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Glossary * Roll your mouse over each term to see its definition. ADJUSTABLE-RATE MORTGAGE (ARM)
AMORTIZATION
ANNUAL PERCENTAGE RATE
APPRAISAL
ASSUMPTION OF MORTGAGE
BALLOON MORTGAGE
CAP (OF INTEREST RATE)
CLOSING
CLOSING COSTS
COMMITMENT
CONDOMINIUM
CONTRACT OF SALE
CONVENTIONAL LOAN
CREDIT REPORT
DEBT SERVICE
DEED OF TRUST
DISCOUNT POINTS
DOWN PAYMENT
EARNEST MONEY
ECOA (EQUAL CREDIT OPPORTUNITY ACT)
EFFECTIVE AGE
EQUITY
ESCROW PAYMENT
FAIR MARKET VALUE
FIRST MORTGAGE
FIXED-RATE MORTGAGE
GROSS INCOME
HAZARD INSURANCE
HOMEOWNERS ASSOCIATION
INGRESS AND EGRESS
INTEREST
LATE CHARGE
LIEN
LOAN TO VALUE
MORTGAGEE
MORTGAGOR
ORIGINATION FEE
PITI
PLAT
PREPAID INTEREST
PRINCIPAL
PRIVATE MORTGAGE INSURANCE (PMI)
PROCESSING
QUALIFYING RATIO
REDLINING
RELEASE OF LIABILITY
RESPA (REAL ESTATE SETTLEMENT PROCEDURES ACT)
SUBDIVISION
SURVEY
TITLE
TITLE INSURANCE
TITLE SEARCH
TOWNHOUSE
UNDERWRITING
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Equal Housing Lender, Member FDIC