Glossary of Mortgage Loan Terms

Please click the relevant mortgage loan term and you will be taken to a new page with an explanation the mortgage loan term you wish to know about.

Acceleration Clause
Adjustable-rate mortgage (ARM)
Adjustment date
Adjustment Interval
Adjustment period
Amortization
Amortization term
Annual percentage rate (APR)
Application
Appraisal
Appreciation
Asset
Assumption
Balloon mortgage
Balloon payment
Borrower
Bridge loan
Buydown mortgage
Cap
Cash-out refinance
Cash Reserve
Change frequency
Charge-off
Closing
Closing costs
Closing statement
Co-borrower
Commitment
Commitment letter
Community home improvement mortgage loan
Community property
Comparables
Conforming loan
Construction loan
Consumer reporting agency (or bureau)
Contingency
Conventional mortgage
Conversion clause
Convertible ARM
Corporate relocation
Cost of funds index (COFI)
Credit history
Credit repository
Debt
Debt-to-income ratio
Deed
Default
Delinquency
Department of Veterans Affairs (VA)
Deposit Cash
Depreciation
Discount points
Downpayment
Down Payment
Earnest Money
Equal Credit Opportunity Act (ECOA)
Equity
Equity Loan
Escrow
Escrow account
Escrow analysis
Escrow payment
Estate
Examination of title
Fair Credit Reporting Act
Fannie Mae
Fannie Mae's Community Homebuyer's Program
Federal Housing Administration (FHA)
FHA mortgage
Financial position
First mortgage
Fixed-Rated Mortgage
Foreclosure
Good faith estimate
Graduated Payment Mortgage (GPM)
Hazard Insurance
HELOC
Homeowner's insurance
Homeowner's Warranty
Housing expense ratio
Housing Expenses-to-Income Ratio
HUD
HUD-1 Uniform Settlement Statement
Impound
Income
Index
Interest
Interest rate
Interim Financing
Jumbo Loan
Jumbo mortgage
Lien
Lifetime cap
Loan amount
Loan consultant
Loan-to-Value Ratio
Lock-In
Margin
Monthly mortgage payments
Monthly rental income
Mortgage
Mortgagee
Mortgage Insurance (Private Mortgage Insurance - PMI)
Mortgage lien amount
Mortgage note
Mortgagor
Negative Amortization
Net rental income
Non-conforming loan
Origination Fee
Owner Financing
P&I
Payment Cap
PITI
Points
Power of Attorney
Pre-Payment
Prepayment penalty
Pre-qualify
Principal
Principal and interest
Private mortgage insurance (PMI)
Property type
Purchase price
Qualify
Qualifying Ratios
Rate
Rate cap
Rate lock-in
Rebate
Recording Fees
Refinancing
Residential mortgage credit report (RMCR)
Second Mortgage
Settlement disclosure statement
Subject property
Tax savings
Term of loan
Title
Title Insurance
Title Search
Total monthly payment
Transfer Tax
Truth-in-Lending Act
Two-Step Mortgage
Underwriting
VA mortgage
Verification of Deposit (VOD)
Verification of Employment (VOE)
Veterans Administration (VA)

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