A Glossary of Home Mortgage Terms and Definitions
Adjustable-rate mortgage(ARM)
Adjustment date
Amortization term
Annual percentage rate (APR)
Appraisal
Appraiser
Appreciation
Asset
Assignment
Assumable mortgage
Balloon mortgage
Blanket mortgage
Broker
Buydown mortgage
Capital improvement
Cash-out refinance
Certificate of title
Clear title
Closing
Closing cost item
Cloud on title
Collateral
Combination loan
Co-maker
Commission
Commitment letter
Condominium
Contingency
Conventional mortgage
Convertible ARM Cooperative (co-op)
Covenant
Credit
Credit Report
Deed
Default
Due-on-sale provision
Earnest money deposit Effective age
Equity
Escrow
Estate
Fair market value
Fee simple
Finder’s fee
First mortgage
Fixed-rate mortgage (FRM)
Foreclosure
Index
Interest-only loan option
Loan to value ratio
Lock period
Margin
Mortgage
Mortgage insurance (MI)
Note
Origination fee
PITI
Points
Prepaids
Prepayment penalty
Principal
Private mortgage insurance (PMI)
Qualifying ratios
Rate cap
Rate lock-in
Residential mortgage credit report (RMCR)
Seller carry back
Survey
Title search
This "Glossary of Home Mortgage Terms & Definitions" reprinted with permission. © 2004 - Net Guides Publishing, Inc.
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