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Glossary of terms
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80-10-10 loan
Abstract of title
Acceleration clause
Acre
Adjustable Rate Mortgage, or ARM
Alternative mortgage products
Amortization schedule
Amortization term
Annual Percentage Rate (APR)
Appraisal
Appraised value
Appraiser
Appreciation
ARM
Assessed value
Assumable mortgage
Balloon mortgage
Basis points
Binder
Biweekly mortgage
Bridge loan
Broker
Broker premium
Built-ins
Buy down
Caps
Certificate of title
Chattel
Clear title
Closing
Closing costs
Closing statement
Cloud on tile
Commission
Commitment Letter
Common area assessment
Comparables, or “comps”
Condominium
Conforming loan
Contiguous
Contiguous
Contingency
Contract
Conventional mortgage
Convertible ARM
Cooperative, or co-op
Cost-of-funds index, or COIF
Covenant
Credit report
Debt-to-income ratio
Deed
Depreciation
Discount points
Down payment
Earnest money deposit
Easement
Eminent domain
Encumbrance
Equal Credit Opportunity Act
Equity
Escrow payment
Fair Credit Reporting Act
Fair market value
Fannie Mae
Federal Housing Administration (FHA)
FHA mortgage
First mortgage
Fixed-rate mortgage
Flood insurance
Foreclosure
Freddie Mac
Ginny Mae
Good faith estimate
Government National Mortgage Association (GNOME)
Hazard insurance
Home inspection
Homeowners association
Housing expense ratio
HUD-1 statement
Hybrid mortgage
Index
Indexed rate
Interest tax deduction
Jumbo mortgages
Lease-purchase mortgage
Lien
Lies pending
Lifetime rate cap
Livery of seizing
Loan origination
Loan-to-value (LTV) ratio
Lock or lock-in
Lock-and-float
Low-down mortgage
Margin
Maturity
Mortgage
Mortgage banker
Mortgage broker
Mortgage insurance
Negative amortization
Note
Origination fee
Owner financing
Periodic rate cap
PITI
PITI reserves
Planned Unit Development (PUD)
Plat
PMI
Points
Pre-approval
Pre-payment penalty
Pre-payment plan
Pre-qualification
Private mortgage insurance, or PMI
Quit claim deed
Radon
Rate lock
Real estate agent
Real Estate Settlement Procedures Act (RSPA)
Realtor®
Reelection
Refinancing
Restrictive covenant
Roll-in loans
Rural Housing Service (RHS)
Sale agreement
Second mortgage
Secondary mortgage market
Servicer
Settlement
Sub prime mortgage
Title
Title binder
Title company
Title insurance
Title search
Transfer tax
Treasury index
Truth-in-Lending
Two-step mortgage
Underwriter
VA mortgage
Warranty deed
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