Escrow. A procedure in which documents or transfers of cash and property are put in care of a qualified third party, other than buyer or seller.

FHA Financing. Financing for a loan which will be insured against loss by Federal Housing Administration. Such financing allows for a lower down payment than required by most lenders.

Homeowners Insurance. Insurance that protects homeowner from casualty (losses or damage to home or personal property) and from liability (damages to other people or property). Required by lender and usually included in monthly mortgage payment.

Loan Origination Fee. A fee charged by lender for evaluating, preparing, and submitting a proposed mortgage loan.

Mortgage Insurance Premium (MIP). A charge paid by borrower (usually as part of closing costs) to obtain financing, especially when making a down payment of less than 20 percent of purchase price, for example on an FHA-insured loan.

Point. An amount equal to one percent of principal amount being borrowed. The lender may charge borrower several points in order to provide loan.

Property Taxes. Taxes (based on assessed value of home) paid by homeowner for community services such as schools, public works, and other costs of local government. Paid as a part of monthly mortgage payment.

Title Insurance. Protects lenders and homeowners against loss of their interest in property due to legal defects in title.

VA Loan. A loan guaranteed by Department of Veterans Affairs against loss to lender, and made through a private lender.

When it comes to real estate, now you can sling lingo with best of them.