Mortgage Real Estate Glossary

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A

Abstract of Title

Abnormal Transaction

Absorption Rate

Acceptance

Account Termination Fee

Active

Active Contingent

Active-First Right

Active-Kick-Out

Active-No Show

Active Option Contract

Active with Contingencies

Addendum

Additional Principal Payment

Adjustable-Rate Mortgage (ARM)

Adjusted Basis

Adjustment Cap

Adjustment Date

Adjustment Period

Affordability Analysis

Amenity

Amortization

Amortization Table or Schedule

Amortization Term

Amortize

An Intention to Sell

Annual Adjustment Cap

Annual Mortgagor Statement

Annual Percentage Rate (APR)

Annuity

Answer

Application

Application Fees

Application for an Order of Appraisal

Appraisal

Appraisal Fee

Appraisal or Appraised Value

Appraisal Contigency

Appraiser

Appreciation

Approved Term (After Approval)

Approved Term (Before Approval)

Arm’s-Length Transaction

Assent

Assessed Value

Assessment

Assessor

Assessor Parcel Number (APN)

Asset

Assignment

Associate Agent

Assumable Loan

Assumable Mortgage

Assumption

Assumption Clause

Assumption Fee

Attorney

Attorney's Fees

Attorney-In-Fact

Auction

Auditor of the County

Automatic Stay

Averages

B

Backup Offer

Balance Sheet

Balloon Loan

Balloon Mortgage

Balloon Payment

Bankrupt

Bankruptcy

Base Rate

Basis Point

Beneficiary

Betterment

Bi-Weekly Payment Mortgage

Bill of Sale

Binder

Blanket Insurance Policy

Blue Ribbon School

Bona Fide

Bond

Breach

Break Even Point

Bridge Loan

Broker

Broker Fees

Broker Price Opinion (BPO)

Budget

Budget Category

Building Codes

Bump Clause

Bumpable

Buydown

Buydown Account

Buydown Mortgage

Buyer’s Agency Agreement

Buyer’s Agent

Buyer's Attorney's Fees

Buyer’s Market

C

Call Option

Cap

Capital

Capital Expenditure

Capital Gains Tax

Capital Improvement

Capitalization Rate (Cap Rate)

Case-Shiller Index

Cash Available for Closing

Cash Reserves

Cash to Close

Cash-Out Refinance

Ceiling Rate

Certificate of Deposit (CD)

Certificate of Deposit Index

Certificate of Eligibility

Certificate of Occupancy

Certificate of Reasonable Value (CRV)

Certificate of Title

Certified Mail Notice

Chain of Title

Change Frequency

Charter School

Circuit Court

Clear Title

Close

Closed

Closing

Closing Agent

Closing Costs

Closing Date

Closing Disclosure (CD)

Closing Statement

Co-Borrower

COBRA (Consolidated Omnibus Budget Reconciliation Act)

Coinsurance

Collateral

Collection

Combination Loan

Combined Liens

Combined Loan-To-Value Ratio (CLTV)

Coming Soon

Commission

Commitment Letter

Commitment Period

Common Areas

Common Area Assessments

Community Property

Comparables (Comps)

Comparative Market Analysis (CMA)

Compound Interest

Concession

Condemnation

Conditions

Condo Lottery

Condominium

Condominium Conversion

Condominium Insurance

Confession of Judgment

Confirmation

Conforming Loan

Consent Foreclosure

Construction Loan

Consumer Reporting Agency (or Bureau)

Contingency

Contract

Contract of Sale

Conventional Loan

Convertibility Clause

Convertible ARM

Convey

Cooperative

Cooperative Corporation

Cooperative Mortgages

Cooperative Project

Corporate Relocation

Correspondent Lender

Co-Signer

Cost of Funds Index (COFI)

County Court

Court of Common Pleas

Covenant

Covenants, Conditions & Restrictions (CC&Rs)

Credit

Credit Bureau

Credit Disability Insurance

Credit History

Credit Life Insurance

Credit Limit

Credit Monitoring Service

Credit Report

Credit Report Fee

Credit Risk

Credit Score

Creditor

Creditworthiness

Cumulative Days on the Market

Cumulative Interest

Curtailment

D

Debt Consolidation

Debt

Debt-To-Income Ratio

Deed

Deed-in-Lieu

Deed (Warranty or Quit-Claim)

