Margin– The amount of extra interest the lender charges when an ARM starts adjusting. Terms pertaining to American mortgages include: Main two types. Open-end credit: Pre-approved loans made on a continuous basis, rather than at one time. 15-years, 20-years, 30-years). There is a current maximum loan limit of $417,000. Carry this handy reference with you anywhere you go. Terms starting with letter A: (1 pages) In the first column you'll find the term or acronym and in the second column you'll find what it stands for. Mortgage Glossary Below are some terms and their meaning, these terms are commonly used in the mortgage process. Just enter any mortgage term and click the search button. Terms and underwriting requirements may vary from conforming loans. Use the menu below to navigate alphabetically to the term you are looking for. Useful for students who are learning mortgage and families who wants to acquire mortage. A lender modifies a loan when it agrees to change the original terms of a loan note to a more affordable payment structure for the borrower to avoid default. Qty. The “1” represents how often your interest rate will adjust after the initial five-year period ends. An agreement is also known as a purchase contract or offer. HUD's Pre-Foreclosure Sales Program ... ZGMI is a licensed mortgage broker, NMLS #1303160. The LTV will affect programs available to the borrower; generally, the lower the LTV, the more favorable the program terms offered by lenders. Deferred Interest The amount of interest that is added to the principal balance of a loan when the contractual terms of that loan allow for a scheduled payment to be made that is … Mortgage Terms, Glossary, Acronyms & Dictionary THE MORTGAGE INDUSTRY IS FULL OF COMMONLY UNFAMILIAR TERMS. The margin and the index are added to determine the rate you pay when the ARM’s fixed period ends. The acceleration clause is the section in a mortgage that says if the borrower sells the property or places a second mortgage / mezzanine loan on the property that the bank can immediately demand to be paid in full. Here is a helpful reverse mortgage loan glossary to make your navigation a little easier: A conventional mortgage loan made within the guidelines established by FNMA or FHLMC. 2. the deed by which such a transaction is effected. Up to 95% Jumbo financing available. Sales: 877-220-5533. Get Pre-Approved. Origination: starting from the scrap, Ex, A person wants to buy a home and goes to the bank for the same will get loan of 80% of their LTV. For example, for a 30-year fixed-rate mortgage… The terms available are: 6 month, 1,2,3,4,5,6,7,10 year terms, and the interest rates will be fixed for whatever term once chooses. Loan Term: The amount of time you will make monthly payments to own your home free and clear (i.e. ARM: Adjustable Rate Mortgage; a mortgage loan that does not have a fixed interest rate a mortgage loan subject to... B. This glossary contains terms you should know to make your home buying experience easier. Loan Terminology Glossary . The terms and definitions that follow are meant to give simple, informal meaning for words and phrases you may see on our Web site that may not be familiar to you. Jumbo Loan–Mortgage loans over $548,250. As you apply for a reverse mortgage, there will be various terms mentioned that you may be unfamiliar with. A ... Closed Loan Status. n. a document in which the owner pledges his/her/its title to real property to a lender as security for a loan described in a promissory note. Advocates may find this glossary helpful in understanding mortgage escrow statements, loan histories, and other client account documents obtained through discovery or in response to a Amortization: The total period of time of the loan. Learn more now! Negative amortization mortgage - where the payment may be less than the monthly accrued interest, and the outstanding interest is capitalized monthly into the loan balance. Automated Underwriting System. Common Mortgage Terms. Although you can shop for mortgage terms in five-year increments ranging from 15 to 40 years, 15- and 30-year terms are the most common for fixed mortgages. Common Mortgage Terms and Definitions. Mortgage insurance: An insurance policy paid for by . * *. For example, for a 30-year fixed-rate mortgage, the amortization term … a short-term high-risk loan that leaves the borrower with a potentially high loan balance at the end of the loan term. Loan modification . Mortgage Dictionary. The terms and definitions that follow are meant to give simple, informal meaning for words and phrases you may see on our Web site that may not be familiar to you. It generally had ambiguous definitions of terms. There are a multitude of ARMs available; adjustable interest rate terms vary per loan. The specific meaning of a term or phrase will depend on where and how it is used, because the relevant documents, including signed agreements, Cap Limits Mortgage: A type of loan to purchase commercial or residential property. 