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Glossary
2/1 Buy Down Mortgage
Acceleration Clause
Additional Principal Payment
Adjustable-Rate Mortgage (ARM)
Adjusted Basis
Adjustment Date
Adjustment Period
Affordability Analysis
Amortization
Amortization Term
Annual Percentage Rate (APR)
Appraisal
Appraised Value
Asset
Assignment
Assumability
Assumption Fee
Balance Sheet
Balloon Mortgage
Balloon Payment
Before-tax Income
Biweekly Payment Mortgage
Bridge Loan
Broker
Buydown
Cap
Certificate of Eligibility
Certificate of Reasonable Value (CRV)
Change Frequency
Closing
Closing Costs
Compound Interest
Consumer Reporting Agency (or Bureau)
Conversion Clause
Credit Report
Credit Risk Score
Deed of Trust
Default
Delinquency
Deposit
Discount
Down Payment
Effective Gross Income
Equity
Escrow
Escrow Disbursements
Fannie Mae
FHA Mortgage
FICO Score
First Mortgage
FICO Score
Fixed Installment
Fixed-Rate Mortgage (FRM)
Fully Amortized ARM
GNMA
Growing-Equity Mortgage (GEM)
Guarantee Mortgage
Housing Expense Ratio
HUD-1 statement
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
Index
Initial Interest Rate
Installment
Insured Mortgage
Interest
Interest Accrual Rate
Interest Rate Buydown Plan
Interest Rate Ceiling
Interest Rate Floor
Late Charge
Lease-Purchase Mortgage Loan
Liabilities
Lifetime Payment Cap
Lifetime Rate Cap
Line of Credit
Liquid Asset
Loan
Loan-to-Value (LTV) Percentage
Lock-In Period
Margin
Maturity
Monthly Fixed Installment
Mortgage
Mortgage Banker
Mortgage Broker
Mortgage Insurance
Mortgage Insurance Premium (MIP)
Mortgage Life Insurance
Mortgagor
Negative Amortization
Net Worth
Non Liquid Asset
Note
Origination Fee
Owner Financing
Payment Change Date
Periodic Payment Cap
Periodic Rate Cap
PITI Reserves
Points
Prepayment Penalty
Pre-Approval
Prime Rate
Principal
Principal Balance
Principal, Interest, Taxes, and Insurance (PITI)
Private Mortgage Insurance (PMI)
Qualifying Ratios
Rate Lock
Real Estate Agent
Real Estate Settlement Procedures Act (RESPA)
Real Estate Agent®
Recording
Refinance
Revolving Liability
Secondary Mortgage Market
Security
Seller Carry-back
Servicer
Standard Payment Calculation
Step-Rate Mortgage
Third-Party Origination
Total Expense Ratio
Treasury Index
Truth-in-Lending
Two-Step Mortgage
Underwriting
VA Mortgage
"Wrap Around" Mortgage
The Mortgage Broker - Where mortgages are only the beginning
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