MORTGAGE GLOSSARY TERMS

1031 Exchange

15-Year Fixed Mortgage

203k Loan

3/1 ARM

5/1 ARM

ACH (Automatic Clearing House)

ALTA

APR

ARM

ARM assumbility

ARM disclosure

ARM handbook

Abstract of title

Acceleration clause

Accrued interest

Acquisition costs

Acquisition loan

Addendum

Additional principal payment

Adjustable rate

Adjustable-Rate Mortgage (ARM)

Adjusted gross income

Adjustment interval

Adjustment period

Affiliates

Agent

Agreement of sale

Agreement/offer

Agricultural property

Alimony

Alt-A Mortgage

Alternative documentation

American Land Title Association (ALTA)

Amortization

Amortization

Amortization re-cast limitation

Amortization re-cast period

Amortization schedule

Annual Income

Annual Percentage Rate (APR)

Applicant

Application

Application fee

Appraisal

Appraisal Fee

Appraised value

Appraiser

Appreciation

Arm's-length transaction

As separate property

Assessed valuation

Assessment

Asset

Assignment

Assumability

Assumable mortgage

Assumption

Assumption

Attorney fee

Automated underwriting

Balance sheet

Balloon Mortgage

Balloon Payment

Bank check

Bankruptcy

Basis point

Bearer

Bequest

Bill of sale

Biweekly Mortgage

Blanket Mortgage

Bona fide

Bond

Borrower

Borrower (Mortgagor)

Borrower paid mortgage insurance (BPMI)

Break-even point

Bridge Loan

Broker

Buy-Down

Buydown

Buyer's broker

Buyer's market

CC&Rs

CFPB

CLTV

COFI

CRV

Call option

Caps

Caps (Payment)

Cash reserve

Cash to close

Cash-In Refinance

Cash-Out Refinance

Cash-out

Cash-out refinancing

Cashier's check (or bank check)

Ceiling

Certificate of Occupancy

Certificate of Reasonable Value (CRV)

Certificate of eligibility

Certificate of title

Certificate of veteran status

Certified check

Chain of title

Changed circumstance

Chat with an Agent Online

Clear title

Closing

Closing (or settlement)

Closing Checklist

Closing Costs

Closing Disclosure

Closing agent/settlement agent.

Closing date

Closing statement

Cloud on title

Co-Borrower

Co-borrower(s)

Collateral

Collection

Combined loan-to-value (CLTV)

Combo Loan

Commission

Commitment

Commitment (loan)

Commitment letter

Comparable properties

Compensating factors

Concession

Condominium

Conforming Loan

Construction Loan

Consumer Financial Protection Bureau (CFPB)

Contingency

Contract of sale

Conventional Loan

Conventional Mortgage

Conversion clause

Conversion option

Convertible ARM

Convertible ARMs

Conveyance

Cooperative

Cosigner

Cost of funds index (COFI)

Covenant

Covenants, conditions and restrictions (CC&Rs)

Credit History

Credit Report

Credit Requirements

Credit Score

Credit limit

Credit reporting

Credit reporting agency

Credit risk

De minimis PUD

Debt Ratio

Debt-to-Income Ratio

Debt-to-income ratio (DTI)

Deed

Deed of Trust

Deed-in-Lieu of Foreclosure

Default

Deferred Interest

Delinquency

Department of Housing and Urban Development (HUD)

Department of Veterans Affairs (VA)

Deposit

Depreciation

Disclosure

Discount Points

Discount Rate

Discount points (or Points)

Doctor Mortgage

Documentary stamps

Down Payment

Down Payment Grant

Down payment assistance program

Draw period

Due-on-sale clause

ECOA

Earnest Money

Effective interest rate

Eligibility

Encroachment

Encumbrance

End of draw

End of term

Equal Credit Opportunity Act

Equal Credit Opportunity Act (ECOA)

Equal Credit Opportunity Act (ECOA).

