While nearly all industries have lingo and jargon, not all industries are as likely to impact your life as is the mortgage industry. Basically, if you want to buy a house, you will likely need a mortgage. Knowing a bit about the common acronyms and jargon of the mortgage industry could prove helpful during the home buying process. This list is not in alphabetical order, but rather in the order you are likely to hear to terms. Consumer: This word refers to you--a person looking to buy a house and needs a mortgage to do so. Mortgage: A mortgage is a type loan that is secured against real estate, such as a house or a condo. Most consumers obtain one to help to purchase their home. The term 'mortgage' is also sometimes used to describe the consumer's financial documents used to determine if the consumer has the ability to repay the loan. Pre-qualified: This is a conversation with a loan officer who requests basic information about your income, ass