Buying a new home is an exciting time, but making sense of all the terminology can leave even seasoned homebuyers feeling a little confused.
- 2
- 2/1 Buy Down Mortgage
- a
- Abstract of Title
- Acceleration Clause
- Accrued Interest
- Additional Principal Payment
- Adjustable-Rate Mortgage
- Adjusted Basis
- Adjustment Date
- Adjustment Period
- Affordability Analysis
- Amortization
- Amortization Term
- Annual Percentage Rate (APR)
- Appraisal
- Appraised Value
- ARM
- Asset
- Assignment
- Assumability
- Assumable Mortgage
- Assumption Fee
- b
- Back-End Ratio
- Balance Sheet
- Balloon Mortgage
- Balloon Payment
- Before-tax Income
- Biweekly Payment Mortgage
- Bridge Loan
- Broker
- Buydown
- c
- Cap
- Certificate of Eligibility
- Certificate of Reasonable Value (CRV)
- Change Frequency
- Change Orders
- Closing
- Closing Costs
- Closing Disclosure (CD)
- Commitment Letter
- Compound Interest
- Construction Loan Disbursement Request/Authorization
- Consumer Reporting Agency (or Bureau)
- Consummation
- Contingency Funds
- Conventional Mortgage
- Conversion Clause
- Convertible ARM
- Credit Report
- Credit Risk Score
- d
- Date of Possession
- Debt Ratio
- Deed
- Deed of Trust
- Default
- Default
- Delinquency
- Delinquency
- Deposit
- Deposits
- Discount
- Discount Points
- Down Payment
- e
- Earnest Money
- Easement
- Effective Gross Income
- Equity
- Escrow
- Escrow Disbursements
- Escrow Payment
- f
- Fair Market Value
- Fees (Unused)
- Final Draw
- Fixed Installment
- Fixed-Rate Mortgage
- Foreclosure
- Funding Notification
- g
- Good Faith Estimate (GFE)
- Graduated Payment Mortgage
- Guarantee Mortgage
- h
- Home Inspection
- Home Price Index
- Homeowners Insurance
- Hybrid ARM
- i
- Installment
- Interest Rate Ceiling
- Interest Rate Floor
- l
- Lending Estimate (LE)
- Liabilities
- Lifetime Payments Cap
- Lifetime Rate Cap
- Line Item
- Loan Acceleration
- Lock-In Period
- m
- Maturity
- Mortgage Insurance
- Mortgage Points
- n
- Net Worth
- Notice of Incomplete Application
- o
- Offer
- Origination Fee
- p
- Permits
- PITI
- Pre-approval
- Prepayment Penalty
- Principal
- Principal Balance
- Private Mortgage Insurance (PMI)
- Processing Fees
- Property Address
- r
- Real Estate Settlement Procedure Act (RESPA)
- Refinancing
- Right of First Refusal
- s
- Sales Contract
- Second Mortgage
- Site Inspection
- Standard Draw Requirements Letter
- Survey
- t
- Terms
- TILA-RESPA Integrated Disclosure (TRID) Rule
- Title
- Title Search
- Truth in Lending
- u
- Underwriting
- w
- Walk-Through