Deed of Trust

Deed to Secure Debt

Deed Under Power of Sale

Default

Defendant

Defense

Deficiency

Deficiency Judgment

Delinquency

Department of Housing and Urban Development (HUD)

Department of Veterans Affairs (VA)

Deposit

Depreciation

Discount Point

District Court

Document Preparation Fees

Down Payment

Draw

Draw Period

Dual Agency

Due-On-Sale Provision

Due-On-Transfer Provision

E

Earnest Money

Easement

Effective Age

Effective Gross Income

Effective Percentage Rate (EPR)

Election to Foreclose

Emergency Reserves

Eminent Domain

Encroachment

Encumbrance

Endorser

Equal Credit Opportunity Act (ECOA)

Equity

Escrow

Escrow Account

Escrow Analysis

Escrow Collections

Escrow Disbursements

Escrow Impound Account

Escrow Payment

Estate

Estate Sale

Estoppel Certificate

Eviction

Examination of Title

Excise Tax

Exclusive Agency

Exclusive Listing

Exclusive Right

Exclusive Right to Sell Listing

Executory Process

Expired

F

Fair Credit Reporting Act (FCRA)

Fair Housing Act

Fair Market Value

Fannie Mae

Fed

Federal Housing Administration (FHA)

Fee Simple

Fee Simple Estate

FHA Coinsured Mortgage

FHA Home Loan

FHA Mortgage

FICO®

Fiduciary

Finance Charge

Finder's Fee

First Mortgage

Fixed Installment

Fixed-Rate Mortgage

Fixed-Rate Option (Fixed-Rate Loan Option)

Fixer-Upper

Fixture

Flipping

Float

Float-Down

Floating Rate

Flood Certification

Flood Insurance

Forbearance

Foreclosed Home/Foreclosure

Foreclosure

Foreclosure Unit

Foreclosure by Advertisement

Foreclosure by Entry or Action

Foreclosure by Sale

Foreclosure Complaint

Forfeiture

Form 1099

For Sale By Owner (FSBO)

Freddie Mac

Fully Amortized ARM

Funding Date

G

Good Faith Estimate (GFE)

Government Loan

Government Mortgage

Government National Mortgage Association (GNMA or Ginnie Mae)

Grantee

Grantor

GreatSchools Rating

Gross Income

Guaranteed Loan

Guaranty

H

Hazard Insurance

Home Equity Conversion Mortgage (HECM)

Home Equity Line of Credit (HELOC)

Home Inspection

Homeowners Association (HOA)

Homeowners Association (HOA) Dues

Homeowners Insurance

Homeowners Warranty (HOW)

Home Valuation Code of Conduct (HVCC)

Housing Expense Ratio

HUD

HUD Median Income

HUD-1 Statement

I

Impounding

Income

Income Property

Index

Inflation

Inflation Rate

Initial Advance

Initial Advance at Closing

Initial Draw Amount

Initial Interest Rate

Initial Rate

Inquiry

Inspection

Inspection Fees

Installment

Installment Loan

Insurable Title

Insurance

Insurance Binder

Insured Mortgage

Intent to Cure

Intent to Redeem

Interest

Interest Accrual Rate

Interest-Only Loan

Interest Rate

Interest Rate Buydown Plan

Interest Rate Cap

Interest Rate Ceiling

Interest Rate Floor

Interim Interest

Investment Property

J

Joint Tenancy

Judgment

Judgment Lien

Judicial

Judicial Foreclosure

Jumbo Loan

Jumbo Mortgage

L

Land Survey

Late Charge

Law Day

Lease

Lease-Purchase Mortgage Loan

Leasehold Estate

Legal Description

Lender

Lender's Attorney

Lender's Attorney's Fees

Liabilities

Liability Insurance

LIBOR

Lien

Lien Holder

Lien Theory

Lifetime Adjustment Cap

Lifetime Payment Cap

Lifetime Rate Cap

Line of Credit

Liquid Asset

Lis Pendens

List Price

Listing

Listing Agent

Loan

Loan Application

Loan Application Fee

Loan Closing

Loan Commitment

Loan Commitment Letter

Loan Estimate (LE)

