Mortgage Glossary

A

Acceleration Clause

Acceptance

Adjustable-rate Mortgage (ARM)

Adjustment Date

Adjustment Period

Amortization

Amortization Schedule

Appraisal

Appraised Value

Appreciation

Assessed Value

Asset

Assignment

Assumable Mortgage

Assumption Agreement

B

Bi-weekly Accelerated Payments

Bi-weekly Accelerated Payments

Bi-weekly Payments

Bi-weekly Payments

Blended Payments

Building Code

Building Code

C

Cap

Cap

Capital Expenditure

Capital Expenditure

Capital Improvement

Capital Improvement

Certificate of Title

Chattel

Closed Mortgage

Closing

Closing Costs

Commission

Compound Interest

Conditional Offer

Condominium

Contingency

Conventional Mortgage

Convertible mortgage

D

Debt-service Ratio

Default

Default

Depreciation

Discharge

Down Payment

E

Easement

Effective Interest Rate

Encroachment

Encumbrance

Equity

Escrow

Examination of Title

Exclusive Listing

F

Fair Market Value

Firm Commitment

First Mortgage

Fixed Installment

Fixed-rate Mortgage (FRM)

Fixture

Flood Insurance

Flood Insurance

Foreclosure

G

Gross Debt Service Ratio

H

High Ratio Mortgage

Home Equity Line of Credit

Home Inspection

I

Income Property

Initial Interest Rate

Installment

J

Joint Tenancy

Joint Tenancy

L

Lease

Lien

Lien

Line of Credit

Line of Credit

Lock-in

Lock-in Period

M

Margin

Maturity

Mortgage Insurance Premium

Mortgage Life Insurance

Mortgage Loan Insurance

Mortgagee

Mortgagor

N

Negative Amortization

Notice of Default

O

Open Mortgage

Original Principal Balance

Origination Fee

Owner Financing

P

P.I. (Principal & Interest)

P.l.T. (Principal, Interest, & Taxes)

Payment Change Date

Penalty

Pre-approved Mortgage

Pre-qualification

Prepayment

Prepayment Option

Prepayment Penalty

Prime Rate

Principal

Purchase and Sale Agreement

Q

Qualifying Ratios

Quitclaim Deed

R

Rate (interest)

Recission

Refinance Transaction

Right of First Refusal

Roll-over Mortgage

S

Second Mortgage

Semi-monthly Payments

Survey

T

Term

Title

Title Insurance

Title Search

Trustee

U

Underwriting

Underwriting

Underwriting Fees

Unsecured Loan

V

Variable Rate Mortgage (Floating Rate)

Vendor Financing (Balance of Sale)

Vendor-Take-Back

W

Weekly Accelerated Payments

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