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Mortgage Loan Glossary

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Open mortgage loan

An open mortgage loan is a type of mortgage loan that you can make prepayments on or pay out without having to pay penalties.

Online mortgage loan application

An online mortgage loan application is an application you can find on some mortgage loan brokerage's web sites. Online applications are forms you can fill out right on your computer screen by typing your information into little boxes (called 'form fields'). You can tell an application on a web site is an 'online' application if it has a 'submit' button that you can press (you'll usually have to 'scroll down' to the bottom of your computer screen to see it). Once you press an online application's submit button, the information that you typed into it will be sent electronically to your mortgage loan brokerage - no printing or pencils required! There are also printable mortgage loan applications.