A mortgage is an agreement between a buyer and a lender that allows the buyer to borrow money to purchase or refinance a home. The property serves as collateral. Most buyers will need a mortgage unless they are paying with cash.

A borrower works with a mortgage loan originator, or MLO, to secure their loan. MLOs are employed by financial institutions or mortgage brokerages. They must understand the needs of the buyer, analyze their credit and financial information, submit loan applications and manage the entire approval process. MLOs work closely with real estate agents, who help the buyer locate the home and negotiate the purchase contract.

Additional mortgage terms and information can be found here.