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hazard insurance: Insurance against loss due to fire or na...home equity line of credit (HELOC): An open line of credit that is restored ...homeowner's insurance: Insurance to cover a home, which is requ...HUD (Housing and Urban Development): Federal government department created to...HUD-1 Uniform Settlement Statement: Also referred to as a 1003, this standar...impound account: Also known as an 'escrow account,' this ...index: A well published rate that lenders use t...initial cap: Protects the consumer against interest r...initial rate: The rate charged during the first interv...insurance: Protection against loss or damage on a p...interest: A percentage charged against the princip...interest rate: The rate of interest charged against a l...interest rate cap: The maximum amount of interest that can ...joint liability: The liability shared between two or more...joint tenancy: Property ownership where multiple people...jumbo loan: A large mortgage where the loan amount i...junior mortgage: A mortgage with lower priority to the cl...late charge: Penalty paid by the borrower when a paym...Lease Option: A lease-option is a lease where the buye...Lease Purchase: A lease where the tenant must purchase t...lender: The company or institution offering the ...lender fees: Any fee that is paid to the lender....lender processing fee: A fee to cover the cost to review a loan...LIBOR (London Interbank Offered Rate): Used as a common index for ARM (adjustab...lien: A legal claim where one person or entity...lifetime cap (life cap): See 'caps (interest).'...loan application: An initial statement of financial and ot...loan application fee: The fee a lender charges to cover the in...loan origination fee: A lender will charge this fee to cover t...loan term: The entire duration of a loan, from the ...Lock-In: Also known as a Lock, this is a guarante...LTV (Loan-To-Value ratio): The ratio of the loan amount to the less...manufactured home: Also known as a prefab or prefabricated ...margin: This value is predetermined by the lende...maximum cash-out: The greatest amount of money permitted o...monthly P&I (Principal & Interest) Payment: This is the sum of principal and interes...mortgage: A legally binding document that pledges ...mortgage banker: An individual or entity that serves as t...mortgage broker: A person or company who serves as the in...mortgage insurance: Protection for the lender when the borro...mortgage loan: A loan used for the purchase of real pro...mortgage note: An agreement secured by a mortgage, deed...mortgage term: The total length of time to make full re...mortgagee: Another name for the lender in a mortgag...mortgagor: Another name for the borrower in a mortg...negative amortization: A loan repayment schedule where loan pay...nonassumption clause: A statement in a mortgage contract that ...notice of default: A notice written to a borrower stating t...
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.