Loan Flipping

Loan Modification

Loan Origination

Loan Program

Loan Settlement

Loan-To-Value Ratio (LTV)

Lock-In (Rate Lock)

Lock Period

Loss Mitigation

M

Magnet School

Manufactured Housing

Margin

Master Association

Master Association

Maturity

Maturity Date

Median

Mello-Roos

Merged Credit Report

Mobile Home

Modification

Modular Home

Months of Supply

Mortgage

Mortgage Broker

Mortgage Fees

Mortgage Insurance

Mortgage Lender

Mortgage Loan

Mortgage Type

Multi-Family Residence (2 to 4 units)

Multi-Property Sale

Multiple Listing Service (MLS)

Mutual Acceptance

N

National Association of REALTORS®

Natural Hazard Disclosure Act

Negative Amortization

Negative Amortization Loan

Net Proceeds

New Construction

New Line Amount

No Closing Cost Loan

Nonowner Occupied

Note

Note Rate

Notice of Default

O

Offer and Acceptance

Option ARM

Origination

Origination Date

Origination Fee

Owner Financing

Owner-Occupied

P

Payment Cap

Payment Change Date

Payoff

Par Rate

Pending

Pending - Over 4 Months

Pending Short Sale

Pending - Taking Backups

Per Diem Interest

PITI

Planned Unit Development (PUD)

Pocket Listing

Points

Possession: Close of Escrow

Possession: Subject to Home Choice

Pre Approval

Prepaid Expenses

Prepaid Interest

Prepayment

Prepayment Penalty

Prequalification

Price Adjustment

Price/Square Foot ($/sq.ft.)

Prime Rate

Principal & Interest

Principal Balance

Principal Payment

Private Mortgage Insurance (PMI)

Probate Sale

Processing Fee

Procuring Cause

Promissory Note

Property Tax

Public Offering Statement (POS)

Purchase Agreement

Purchase and Sale Agreement

Q

Qualifying Ratios

Quitclaim Deed

R

Radon

Rate

Rate Lock

Rate Lock Expiration

Rate Reduction Option

Real Estate Agent

Real-Estate-Owned Home (REO)

Real Estate Settlement Procedures Act (RESPA)

Realtor

Reamortize

Recorder

Recording

Recording Fee

Reduced Documentation

Refinance

Rehabilitation Loan

Rental Cap

Repayment Period

Resale Certificate

Rescission

Rescission Notice

Reserves

Right of First Refusal

Right of Refusal

Rural Housing Loan

Rural Housing Service (RHS)

S

Sale-to-List Ratio

Secondary Mortgage Market

Second Home

Secured Loans

Security

Self-Represented Buyer

Seller Disclosure

Seller’s Market

Selling Office Commission

Senior Exemption

Settlement

Settlement Agent

Short Sale

Single-Family Residence

Sold

Special Assessments

Start Rate

State Department of Education

Student-Teacher Ratio

Subject to Inspection (STI)

Subordinate Financing

Survey

Surveyor

Sweat Equity

T

Temporarily Off Market

Tenancy in Common

Term

Third Party Fees

Title

Title Company

Title Insurance

Title Search

Title Seasoning

Townhouse

Transaction Broker

Transaction Coordinator

Transaction Fee

Treasury Index

Trustee

Truth in Lending Act

Turn-Key

U

Under Contract

Underwriter

Underwriting

Uniform Residential Loan Application (1003)

Unsecured Lines of Credit

Unsecured Loan

Upfront Costs

V

VA Loan

Vacancy Rate

Vacation Home

Variable Rate

Variable Rate Monthly Minimum Payment

W

W-2 Form

Walk-through

What-if Analysis

Windstorm Insurance

Withdrawn or Cancelled

Wire Transfer

Y

Year-End Statement

Yield Spread Premium (YSP)

Z

Zero Lot Line

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