Equity

Equity loan

Escrow

Escrow account

Escrow agent

Escrow payment

Escrow waiver

Estimated closing date

Estimated monthly payment

Estimated settlement charges

FHA

FHA Funding Fee

FHA Handbook

FHA Limits

FHA Loan

FHA Minimum Standards

FHA One-Time Close

FHA Refinance

FHA Requirements

FHAct

FHLMC

FIAR

FICO Score

FMHA

FNMA

Fair Credit Reporting Act (FCRA)

Fair Housing Act (FHAct)

Fannie Mae

Farmer's Home Administration (FMHA)

Federal Funds Rate

Federal Home Loan Mortgage Corporation

Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)

Federal Home Loan Mortgage Corporation - FHLMC (Freddie Mac)

Federal Housing Administration (FHA)

Federal National Mortgage Association (FNMA or Fannie Mae)

Federal National Mortgage Association- FNMA (Fannie Mae)

Federal National Mortgage Corporation

Federal Reserve

Fee simple

First adjusted payment

First mortgage

First-Time Home Buyer

First-Time Homebuyer

Fixed Rate Mortgage

Fixed interest rate

Fixed rate

Fixed-Rate Mortgage

Fixed-rate advance (FRA)

Floating interest rate

Flood insurance

Floor

Floor (Interest - ARM)

Forbearance

Foreclosure

Foreclosure (or repossession)

Freddie Mac

GNMA

GPM

Gift Letter

Ginnie Mae

Good Faith Estimate

Government National Mortgage Association (GNMA or Ginnie Mae)

Government National Mortgage Association (GNMA)

Grace period

Graduated Payment Mortgage

Graduated Payment Mortgage (GPM)

Gross

Gross income

Gross monthly income

Guarantee

Guaranty

HARP Loan

HUD

HUD-1 Settlement Statement

Hard Money Loan

Hazard Insurance

High-ratio loan

Home Appraisal

Home Equity

Home Equity Line of Credit

Home Equity Loan

Home Inspection

Home Mortgage Disclosure Act (HMDA)

Home Valuation Code of Conduct (HVCC)

Home loan processor

Home mortgage consultant

Homeowner's insurance policy

Homeowners association dues

Homeowners insurance

Homeowners warranty

Housing and Economic Recovery Act (HERA)

Housing and Urban Development (HUD)

Housing code

Housing expense ratio

Housing expense-to-income ratio

Identity Theft

Impound (or reserves)

Impound Account

Impounds or reserves

Income/expense ratio

Index (ARM)

Index/index rate

Initial rate

Insolvency

Interest

Interest Rate

Interest rate cap

Interest rate change date

Interest rate floor

Interest rate range

Interest-Only Mortgage

Interest-only payments

Interim interest

Investment Property

Islamic Mortgage

Joint Loan

Joint liability

Joint tenancy

Judgment

Jumbo Loan

LIBOR (London Interbank Offered Rate)

LTV

Land acquisition loan

Late charge

Lender

Lender Credit

Lender Overlay

Lender paid mortgage insurance (LPMI)

Lender-Paid Mortgage Insurance

Letter of Explanation

Liability coverage

Lien

Life cap (Interest)

Lifetime cap

Limited partnership

Line of credit

Liquidity

Loan Application

Loan Approval

Loan Balance

Loan Calculator

Loan Estimate

Loan Guidelines

Loan Officer

Loan Origination

Loan Processor

Loan Term

Loan administration

Loan application fee

Loan conditions

Loan modification

Loan origination fee

Loan purpose

Loan servicing

Loan to value ratio (LTV)

Loan-to-Value

Loan-to-Value Ratio

Loan-to-value (LTV) ratio

Lock or lock-in

London Interbank Offered Rate (LIBOR)

Loss payable clause

MIP

MIP (Mortgage insurance premium)

Manufactured home

Margin

Market price

Market rate

Market value

Marketable title

Maturity date

Maximum interest rate/maximum monthly payment

Mobile home

Modular house

Monthly Payment

Monthly housing expense

Mortgage

Mortgage Broker

Mortgage Closing

Mortgage Discount Points

Mortgage Due Date

Mortgage Insurance

Mortgage Late

Mortgage Lender

Mortgage Payment

Mortgage Points

Mortgage Principal

Mortgage Rate

Mortgage Rate Lockfloat their rate

Mortgage Term

Mortgage Underwriter

Mortgage banker

Mortgage commitment

Mortgage insurance premium (MIP)

