Common Mortgage Terms

Click on the first letter of the term you are looking for to find a definition.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

Adjustable-Rate Mortgage (ARM)
Adjustment Date
Adjustment Period
Amortization
Amortization Term
Annual Percentage Rate (APR)
Application
Appraisal
Appreciation
Asset

B

Balloon Mortgage
Balloon Payment
Borrower
Bridge Loan

C

Cap (Interest Rate)
Cap (Payment)
Cash-Out Refinance
Closing
Closing Costs
Closing Statement
Co-Borrower
Commitment Fee
Commitment Letter
Community Property
Comparables
Condominium
Conforming Loan
Construction Loan
Consumer Credit Reporting Agency (or Bureau)
Contingency
Conventional Mortgage
Conversion Clause
Convertible ARM
Co-op or Cooperative
Corporate Relocation
Credit
Credit History
Credit Report
Credit Repository

D

Debt
Debt-To-Income Ratio
Default
Depreciation
Discount Points
Down Payment

E

Earnest Money
Equal Credit Opportunity Act (ECOA)
Equity
Equity Line of Credit
Escrow
Escrow Account
Escrow Analysis
Escrow Payment
Estate
Estimated Gross Costs of Buying
Estimated Increase in Equity
Estimated Net Costs of Buying
Estimated Tax Savings
Estimated Total Costs of Renting
Estimated Total Savings

F

Fair Credit Reporting Act
Fannie Mae
Federal Home Loan Mortgage Corporation - Freddie Mac
Federal Housing Administration (FHA)
FHA mortgage
First mortgage
Fixed-rate mortgage (FRM)
Float rate
Flood insurance
Fund A Loan

G

Good-Faith Estimate
Gross Monthly Rental Income

H

Homeowner's Insurance or Hazard Insurance
HELOC
Housing ratio
HUD
HUD-1 Uniform Settlement Statement

I

Income
Index
Interest Rate
Investment Related Savings

J

Jumbo Loan

L

LIBOR (London Interbacnk Offered Rate)
Lien
Lifetime Cap
Loan Amount
Loan Programs
Loan-to-Value Ratio(LTV)
Lock Rate

M

Manufactured Housing
Mortgage
Mortgage Insurance (MI)
Mortgage Insurance Premium (MIP)
Mortgagee
Mortgage Note
Mortgagor
Multi-family

N

Negative Amortization
Nonconforming Mortgage Loan

O

Origination Fee

P

P & I
Payment Cap
PITI
Points
Prepayment
Prepayment Penalty
Pre-qualification
Principal
Principal & Interest (P&I)
Private Mortgage Insurance (PMI)
Property Type
Planned Unit Development (PUD)
Purchase Price

Q

Qualify
Qualifying Ratios

R

Rate
Rate Cap
Rate Float
Rate Lock
Rate Protection
Refinancing

S

Second Mortgage
Settlement Statement
Single Family Attached Home
Single Family Detached Home
Subject Property
Survey

T

Term of Loan
Title
Title Insurance
Title Search
Transfer Tax
Total Monthly Payment
Truth-in-Lending Act

U

Underwriting

V

VA Mortgage
Veterans Administration (VA)