Glossary

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)

Annual Percentage Rate (APR)

Application Fee

Assignment of Mortgage

Assumable Mortgage

Automated Underwriting

B

Balloon Mortgage

Balloon Payment

Before-tax Income

Biweekly Payment Mortgage

Buydown Account

C

Cash-out Refinance

Certificate of Deposit (CD)

Certificate of Eligibility (COE)

Closing Statement

D

Debt-to-Income Ratio

Deed-in-Lieu of Foreclosure

Due-on-Sale Clause

E

Earnest Money Deposit

Employer-Assisted Housing

Equal Credit Opportunity Act (ECOA)

Escrow Analysis

Exclusive Agency Listing

Exclusive Right-to-Sell Listing

F

Fair Credit Reporting Act (FCRA)

Fair Market Value

Fannie Mae-Seller/Servicer

Fannie Mae/Freddie Mac Loan Limit

Federal Housing Administration (FHA)

FHA-Insured Loan

First-Time Home Buyer

Fixed-Period Adjustable-Rate Mortgage

Fixed-Rate Mortgage

Flood Certification Fee

Flood Insurance

Fully Amortized Mortgage

G

General Contractor

Good-Faith Estimate

Government National Mortgage Association (Ginnie Mae)

Gross Monthly Income

Growing-Equity Mortgage (GEM)

H

Hazard Insurance

Home Equity Conversion Mortgage (HECM)

Home Equity Line of Credit (HELOC)

Home Inspection

Homeowner’s Insurance

Homeowner’s Warranty (HOW)

Homeowners’ Association

Housing Expense Ratio

HUD-1 Settlement Statement

I

Income Property

Individual Retirement Account (IRA)

Initial Interest Rate

Installment Debt

Interest Accrual Rate

Interest Rate Cap

Interest Rate Ceiling

Interest Rate Floor

Investment Property

J

Junior Mortgage

K

L

Lease-Purchase Option

Liability Insurance

Loan Origination

Loan Origination Fees

Loan-To-Value (LTV) Ratio

Low-Down-Payment Feature

M

Manufactured Housing

Merged Credit Report

Money Market Account

Mortgage Broker

Mortgage Insurance (MI)

Mortgage Insurance Premium (MIP)

Mortgage Lender

Mortgage Life Insurance

Multifamily Properties

Multiple Listing Service (MLS)

N

Negative Amortization

Net Monthly Income

Non-Liquid Asset

O

Original Principal Balance

Origination Fee

Owner Financing

Owner-Occupied Property

P

Q

Qualifying Guidelines

Qualifying Ratios

Quality Control

R

Ratified Sales Contract

Real Estate Professional

Real Estate Settlement Procedures Act (RESPA)

Rehabilitation Mortgage

Replacement Cost

Right of First Refusal

Rural Housing Service (RHS)

S

Second Mortgage

Secondary Mortgage Market

Seller Take-Back

Servicemembers Civil Relief Act

Settlement Statement

Single-Family Properties

Soft Second Loan

Subordinate Financing

T

Taxes and Insurance

Termite Inspection

Third-Party Origination

Title Insurance

Truth-In-Lending Act (TILA)

Two- to Four-Family Property

U

Uniform Residential Loan Application

V

VA Guaranteed Loan

Veterans Affairs (U.S. Department of Veterans Affairs)

W