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Acceleration - This refers to a lender the right to demand the immediate payment of the balance of the loan if the borrower by the standard or a provision of a term through the sale
ARM / Adjustable Rate Mortgage - A mortgage with an interest rate that periodically adjusted. This adjustment is based on agreed criteria and an index is a variable rate mortgage.
Amortization - Mortgage Split in the newspapers, of equal size, so that the payments at the end of the agreed term of the mortgage payment.
APR / Annual Percentage Rate - The presentation of the annual rate of the mortgage by a mortgage on the total cost including all fees and costs.
Evaluation - a documented official estimate of property value.
Guest - Tax on a property that serves a specific purpose, such as sewers.
Assumption - The agreement between a buyer and a seller if the buyer takes over the payments for the sellers existing mortgage from the seller.
Balloon Mortgage - This is a loan whose repayment schedule is more than the mortgage. One last (often large) flat-rate amount is paid at the end of the end of time.
Bridge loan - a second trust fund used to guarantee the house by the current owner, with which the product is used for closing on a new property before you buy an existing one is sold.
Buy Down - A purchase occurs when a mortgage lender allows a rate reduction of subsidies by the buyer.
Caps - protective order limits on the amount of the interest rate or exchange of a monthly payment of the ARM
Frequency Change - The increase in the number of months that a rate can change in an ARM
Closing - The closing is the last date of the property buyer, seller and lender, in which all documents are signed and legally binding for the purchase of the property is "closed" and the ownership is transferred.
Closing Costs - The costs and fees by a household, whether buyers or sellers on the closure of a number of duties, fees, insurance, etc.
Conversion Clause - Provision of ARM mortgages because the rate at a fixed rate at any time during the term of the loan.
Credit Report - The official documentation to determine the status and history of a potential buyer / borrower.
Standard - in short, not a payment on time, not legally obligated to the payment to the lender by the specified deadline.
Payment - money for the purchase of a property that fills the gap between the purchase price and the amounts borrowed.
Equity - The amount for the money owed on a property owned by the current value.
Escrow - The escrow account is used by the institution in which the borrower pays the money for insurance or tax purposes. Describe escrow service deposits, which held a loan during the closure is still pending.
Escrow payment - that portion of a borrowers monthly mortgage payment that the lender has to pay for insurance, leasing, or taxes.
Fannie Mae - Federal National Mortgage Association, a government-supported organization that buys and sells residential mortgages.
Freddie Mac - Federal Home Loan Mortgage Corporation, a government sponsored organization that purchases mortgages from depository institutions and HUD-approved lender.
FHA loans - a loan that the Federal Housing Administration guarantees, open to all home buyers, certain requirements are met.
Reverse - The regular monthly payment by a mortgage on.
Fixed-Rate Mortgage - A mortgage loan whose interest rate will not change for the entire duration of the loan.
Foreclosure - process by which a mortgage lender is legally and forcing the sale of a mortgaged property because of delinquent loans.
GPM / Graduated payment mortgage - flexible mortgage payment plan in which the borrowers monthly payments increase for a specific timetable.
GEM / Growth Equity Mortgage - Mortgage in which the increase in payments by the borrower for a specified period, the greater amount is then applied to the mortgage principal in most cases.
Insurance - Insurance to protect against different types of physical and / or loss.
HUD-1 statement - a document from your lender / broker, including a detailed list of necessary funds to close, including the points, escrow, commissions and other fees.
Seizures / Reserves - The amount the buyer is the monthly payment from the lender to pay taxes or insurance number.
Index - the public market rates, by lenders to determine the difference between ARM and the current interest rates and fees for the sale of loans into fixed mortgages.
Interest - currency issued by a lender to a buyer for the loan of money.
The interest rate ceiling - the highest for an interest rate of adjustable rate mortgage.
The interest rate floor - the lowest possible agreement for an interest rate of adjustable rate mortgage.
Interim Financing - Short-term loans or temporarily on the property during construction is not completed.
Jumbo Loan - A mortgage with the limits set by Fannie Mae and Freddie Mac
Liabilities - liabilities by the purchaser.
Lien - A claim on a piece of property from levy to pay a financial obligation.
Lock - mortgage lender's written guarantee that the price is good for a certain period of days from the date of issue.
Margin - The total amount of mortgage that a lender adds to the index in one arm, the adjusted rate.
Market Value - The price a buyer and seller to facilitate the sale of the property.
Duration - The date that a loan principal is expected to be paid in full.
Mortgage - Document pledges a property to a lender as security for the payment of debts.
Mortgage Broker - A person who receives compensation for the work to find a buyer to a lender to a loan agreement.
Mortgage Insurance - cash at regular intervals to a mortgage on a property if the buyer is less than 20% of the capital.
Note: - A document that specifies that a borrower to repay a loan at a certain interest rate for a certain period.
An adjustable rate mortgage Year / One Year ARM - loans where the interest rate changes on an annual basis.
Origination Fee - from a lender for the work involved in preparing a loan.
Owner Financing - Property for sale in which the seller offers at least a portion of the financing of the buyer.
Payment Change Date - the date on which a new payment will begin in an arm or GPM.
PITIE - principal, interest, taxes and insurance
Points / Loan Discount Points - Interest paid in cash at closing to cover the monthly loan payments. One point equals one percent of the total loan amount.
Powers - the authorization of a person the opportunity to act on behalf of another.
Preapproval - The process of evaluating a potential buyer is to decide how much money can a loan for them.
Prepayment - mortgage clause that allows the borrower to make additional payments before the due date.
Prepayment Penalty - fee charged by a lender to a borrower if the borrower pays a loan before the agreed date.
Principal - In a loan, the total amount still unpaid by the borrower. In a monthly payment, amount, in the final loan payment.
PMI / Private Mortgage Insurance - Insurance that a buyer must pay when a borrower is not a deposit of 20% when purchasing a new property.
Rate Lock - involvement of a credit to a buyer that guarantees a certain interest rate applies to the closure and for a specified period.
Real Estate Agent - A person who is authorized to negotiate the sale of goods.
Termination - The termination of any agreement or contract, the right to a house 3 days to cancel a loan contract. "The right of rescission"
Refinancing - Securing a new mortgage on the replacement property is already mortgaged.
Satisfaction of mortgage - the document to a borrower at the time of repayment of the loan.
Second Mortgage - The purchase of an additional subordinated mortgage on a property that is already mortgaged.
Service - All the work required to develop a mortgage in good standing, such as the payment of taxes, insurance and other costs.
Common understanding of the mortgage - a mortgage, the buyer of a property is below the current market value, however, the seller is granted a portion of future appreciation of property values.
Simple interest - interest on the remaining amount.
Step Rate Mortgage - A loan where the interest rate increases on a schedule, a set point, after which the amount remains constant.
Title - The document states that the ownership of a property.
Title Insurance - insurance that a lender or potential home buyer against errors in the search for a title.
Title Search - an examination of legal records to determine who the lawful owner of the property.
Truth in Lending - Federal law requires lenders to disclose the an effective annual interest rate the buyer after the application for a loan.
Subscription - The decision by a lender or a loan to a borrower on the basis of their qualifications.