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)

Adjustment Cap

Adjustment Date

Adjustment Period

Affordability Analysis

Amenity

Amortization

Amortization Table or Schedule

Amortization Term

Annual Adjustment Cap

Annual Percentage Rate (APR)

Application Fees

Appraisal

Appraisal or Appraised Value

Appraisal Contigency

Appraiser

Appreciation

Approved Term (After Approval)

Approved Term (Before Approval)

Arm’s-Length Transaction

Assessed Value

Assessment

Assessor

Assessor Parcel Number (APN)

Assignment

Associate Agent

Assumable Loan

Assumable Mortgage

Auction

Averages

B

Backup Offer

Balance Sheet

Balloon Loan

Balloon Mortgage

Base Rate

Basis Point

Blue Ribbon School

Bond

Break Even Point

Bridge Loan

Broker

Broker Fees

Broker Price Opinion (BPO)

Building Codes

Bump Clause

Bumpable

Buydown

Buyer’s Agency Agreement

Buyer’s Agent

Buyer’s Market

C

Call Option

Cap

Capitalization Rate (Cap Rate)

Case-Shiller Index

Cash Available for Closing

Cash to Close

Cash-Out Refinance

Ceiling Rate

Certificate of Eligibility

Certificate of Occupancy

Certificate of Reasonable Value (CRV)

Certificate of Title

Chain of Title

Charter School

Clear Title

Close

Closed

Closing

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

Comparables (Comps)

Comparative Market Analysis (CMA)

Compound Interest

Concession

Condo Lottery

Condominium

Condominium Insurance

Conforming Loan

Construction Loan

Contingency

Conventional Loan

Convertibility Clause

Convertible ARM

Convey

Cooperative

Correspondent Lender

Co-Signer

Cost of Funds Index (COFI)

Covenant

Covenants, Conditions & Restrictions (CC&Rs)

Credit Bureau

Credit Limit

Credit Monitoring Service

Credit Report

Credit Risk

Credit Score

Creditor

Creditworthiness

Cumulative Days on the Market

Cumulative Interest

Curtailment

D

Debt Consolidation

Debt-To-Income Ratio

Deed

Deed-in-Lieu

Deed (Warranty or Quit-Claim)

Deed of Trust

Default

Delinquency

Department of Housing and Urban Development (HUD)

Depreciation

Discount Point

Down Payment

Draw

Draw Period

Dual Agency

Due-On-Sale Provision

E

Earnest Money

Easement

Encroachment

Encumbrance

Equal Credit Opportunity Act (ECOA)

Equity

Escrow

Escrow Impound Account

Escrow Analysis

Estate Sale

Estoppel Certificate

Excise Tax

Exclusive Agency

Exclusive Right

Exclusive Right to Sell Listing

Expired

F

Fair Credit Reporting Act (FCRA)

Fair Housing Act

Fair Market Value

Fannie Mae

Fed

Federal Housing Administration (FHA)

Fee Simple

FHA Home Loan

FICO®

Fiduciary

Finance Charge

First Mortgage

Fixed-Rate Mortgage

Fixed-Rate Option (Fixed-Rate Loan Option)

Fixer-Upper

Flipping

Float-Down

Floating Rate

Flood Certification

Flood Insurance

Forbearance

Foreclosed Home/Foreclosure

Foreclosure

Forfeiture

Form 1099

For Sale By Owner (FSBO)

Freddie Mac

Funding Date

G

Good Faith Estimate (GFE)

Government Loan

Government National Mortgage Association (GNMA or Ginnie Mae)

GreatSchools Rating

H

Home Equity Line of Credit (HELOC)

Homeowners Association (HOA)

Homeowners Association (HOA) Dues

Homeowners Insurance

Home Valuation Code of Conduct (HVCC)

HUD

I

Impounding

Income

Income Property

Index

Inflation Rate

Initial Advance

Initial Advance at Closing

Initial Draw Amount

Initial Rate

Inquiry

Installment Loan

Inspection

Insurance

Insurance Binder

Insured Mortgage

Interest Accrual Rate

Interest-Only Loan

Interest Rate

Interest Rate Cap

Investment Property

J

Judgment

Jumbo Loan

Jumbo Mortgage

L

Liabilities

LIBOR

Lien

Lien Holder

Lifetime Adjustment Cap

Line of Credit

Lis Pendens

List Price

Listing

Listing Agent

Loan Commitment

Loan Commitment Letter

Loan Estimate (LE)

Loan Modification

Loan Origination

Loan-To-Value Ratio (LTV)

Lock-In (Rate Lock)

Lock Period

Loss Mitigation

M

Magnet School

Manufactured Housing

Margin

Maturity Date

Median

Mello-Roos

Mobile Home

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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