Mortgage Glossary
Exciting 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.
- Abstract of Title
- Acceleration Clause
- Accrued Interest
- Additional Principal Payment
- Adjustable-Rate Mortgage
- Affordability Analysis
- Amortization
- Amortization Term
- Appraisal
- ARM
- Assumable Mortgage
- Back-End Ratio
- Balloon Mortgage
- Buydown
- Change Frequency
- Change Orders
- Closing
- Closing Costs
- Closing Disclosure (CD)
- Commitment Letter
- Construction Loan Disbursement Request/Authorization
- Consummation
- Contingency Funds
- Conventional Mortgage
- Convertible ARM
- Date of Possession
- Debt Ratio
- Deed
- Default
- Delinquency
- Deposits
- Discount Points
- Down Payment
- Earnest Money
- Easement
- Equity
- Escrow Payment
- Fair Market Value
- Fees (Unused)
- Final Draw
- Fixed Installment
- Fixed-Rate Mortgage
- Foreclosure
- Funding Notification
- Good Faith Estimate (GFE)
- Graduated Payment Mortgage
- Guarantee Mortgage
- Home Inspection
- Home Price Index
- Homeowners Insurance
- Hybrid ARM
- Installment
- Interest Rate Ceiling
- Interest Rate Floor
- Lending Estimate (LE)
- Liabilities
- Lifetime Payments Cap
- Lifetime Rate Cap
- Line Item
- Loan Acceleration
- Lock-In Period
- Maturity
- Mortgage
- Mortgage Insurance
- Mortgage Points
- Net Worth
- Notice of Incomplete Application
- Offer
- Origination Fee
- Permits
- PITI
- Pre-approval
- Prepayment Penalty
- Principal
- Principal Balance
- Private Mortgage Insurance (PMI)
- Processing Fees
- Property Address
- Real Estate Settlement Procedure Act (RESPA)
- Refinancing
- Right of First Refusal
- Sales Contract
- Second Mortgage
- Site Inspection
- Standard Draw Requirements Letter
- Survey
- Terms
- TILA-RESPA Integrated Disclosure (TRID) Rule
- Title
- Title Search
- Truth in Lending
- Underwriting
- Walk-Through
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. Prime Mortgage Lending, Inc. aims to keep the process simple.
Let's Talk
Best loan to fit your situation
If you’re shopping for a house and mortgage today, you have more choices than ever before. Independent mortgage lenders, like Prime Mortgage Lending, Inc. provide a full range of loan products and competitive rates. The most effective independent mortgage lenders work with you to get the best loan to fit your situation. Learn more about your mortgage loan options; schedule a face-to-face consultation with Prime Mortgage Lending, Inc today. There’s no obligation.
USDA Loans
I want to live in a rural area.
VA Loans
I am actively serving in the Miltary or a Veteran.
Investment Property Purchases
I want to but an investment property.
Affordable Homebuyer Programs
I am a first time home buyer.
Second Home Purchases
I am buying a second home.
Renovation Loans
I am buying a house that needs repairs.