Free Information & Tips: Real Estate and Mortgage Glossary and Definitions

V

acceleration clause

adjustable-rate mortgage (ARM)

adjustment date

amortization

amortization schedule

annual percentage rate (APR)

application

appraisal

appraised value

appraiser

appreciation

assessed value

assessment

assessor

asset

assignment

assumable mortgage

assumption

balloon mortgage

balloon payment

bankruptcy

bill of sale

biweekly mortgage

bond market

bridge loan

broker

buydown

call option

cap

cash-out refinance

certificate of deposit

certificate of deposit index

Certificate of Eligibility

Certificate of Reasonable Value (CRV)

chain of title

clear title

closing

closing costs

co-borrower

collateral

collection

commission

common area assessments

common areas

common law

community property

comparable sales

condominium

condominium conversion

condominium hotel

construction loan

contingency

contract

conventional mortgage

convertible ARM

cooperative (co-op)

cost of funds index (COFI)

credit

credit history

creditor

credit report

credit repository

debt

deed

deed-in-lieu

default

delinquency

deposit

depreciation

discount points

down payment

due-on-sale provision

earnest money deposit

easement

effective age

eminent domain

encroachment

encumbrance

Equal Credit Opportunity Act (ECOA)

equity

escrow

escrow account

escrow analysis

escrow disbursements

estate

eviction

examination of title

exclusive listing

executor

Fair Credit Reporting Act

fair market value

Fannie Mae (FNMA)

Federal Housing Administration (FHA)

fee simple

fee simple estate

FHA mortgage

firm commitment

first mortgage

fixed-rate mortgage

fixture

flood insurance

foreclosure

401(k)/403(b)

401(k)/403(b) loan

government loan (mortgage)

Government National Mortgage Association (Ginnie Mae)

grantee

grantor

hazard insurance

Home Equity Conversion Mortgage (HECM)

home equity line of credit

home inspection

homeowners’ association

homeowner’s insurance

homeowner’s warranty

HUD median income

HUD-1 settlement statement

joint tenancy

judgment

judicial foreclosure

jumbo loan

late charge

lease

leasehold estate

lease option

legal description

lender

liabilities

liability insurance

lien

life cap

line of credit

liquid asset

loan

loan officer

loan origination

loan servicing

loan-to-value (LTV)

lock-in

lock-in period

margin

maturity

merged credit report

modification

mortgage

mortgage banker

mortgage broker

mortgagee

mortgage insurance (MI)

mortgage insurance premium (MIP)

mortgage life and disability insurance

mortgagor

multidwelling units

negative amortization

no cash-out refinance

no-cost loan

note

note rate

no-cost loan

notice of default

original principal balance

origination fee

owner financing

partial payment

payment change date

periodic payment cap

periodic rate cap

personal property

PITI

PITI reserves

planned unit development (PUD)

point

power of attorney

pre-approval

prepayment

prepayment penalty

pre-qualification

prime rate

principal

principal balance

principal, interest, taxes, and insurance (PITI)

private mortgage insurance (MI)

promissory note

public auction

PUD (Planned Unit Development)

purchase agreement

purchase money transaction

qualifying ratios

quitclaim deed

rate lock

real estate agent

Real Estate Settlement Procedures Act (RESPA)

real property

Realtor?

recorder

recording

refinance transaction

remaining balance

remaining term

rent loss insurance

repayment plan

replacement reserve fund

revolving debt

right of first refusal

right of ingress or egress

right of survivorship

sale-leaseback

second mortgage

secondary market

secured loan

security

seller carry-back

servicer

servicing

settlement statement

subdivision

subordinate financing

survey

sweat equity

tenancy in common

third-party origination

title

title company

title insurance

title search

transfer of ownership

transfer tax

Treasury index

Truth-in-Lending

two-step mortgage

two- to four-family property

trustee

VA mortgage

vested

Veterans Administration (VA)