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Mortgage GlossaryExciting Time
Buying a new home is an exciting time, but making sense of all the terminology can leave even seasoned homebuyers feeling a little confused.
GoPrime Mortgage, Inc. | Company NMLS ID 69551
p: 828-348-1907
862 Haywood Rd, Asheville, NC 28806
GOPRIME
We want to be more than your mortgage lender.
The company, like Branch Manager Zachery Adam, wants to become the go-to destination for people who have questions about real estate financing and the mortgage application process. Applying for a mortgage can be a frightening process at a bank. GoPrime Mortgage, Inc. aims to keep the process simple.
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Zachery Adam
Branch Manager, Loan Officer
"What we do is so far more important than lending and buying houses. We are in the business of facilitating dreams and honoring the start of a new home.”
Daniel Priest
Loan Officer
"I enjoy working with clients new to the homebuying process. Remembering what it was like for my family, I will take my knowledge of the mortgage process and make it easier.”
Teona Rodriguez
Marketing
"“I wake up every morning with incredible appreciation. I love what I do.” ”
Jordynn Webb
Loan Officer Assistant
"My eventual goal is to become a loan officer. I love working within the community and being a part of the GoPrime Mortgage team.”
- 2/1 Buy Down Mortgage2/1 Buy Down MortgageThe 2/1 Buy Down Mortgage allows the borrower to qualify at below market(...) Read More
- Abstract of TitleA document that shows you the history of ownership for the property. Read More
- Accrued InterestInterest on the loan that hasn’t been paid yet. Read More
- Additional Principal PaymentExtra money, over and above your scheduled payment, paid during your loan period, that’s(...) Read More
- Adjustable-Rate MortgageWhen your mortgage interest rate varies in accordance with certain market indices. Typically,(...) Read More
- Adjusted BasisAdjusted Basis The cost of a property plus the value of any capital expenditures for(...) Read More
- Adjustment DateAdjustment Date The date that the interest rate changes on an adjustable-rate mortgage (ARM). Read More
- Adjustment PeriodAdjustment PeriodThe period elapsing between adjustment dates for an adjustable-rate mortgage(...) Read More
- Affordability AnalysisAn analysis of various factors — including your income, existing debt, location of the(...) Read More
- AmortizationYour monthly payment plan. Read More
- Amortization TermThe length of time, expressed in months, that it takes you to pay off your mortgage. Read More
- Annual Percentage Rate (APR)Annual Percentage Rate (APR)The cost of credit, expressed as a yearly rate including(...) Read More
- Appraised ValueAppraised ValueAn opinion of a property’s fair market value, based on an appraiser’s(...) Read More
- AssignmentAssignmentThe transfer of a mortgage from one person to another. Read More
- AssumabilityAssumabilityAn assumable mortgage can be transferred from the seller to the new buyer.(...) Read More
- Assumable MortgageA type of contract that allows new buyers to take over the existing mortgage, provided they(...) Read More
- Assumption FeeAssumption Fee The fee paid to a lender (usually by the purchaser of real property) when an(...) Read More
- Back-End RatioCompares all of your existing debt and liabilities to your gross income; also known as your(...) Read More
- Balloon MortgageA mortgage that has equal monthly payments until the end of the term, at which time you pay a(...) Read More
- Change FrequencyThe number of times your monthly payment or interest rate changes in an ARM. Read More
- Change OrdersA change order is an official recognition of a change to the construction/renovation plans and(...) Read More
- Closing Disclosure (CD)An integrated disclosure document that replaces the HUD-1 settlement statement and the final(...) Read More
- Construction Loan Disbursement Request/AuthorizationThis form is used to request a draw from the construction loan funds. It must be signed by(...) Read More
- ConsummationThe date in which you assume the debt burden of your new mortgage loan. While it’s often the(...) Read More
- Contingency FundsContingency funds are funds included in the construction/renovation budget to cover possible(...) Read More
- Conventional MortgageA mortgage that conforms to certain national standards and has a fixed interest rate, so that(...) Read More
- Convertible ARMAn adjustable-rate mortgage with the option to convert to a fixed-rate mortgage. Read More
- DelinquencyA late payment. Read More
- Discount PointsVoluntary, tax-deductible payment at closing to lower your interest rate; the cost of one(...) Read More
- Down PaymentA portion of the home’s cost, paid up front. Read More
