Definition: pre-qualification Pre-qualification is the initial evaluation of credit worthiness of a potential borrower that is used to determine the... read more →

Pre-approved / pre-approval

Definition: pre-approval Pre-approval is the evaluation of a potential borrower by a lender to determine whether the borrower qualifies for... read more →

Payment cap

Definition: payment cap A payment cap is a set upper-limit on the interest rate to protect you when getting an adjustable-rate... read more →

Mortgage insurance

Definition: mortgage insurance Mortgage Insurance is a policy that compensates lenders or investors for any losses incurred due to the... read more →


Definition: lien A lien is a legal right to the possession of a property owned by another person until a debt owed by... read more →

Jumbo loan definition

Definition: jumbo loan / jumbo mortgage A jumbo loan, or jumbo mortgage, is a home loan that exceeds conforming loan... read more →

What’s a HUD loan?

Definition: HUD loan HUD loans are made available for people who are dedicated to financial responsibility and restoring their financial... read more →

What is MLS?

Definition: MLS (multiple listing service) A multiple listing service, or MLS, is a service that provides a searchable database of property... read more →

Home Price Index

Definition: home price index A home price index is a tool that measures changes in single-family home prices in a... read more →

Fair Market Value

Definition: fair market value Fair market value is the estimate of the market value of a property. FMV is based... read more →

What is an FHA loan?

Definition: FHA Loan A FHA loan is a mortgage issued by federally qualified lenders and insured by the FHA. FHA loans... read more →
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