Mortgage terms for our neighbors
We don't expect you to know everything related to mortgages, so we want to make it easier. We've broken down the most common terms to help you get ahead, with easy to understand definitions and videos
Adjustable Rate Mortgage (ARM)
Annual Percentage Rate (APR)
Adjustable Rate Mortgage (ARM)
Balancing
Buying Agent
Cash Out Refinance
Cash to Close
Closing
Closing Costs
Collateral
Comparable Sales
Conforming Mortgage
Conventional Loans
Credit Check
Credit Score
DTI – Debt to Income
Disbursement
Down Payment
Earnest Money Deposit
Equity
Escrow Account
FHA Loan
Fixed Rate Mortgage
Forbearance
Foreclosure
Gift Letter
High Balance Loan
Home Equity Line of Credit
Housing Ratio
IPAC (Income, Property, Assets, Credit)
Installment Debt
Interest Rate
Investment Home
Jumbo Loan
LTV (Loan to Value)
Land Contract
Lender Credits
Lien
Loan Commitment
Loan Estimate
Loan Originator
Loan Processor
Market Value
Modifications
Mortgage Broker
Mortgage Insurance Premium
Mortgage Note
Mortgage Recast
Non Qualified Mortgage
Origination Fee
Planned Unit Development (PUD)
Points
Pre-Approval
Pre-Payment Penalty
Primary Residence
Prepaids
Principal
Principal Interest Taxes and Insurance (PITI)
Principal Reduction
Private Mortgage Insurance (PMI)
Property Inspection Waiver (PIW)
Purchase Agreement
Rate Lock
Real Estate Agent
Refinance
Reserves
Retail Lender
Secondary Home
Sellers Agent
Sellers Credits
Servicer
Settlement Fees
Subbordination
Third Party Fees
USDA Loans
Underwriting
VA Loans
Wholesale