- Escrow PaymentThe portion of your monthly payment that your lender sets aside to pay for things such as(...) Read More
- Fair Market ValueWhat your home is worth in the current market. Read More
- Fees (Unused)Any fees or portion of fees that are unused after the completion of construction or renovation(...) Read More
- Final DrawA minimum of 10% of the total construction hard costs must be held for the final draw. Final(...) Read More
- Fixed-Rate MortgageA mortgage in which your interest rate and monthly payments stay the same throughout the(...) Read More
- ForeclosureWhen your lender takes possession of your home after you’ve defaulted on your mortgage; also,(...) Read More
- Funding NotificationA funding notification is a notice that funds have been disbursed following a draw request.(...) Read More
- Good Faith Estimate (GFE)A list of anticipated loan and closing costs and loan terms given to you by your lender after(...) Read More
- Graduated Payment MortgageA mortgage in which your monthly payments gradually increase over time, before reaching a(...) Read More
- Guarantee MortgageA mortgage that a third party promises to pay if the primary borrower defaults. Read More
- Home InspectionA thorough inspection of a house performed by a professional; home inspectors look for(...) Read More
- Home Price IndexA tool that provides home price statistics in specific areas, such as cities or neighborhoods. Read More
- Homeowners InsuranceAn insurance policy that protects you and the lender in case the home needs to be repaired or(...) Read More
- Hybrid ARMA mortgage that starts out with a fixed interest rate and payment amount, but converts to an(...) Read More
- InstallmentYour regular monthly mortgage payment. Read More
- Interest Rate CeilingThe highest interest rate you’ll have to pay in an ARM. Read More
- Interest Rate FloorThe lowest interest rate you’ll pay in an ARM. Read More
- Lending Estimate (LE)A comprehensive, integrated disclosure document that replaces the Good Faith Estimate and the(...) Read More
- LiabilitiesYour long-term and short-term debts and financial responsibilities. Read More
- Lifetime Payments CapThe upper and lower limits of your monthly payments during the life of your ARM. Read More
- Lifetime Rate CapThe upper and lower limits of your monthly payments during the life of your ARM. Read More
- Loan AccelerationA provision that allows your lender to demand the full amount of your mortgage to be repaid if(...) Read More
- Lock-In PeriodA brief window of time during which your lender guarantees that you’ll get a certain interest(...) Read More
- Mortgage InsuranceNot the same as homeowners insurance; this protects the lender in case you default on your(...) Read More
- Notice of Incomplete ApplicationA form your lender sends you when more information is needed from you to complete your(...) Read More
- Origination FeeFees you pay your lender at closing. This can be the broker’s fee or salesman’s commission.(...) Read More
- Pre-approvalFinding out how much money you will be able to borrow, before applying for your actual(...) Read More
- Prepayment PenaltySome loans encourage you not to refinance too soon, instituting a financial penalty if you(...) Read More
- Principal BalanceThe amount of money you still owe toward the cost of your home, not including interest, taxes,(...) Read More
- Processing FeesFees your lender charges you to cover the cost of creating and processing your loan, most(...) Read More
- Property AddressThe street address of the house you’re trying to buy. Read More
- Real Estate Settlement Procedure Act (RESPA)A law that says lenders must tell you in advance how much your closing costs will be. Read More
- RefinancingTaking out a new mortgage loan to pay off an existing mortgage, using the same property as security. Read More
- Right of First RefusalA provision in a loan agreement that says that if you decide to sell the property, you must(...) Read More
- Sales ContractThe formal agreement between you and the seller; the contract includes things such as the(...) Read More
- Site InspectionA site inspection is an on-site review of the progress of construction/renovation by a local(...) Read More
- Standard Draw Requirements LetterThe Standard Draw Requirements Letter is a state-specific document which outlines the(...) Read More
- TILA-RESPA Integrated Disclosure (TRID) RuleThe rule that replaced the Good Faith Estimate, HUD-1 settlement statement and Truth in(...) Read More
- Truth in LendingA law that requires your lender to tell you in writing the terms of your loan agreement. As of(...) Read More
- UnderwritingThe analysis of your creditworthiness and the value of a property, to determine the risk(...) Read More
- Walk-ThroughOne last trip through your potential new house before closing, to ensure that everything is(...) Read More