debt consolidation: combining multiple loans and liabilities... deed: A legal document that is given to the bu... deed of trust: This document places title of the real p... default: Typically the failure to make payments o... delinquent: Failing to make payments per the loan ag... discount points: More commonly referred to as just 'point... document preparation fee: A third party will charge this fee to a ... down payment: Money paid up front on the purchase of a... due-on-sale clause: A statement by the lender that demands ... duplex: A single structure divided into two livi... earnest money: An initial deposit made by the buyer of ... ECOA (Equal Credit Opportunity Act): A federal law that requires creditors to... Equifax: One of the three credit bureaus used by ... equity: The cash value an owner has vested in a ... escrow: A transaction where a third party is the... escrow account: Also known as an 'impound account,' this... escrow agent: A third party intermediary between the b... estimated closing fees: Typically two to five percent of the loa... Experian: One of the top 3 credit bureaus used by ... express fee: Also known as a 'courier fee,' this is t... Fair, Isaac and Co.: This is the company that invented credit... Fannie Mae: Federal agency that purchases loans whic... FDIC (Federal Deposit Insurance Corporation): A federal insurance agency that gives de... Federal Reserve Board: Also known as 'The Fed,' this is a seven... fee simple: Absolute ownership of real property.... FHA (Federal Housing Administration): A division of the Department of Housing ... FHA loans: Loans insured by the US Department of Ho... FICO: Also known as a Fair, Isaac score, this ... filing fees: Fees charged by public officials in a lo... finance charge: With the assumption that a loan is kept ... first mortgage: This mortgage has priority over all othe... fixed rate: An interest rate that remains constant o... fixed-rate loan: These are loans that have interest rates... float: An interest rate that varies, or floats,... flood certification fee: Flood insurance is required when a prope... flood insurance: Insures against physical property damage... flood life of loan coverage: This fee allows lenders to track changes... forbearance: When a lender refrains from taking legal... foreclosure: The legal process where the mortgaged pr... Freddie Mac: A federal agency that purchases loans th... good faith estimate: A written estimate provided by the lende... government recording fee: A fee paid to the local county recording... grace period: The period after a loan payment's due da... gross income: Total income before deductions are taken... guideline ratios: Two guideline ratios exist for the quali...
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.
