Mortgage Glossary

• 203(b)
• 203(k)

A

• Adjustable-Rate-Mortgage
• Amenity
• Amortization
• Annual Percentage Rate (APR)
• Application
• Appraisal
• Appraiser
• ARM
• Assessor
• Assumable mortgage

B

• Balloon Mortgage
• Bankruptcy
• Borrower
• Building code
• Budget
• Buydown

C

• Cap
• Cash reserves
• Certificate of title
• Closing
• Closing costs
• Commission
• Condominium
• Conventional loan
• Conversion Clause
• Cooperative (Co-op)
• Credit bureau score
• Credit history
• Credit report

D

• Debt-to-income ratio
• Deed
• Deed-in-lieu
• Default
• Delinquency
• Discount point
• Down payment

E

• Earnest money
• EEM (Energy Efficient Mortgage)
• Equity
• Escrow account

F

• Fair Housing Act
• Fair market value
• Fannie Mae
• FHA (Federal Housing Administration)
• Fixed-rate mortgage
• Flood insurance
• Foreclosure
• Freddie Mac

G

• Ginnie Mae
• Good faith estimate

H

• HELP (Homebuyer Education Learning Program)
• Home inspection
• Home warranty
• Homeowner's insurance
• Housing counseling agency
• HUD
• HUD1 Statement
• HVAC

I

• Index
• Inflation
• Interest
• Interest rate
• Insurance

J

• Judgment

L

• Lease purchase
• Lien
• Loan
• Loan fraud
• Loan-to-value (LTV) ratio
• Lock-in
• Loss mitigation

M

• Margin
• Mortgage
• Mortgage banker
• Mortgage broker
• Mortgage insurance
• Mortgage insurance premium (MIP)
• Mortgage Modification

N

• Negative Amortization

O

• Offer
• Origination
• Origination fee

P

• Partial Claim
• PITI (Principal, Interest, Taxes, and Insurance)
• Points
• PMI (Private Mortgage Insurance)
• Pre-approve
• Pre-foreclosure sale
• Pre-qualify
• Premium
• Prepayment
• Principal

R

• Radon
• Real estate agent
• REALTOR
• Refinancing
• Rehabilitation mortgage
• RESPA (Real Estate Settlement Procedures Act)

S

• Settlement
• Special Forbearance
• Subordinate
• Survey
• Sweat equity

T

• Title 1
• Title insurance
• Title search
• Truth-in-Lending
• Underwriting

V

• VA (Department of Veterans Affairs)