Glossary

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Mortgage closing costs

Mortgage closing costs are the fees that you must pay when purchasing a home. These fees cover administration costs for preparing mortgage documents, attorney fees, insurance premiums, taxes, and other expenses. Most homebuyers can expect to pay from 3% to 6% of the total loan amount in closing costs.

Mutual funds

Mutual funds are a type of investment that pools money from numerous shareholders to invest in a variety of securities, such as stocks, bonds and money markets. These funds are an integral part of many investors’ wealth management strategies.

Market value

Market value is the agreed price of a good, service or another type of asset. It can also be used as a financial measure of the value of a company. When you can calculate market value, you have a tool to use to help guide investments, purchases and negotiations.

Money order

A money order is a paper document, similar to personal checks in that the person paying identifies who the money order is payable to and sets the dollar amount. Unlike checks, you must purchase money orders with cash upfront, rather than have the funds come out of your checking account.

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Recent Terms

Stagflation
Stagflation is an especially difficult economic environment created by the combination of several factors: slow economic growth, high inflation, and a high unemployment rate.
Exchange-traded fund (ETF)
An exchange-traded fund (ETF) is a type of investment fund that holds a variety of underlying securities, including stocks, bonds, or alternative assets. It’s a way for investors to pool their money and each gain exposure to the assets within the fund rather than purchasing each asset individually.
403(b) plan
A 403(b) plan is a workplace retirement plan — typically offered by public schools and higher education institutions, churches, and charitable entities — designed to help employees save for retirement while receiving tax benefits.