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origination fee: A fee charged by the lender to cover all...payment schedule: With a fixed-rate loan, the payment sche...per diem interest: Daily interest - calculated per day (die...periodic cap: This limits the amount an interest rate ...PITI (Principal, Interest, Taxes & Insurance): These four elements compose the costs in...PMI (Private Mortgage Insurance): In the case where a borrower defaults on...points: A point is an up-front fee paid to the l...power of attorney: This legal document gives one person the...preapproval: This preliminary screening of the credit...prepaid expenses: These expenses are included in the closi...prepaid interest: This is typically charged to a borrower ...prepayment: Repayment of the principal balance of a ...prepayment penalty: This fee is charged on loans that are pa...prequalification: The process to determine the size of a l...principal: The amount of the original debt on a loa...property tax: Taxes assessed by local governments (cit...PUD (Planned Unit Development): A housing project or subdivision where r...purchase agreement: This signed contract is between the buye...real estate agent: A person with a license to negotiate and...real property: The combination of land, buildings and a...realtor: A real estate broker or other associate ...recording: Filing documents related to property tit...recording fee: Money paid to a government agent to cove...refinancing: The process of paying off an old loan wi...rent-free: A borrower is considered to be living re...RESPA (Real Estate Settlement Procedures Act): Lenders are required by law to provide t...right to rescission: This is part of the Truth in Lending act...sales agreement: A contract between the buyer and seller ...second mortgage: A mortgage placed on a property that is ...settlement: Another name for the closing, this is th...settlement costs: Another name for closing costs, this is ...simple interest: Interest that is calculated on the princ...single family: A residence that houses only one family,...structural improvements: A permanent change to a property made as...subject property: The home or property that the buyer wish...survey: A sketch of the property that shows the ...survey fee: Money paid to cover the cost for taking ...
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.