11th District Cost of Funds – A monthly cost-of-funds index (COFI) reflecting the weighted-average interest rate paid by 11th Federal Home Loan Bank District savings institutions for savings and checking accounts. A mortgage in which rate changes according to a formula specified in the loan document. Adjustable Rate Mortgage (ARM): A mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but is adjusted periodically according to the cost of funds to the lender. Use the table below to learn more about mortgage acronyms and terms. Adjustable Rate Mortgage (ARM) (see also Fixed-Rate Mortgage) A mortgage that will have a fixed rate for a set period and then an adjustable rate per the terms of the loan agreement note. Some of these loans automatically renew at prevailing rates, whereas others may require the balloon payment be paid in full. TIME TO UNDERSTAND THEM! Mortgage - is the loan and supporting documentation for the purchase of a home. Usually, affordability reflects the maximum price a buyer can pay for a house and pay a required mortgage. 1 CONSUMER FINANCIAL PROTECTION BUREAU: GLOSSARY OF ENGLISH -SPANISH FINANCIAL TERMS ... Adjustable rate mortgage ( ARM) Hipoteca con tasa de interés ajustable A written estimate of a property's current market value prepared by a certified appraiser. Adjustable-Rate Mortgage (ARM). Add our Mortgage Terms Glossary to your Favorites for quick look-ups throughout your mortgage application process. Acceleration Clause. On a 9.5 percent $75,000 30-year fixed-rate FHA loan, this fee would amount to either $2,250 at closing or an extra $31 a month for the life of the loan. Loan terminology glossary . Balloon Mortgage A mortgage that is amortized over a stated period but provides for a lump-sum payment due at an earlier period, e.g. The amount of time required to amortize the mortgage loan. Authorized User. How to use mortgage in a sentence. Last updated: 23/07/2020 Mortgages a glossary of terms Automated Underwriting. Mortgages key terms 5/1 Adjustable Rate Mortgage A 5/1 adjustable rate mortgage (ARM) or 5-year ARM is a mortgage loan where “5” is the number of years your initial interest rate will stay fixed. Annual Percentage Rate (APR): The full cost over the life of the loan including interest and loan fees. Mortgage Rate – the rate of interest associated with your mortgage. The failure to make a schedule payment or otherwise comply with the terms of a mortgage loan or other contract. $3.00. The mortgage dictionary of terms arms you with valuable information to effectively and comfortably deal with your bank, realtors, real estate mortgage brokers, and make educated choices. The loan estimate rule goes into effect August 1, 2015. Clear and concise explanations of the most common mortgage terms help you ensure you can easily understand all of the requirements and benefits of each type of loan. To get you started, here are some common mortgage terms … Automated Underwriting System. The principal is also one of the main components of your mortgage loan. Loan term: Agreed time period for loan repayment. A glossary of common terms used in the mortgage loan or home buying process. Origination Fee - when applying for a mortgage loan, borrowers are often required to pay an origination fee to the lender. Fixed Installment: Use the menu below to navigate alphabetically to the term you are looking for. Mortgage Rate Lock – the act of locking-in a desired interest rate on your mortgage so it cannot change. See Good Faith Estimate and TILA. A home equity loan (HEL), also called a second mortgage, is a loan secured by the equity in a house.Equity equals the value of the house less the balance owed on the homeowner's mortgage. Here are 25 commonly used mortgage terms and definitions to help you through the home buying and loan process: Adjustable Rate Mortgage (ARM) – An ARM, also known as a Variable Rate Mortgage, is a loan with an interest rate that is periodically adjusted based on a pre-determined index. Balloon Mortgage A mortgage with monthly payments based on a 30-year amortization schedule, with the unpaid balance due in a lump sum payment at the end of a specific period of time (usually 5 or 7 years). This fee may include an application fee, appraisal fee, fees for all the follow-up work and other costs associated with the loan. First Mortgage: The primary lien against a property. For example, on a $100,000 home, with a mortgage loan principal of $80,000, the loan-to-value ratio is 80 percent. A formal written communication by a lender, agreeing to make a mortgage loan on a specific property, specifying the loan amount, length of time and conditions. Our secondary mortgage marketing glossary outlines useful definitions for the mortgage industry’s most-used terms and phrases. A. An ARM will have a fixed interest rate for a certain number of years, usually at a lower rate. Mortgage is an old English term derived from two French words "mort" and "gage" meaning "dead pledge." Millennials ages 25 – 34 were the least likely to know any home buying terms. Buying a house is the biggest purchase most people will ever make, and buying a house means in most cases getting a mortgage loan. Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. For example, 2 points on a $100,000 mortgage would cost $2,000. provides the terms of the sale, including mortgage eligibility requirements and the time period for which the agreement holds. Agreement/Offer. Also, the amount required to pay the outstanding balance in full. Mortgage Terms Glossary: Adjustable-Rate Mortgage (ARM) Amortization; Annual Percentage Rate (APR) Appraisal; Assets; Balloon Loan; Closing Costs; Closing Disclosure You may see all the mortgage terms which starts with a specific letter. GLOSSARY OF COMMERCIAL LOAN TERMS The Fancy Lingo of Commercial Real Estate Finance Translated Into Plain English . Conforming Loan. What does that word mean? Fees incurred in a real estate or mortgage transaction and paid by borrower and/or seller during a mortgage loan closing. A mortgage product with an interest rate that may change based on market factors; as a result, the payment can rise and fall. Total Debt Service (TDS) Ratio It is the other mathematical calculations used by lenders to determine a borrower’s capacity to repay a mortgage. The mortgage industry has a language all its own, so to help guide you through the lending process, we've put together this mortgage glossary which defines some of the more commonly used terms. Become a mortgage pro with our Mortgage Glossary section. Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. Fraud for housing, also known as fraud for property, generally involves between one and four houses. Mortgage Dictionary for words that start with letter K. Search for any term related to mortgage calculators. 30-year due in 15, where the payments are based on 30-year repayment but the loan is due paid in full in 15 years. Clear and concise explanations of the most common mortgage terms help you ensure you can easily understand all of the requirements and benefits of each type of loan. Repayment vehicle. The amortization term is expressed as a number of months. Found 238 Mortgage terms. The contract is between a buyer and a seller on a property, and … A list of state licenses and disclosures is available here. Provision in a mortgage that allows the lender to demand payment of the entire principal balance if a monthly payment is missed or some other default occurs. Think of it like an official "IOU." This 3-digit number, ranging from 300 to 850, is calculated by a mathematical equation that evaluates many types of information that are on your credit report. In the first column you'll find the term or acronym and in the second column you'll find what it stands for. Total Debt Service (TDS) Ratio It is the other mathematical calculations used by lenders to determine a borrower’s capacity to repay a mortgage. Glossary of Terms Term Defnition Adjustable Rate Mortgage (ARM): Is a variable rate loan in which the interest rate can change at each adjustment period. The fact that a mortgage (or rent) is usually the single biggest expense in a family budget, underscores the importance of proper mortgage education. Appendix N Glossary of Mortgage Servicing Terms new appendix The following is a glossary of terms related to the servicing of consumer mortgages. The mortgage glossary helps you understand technical mortgage terms used throughout our web site. Mortgage Glossary The mortgage glossary helps you understand technical mortgage terms used throughout our web site. The principal is also one of the main components of your mortgage loan. Conforming Loan. A loan is closed when the borrower(s) has signed the closing documents and funds have