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Closing - This is when you sign all the loan papers and documents to finalize the purchase of your home.

Closing Costs - These are fees that will be paid at closing and consist of pro-rated taxes on the home you are buying, pro-rated water and sewer bills, filing fees, title insurance, notary fees, appraisal, title company closing fee, lenders fees, discount points, etc.

Seller Financing - In some instances if the buyer does not have all the money needed to purchase a home, the seller of the home can take back a second deed of trust or second mortgage. This means the seller is actually helping to finance the home.

Second Deed of Trust - Your mortgage is your first deed of trust, if there is additional money borrowed to purchase a home it is referred to as the second deed of trust.

High-risk Lenders - Loan companies will lend to people with less than perfect credit but they charge a much higher interest rate than the current market rate and usually require more down payment.

Grant money - Money received as a gift to the purchase price or closing costs.

Grant programs - There are several programs that will give the buyer money toward the purchase of a home. They "grant you money" as long a you meet certain requirements.

Loan fees or points - A point is 1% of the loan amount. Lenders charge loan fees for the time and paperwork needed to process the loan.

Current Market Interest Rate - Interest rates fluctuate daily, the market rate is the rate that most lenders offer to buyers

Set-up financing - Meeting with the lender to determine what you can afford to spend.

Title Insurance - Insurance that covers the amount you are borrowing on a home against any liens or claims that anyone may have against that property.

Title Company - Sells title insurance and handles all the closing paperwork and the recording of the deeds etc.