Mortgage Loan Glossary:

actual interest rate
adjustable interval
alternative documentation
amortization
application
application fee
appraisal
appraisal fee
APR (annual percentage rate)
ARM (adjustable rate mortgage) loan
assignment
assignment recording fee
assumption
balloon mortgage
bankruptcy
blanket mortgage
borrower
broker
buydown mortgage
buyer's market
call option
caps (interest)
caps (payment)
cash-out
ceiling
certificate of eligibility
certificate of title
certificate of veteran status
chain of title
closing
closing costs
COFI (cost of funds index)
commission
commitment
comparables
comparative market analysis
compound interest
condominium
conforming loan
contingency
contract of sale
conventional loan
conversion clause
convertible ARM
conveyance
credit bureau
credit report
credit score
debt consolidation
deed
deed of trust
default
delinquent
discount points
document preparation fee
down payment
due-on-sale clause
duplex
earnest money
ECOA (Equal Credit Opportunity Act)
Equifax
equity
escrow
escrow account
escrow agent
estimated closing fees
Experian
express fee
Fair, Isaac and Co.
Fannie Mae
FDIC (Federal Deposit Insurance Corporation)
Federal Reserve Board
fee simple
FHA (Federal Housing Administration)
FHA loans
FICO
filing fees
finance charge
first mortgage
fixed rate
fixed-rate loan
float
flood certification fee
flood insurance
flood life of loan coverage
forbearance
foreclosure
Freddie Mac
good faith estimate
government recording fee
grace period
gross income
guideline ratios
hazard insurance
home equity line of credit (HELOC)
homeowner's insurance
HUD (Housing and Urban Development)
HUD-1 Uniform Settlement Statement
impound account
index
initial cap
initial rate
insurance
interest
interest rate
interest rate cap
joint liability
joint tenancy
jumbo loan
junior mortgage
late charge
Lease Option
Lease Purchase
lender
lender fees
lender processing fee
LIBOR (London Interbank Offered Rate)
lien
lifetime cap (life cap)
loan application
loan application fee
loan origination fee
loan term
Lock-In
LTV (Loan-To-Value ratio)
manufactured home
margin
maximum cash-out
monthly P&I (Principal & Interest) Payment
mortgage
mortgage banker
mortgage broker
mortgage insurance
mortgage loan
mortgage note
mortgage term
mortgagee
mortgagor
negative amortization
nonassumption clause
notice of default
origination fee
payment schedule
per diem interest
periodic cap
PITI (Principal, Interest, Taxes & Insurance)
PMI (Private Mortgage Insurance)
points
power of attorney
preapproval
prepaid expenses
prepaid interest
prepayment
prepayment penalty
prequalification
principal
property tax
PUD (Planned Unit Development)
purchase agreement
real estate agent
real property
realtor
recording
recording fee
refinancing
rent-free
RESPA (Real Estate Settlement Procedures Act)
right to rescission
sales agreement
second mortgage
settlement
settlement costs
simple interest
single family
structural improvements
subject property
survey
survey fee
tax impound
tax lien
tax sale
tax service fee
term
third-party fees
TILA (Truth in Lending Act)
title
title company
title company closing fee
title insurance
title insurance premium
title search
trade lines
Trans Union
transfer fax
underwriting
underwriting fee
usury
VA loans (Veterans Affairs Loan)
variable rate
VOD (Verification of Deposit)
VOE (Verification of Employment)
VOM (Verification of Mortgage)
VOR (Verification of Rent)
waiver
walk-through
wire transfer fee
zoning ordinance
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Mortgage Loan Glossary

Refer to this glossary of mortgage terms defined at QChest.com anytime you have a question about your loan-in-process. Be sure to bookmark this page to help sift through the legal mumbo jumbo used in originating your loans.

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