Mortgage Glossary

A | B | C | D | E | F | G | H | I | L | M | N | O | P | Q | R | S | T | U | V

  • A

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  • Additional Principal Payment

  • Adjustable-Rate Mortgage (ARM) - See also Hybrid ARM

  • Adjustment Date

  • Adjustment Period

  • Affordability Analysis

  • Amortization

  • Amortization Term

  • Annual Percentage Rate (APR)

  • Appraisal

  • Appraised Value

  • Asset

  • Assignment

  • Assumability

  • Assumption Fee

  • B

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  • Balance Sheet

  • Balloon Mortgage

  • Balloon Payment

  • Before-tax Income

  • Biweekly Payment Mortgage

  • Bridge Loan

  • Buydown

  • C

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  • Cap

  • Certificate of Eligibility

  • Certificate of Reasonable Value (CRV)

  • Change Frequency

  • Closing

  • Closing Costs

  • Consumer Reporting Agency (or Bureau)

  • Credit Report

  • Credit Risk Score

  • D

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  • Default

  • Delinquency

  • Deposit

  • Discount

  • Down Payment

  • E

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  • Effective Gross Income

  • Equity

  • Escrow

  • Escrow Disbursements

  • Escrow Payment

  • F

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  • Freddie Mae

  • FHA Mortgage

  • FICO Score

  • First Mortgage

  • Fixed Installment

  • Fixed-Rate Mortgage (FRM)

  • Fully Amortized ARM

  • H

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  • Housing Expense Ratio

  • HUD-1 statement

  • Hybrid Adjustable Rate Mortgage

  • I

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  • Index

  • Installment

  • Insured Mortgage

  • Interest

  • Interest Accrual Rate

  • Interest Rate Ceiling

  • Interest Rate Floor

  • L

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  • Late Charge

  • Liabilities

  • Lifetime Payment Cap

  • Lifetime Rate Cap

  • Line of Credit

  • Liquid Asset

  • Loan

  • Loan-to-Value (LTV) Percentage

  • Lock-In Period

  • M

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  • Margin

  • Maturity

  • Monthly Fixed Installment

  • Mortgage

  • Mortgage Insurance

  • Mortgage Insurance Premium (MIP)

  • Mortgage Life Insurance

  • Mortgagor

  • N

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  • Net Worth

  • Non Liquid Asset

  • Note

  • O

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  • Origination Fee

  • Owner Financing

  • P

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  • Payment Change Date

  • Periodic Payment Cap

  • Periodic Rate Cap

  • PITI Reserves

  • Points

  • Prepayment Penalty

  • Pre-Approval

  • Principal

  • Principal Balance

  • Principal, Interest, Taxes, and Insurance (PITI)

  • Private Mortgage Insurance (PMI)

  • Q

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  • Qualifying Ratios

  • R

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  • Rate Lock

  • Real Estate Settlement Procedures Act (RESPA)

  • Recording

  • Refinance 

  • Revolving Liability

  • S

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  • Secondary Mortgage Market

  • Security

  • Servicer

  • Standard Payment Calculation

  • Step-Rate Mortgage

  • T

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  • Third-party Origination

  • Total Expense Ratio

  • Treasury Index

  • Truth-in-Lending

  • U

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  • Underwriting

  • V

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  • VA Mortgage