Mortgage loan

Mortgage loan originator

Mortgage note

Mortgagee

Mortgagor

NMLSR ID

Nationwide Mortgage Licensing System and Registry (NMLSR)

Negative Amortization

Neighborhood Stabilization Program (NSP)

Net

Net effective income

New principal balance

Ninja Loan

No Closing Cost Refinance

Non-assumption clause

Non-conforming loan

Non-dischargeable debt

Note

Notice of default

Obama Mortgage

Office of Comptroller Currency

Option Arm

Origination

Origination Fee

Origination charge

Owner Occupied

Owner financing

Owner occupancy

PITI

PMI

Par Rate

Payment Shock

Payment cap

Payment cap (ARM)

Payment change date

Payoff

Payoff figures

Per diem interest

Periodic interest cap

Permanent loan

Personal property

Piggyback Mortgage

Planned Unit Development (PUD)

Plans and specifications

Points (or Discount points)

Power of Attorney

Pre-Approval

Pre-Approval/Pre-Qualification

Pre-payment penalty

Preapproval

Preliminary title report

Prepaid expenses

Prepaid interest

Prepaids

Prepayment

Prepayment Penalty

Prepayment fee or penalty

Prequalification

Primary Residence

Primary mortgage market

Prime Rate

Principal

Principal balance

Principal payment

Private mortgage insurance (PMI)

Processing

Profit and loss statement

Property Tax

Property Title

Property usage

Purchase Money Mortgage

Purchase agreement

Purchase contract (agreement/offer)

Qualified Mortgage

Qualifying rate

Qualifying ratio

Qualifying ratios

Quitclaim Deed

RESPA

Rate cap.

Rate lock

Rate lock expiration date

Rate lock period

Real Estate Agent

Real Estate Owned (REO)

Real Estate Settlement Procedures Act

Real Estate Settlement Procedures Act (RESPA)

Real assets

Real estate

Real estate broker

Real estate/property taxes

Real property

Reclamation

Reconveyance

Recording

Recording fee

Refinance two main types of refinancingrate and term refinancecash-out refinance

Refinancing

Reissue or refinance rate (for title insurance)

Rent with option to buy

Repayment period

Repossession (or foreclosure)

Rescission

Rescission period

Reserve Requirements

Reserves

Resetting the Clock

Responsible Lending Principles

Responsible Servicing Principles

Reverse Mortgage

Revolving line of credit

Right of Rescission

Sale agreement

Sales contract

Satisfaction

Satisfaction of mortgage

Second Mortgage

Second home (vacation home, weekend home)

Secondary mortgage market

Section 203(k) loan program

Security

Security instrument

Security interest

Seller Carryback

Seller contributions

Seller's broker

Seller's market

Servicing (or Loan administration)

Settlement (or Closing)

Settlement cost (HUD guide)

Settlement costs

Short Refinance

Short Sale

Simple interest

Single Family Home

Site value

Start rate

Stated Income Mortgage

Streamline Refinance

Subdivision

Subordinate

Subprime Mortgage

Subsidized second mortgage

Survey

Sweat equity

Tax impound

Tax lien

Tax sale

Teaser Rate

Term

Title

Title (insurance) company

Title Insurance

Title company

Title insurance policy

Title search

Torrens certificate

Transfer tax

Trust account

Trust deed

Trustee

Truth-in-Lending Act

Truth-in-Lending Act (TILA)

USDA loan

Underwater Mortgage

Underwriter

Underwriting

Uniform Residential Loan Application (URLA)

Upfront Mortgage Insurance Premium (UFMIP)

VA Loan

VA Mortgage

VOD

VOE

Variable rate

Variable rate mortgage

Verification of deposit (VOD)

Verification of employment (VOE)

Veterans Administration (VA) mortgage

Waiver

Walk-through

Warehouse fee

Yield Spread Premium

Yield to maturity

Zero Down Mortgage

Zestimate

Zoning ordinances