been disbursed to the borrower(s). Loan Type Mortgage Dictionary. Assumable Mortgage. An amount paid to the lender, typically at closing, to lower (or buy down) the interest rate. Amortization Term: The amount of time required to amortize the mortgage loan. A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges. the average loan term is 30 years. Yes, lower terms bring down the actual “average”, but the 30 year fixed rate is, by far, the most common mortgage product out there. ... - Legal process by which the lender forces the sale of a property because the borrower has not met the mortgage terms. Mortgage Company (Mortgage Banker) A company that borrows money from a bank, lends it to consumers who want to buy homes, then sells the loans to investors. An ARM will have a fixed interest rate for a certain number of years, usually at a lower rate. Mortgage: A mortgage is a legal agreement between a borrower and a lender allowing the lender to charge interest in exchange for providing money to the borrower in order to purchase a home.The home/real estate property is considered the security (aka “collateral”) for repayment of the loan. Amortization was the most confusing mortgage term for those surveyed, and down payment was the least confusing. Mortgage Glossary. Adjustable rate mortgage (ARM) — an adjustable rate mortgage is a mortgage where the interest rate can change periodically over the life of the loan. One such term you may see frequently is principal. The terms available are: 6 month, 1,2,3,4,5,6,7,10 year terms, and the interest rates will be fixed for whatever term once chooses. Mortgage Principal – the balance of the lien (s) on a property, not including interest. Featured. Make all the payments, and the mortgage will be fully repaid. Appraisal: A professional opinion of the market value of a property. A Acceleration Clause. Mortgage– GLOSSARIES. Mortgage Terms, Glossary, Acronyms & Dictionary THE MORTGAGE INDUSTRY IS FULL OF COMMONLY UNFAMILIAR TERMS. Glossary of Mortgage Terms Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Assumption. Authorized User. Assumption. Secondary Mortgage Market Glossary & Definitions. $11.99. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs). Read mortgage terms & definitions. What you owe on your mortgage. A conventional mortgage loan made within the guidelines established by FNMA or FHLMC. Master Promissory Note: Signed legal document that holds terms and conditions of a loan. In fact, you must: This is your money — and 10 to 30 years of your life. Assignment. These typically include a loan origination fee, discount points, attorney's fees, title insurance, appraisal, survey and any items that must be prepaid, such … Use the table below to learn more about mortgage acronyms and terms. A seller should make their best effort to set the loan status to “Closed” in PE – Whole Loan within one business day of the loan … Mortgage terminology can be confusing, read our handy guide to stay up to date on the terminology used in the world of mortgages. Mortgage Terms: Glossary and Definitions for Mortgage Terminology. Sales: 877-220-5533. The glossary of terms is not mandated, nor is it guidance or a requirement for any stakeholder. All loans, regardless of the type, begin as principal. Contact Us. This is the amount that must be repaid to satisfy your loan. Search Legal Terms and Definitions. Current Mortgage Rates. Product Details. the borrower with the lender as beneficiary, in which ... Definitions, terms, glossary, CRA In general, shorter loan terms typically have lower interest costs but the monthly payment is higher. An investment of some sort, typically an ISA, an endowment policy or a pension which is used to repay an interest only mortgage at the end of the term. Fixed rate mortgage or FRM - A mortgage where the interest rate and payment are fixed for the term of the loan. The borrower’s responsibility and … We’d like to thank the Mortgage Bankers Association for their valuable assistance in providing the definitions for these terms. A mortgage note states how much you are borrowing from the lender, whether the loan has a fixed or adjustable interest rate, and when you are expected to pay it back. Reverse Mortgage Loan Glossary: Key Terms You Must Know. Automated Underwriting. Become a mortgage pro with our Mortgage Glossary section. There is a current maximum loan limit of $417,000. Learn more now! Assumable Mortgage. List Price. Common Mortgage Terms. Glossary: Terms and Definitions. A The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower), or by using the right vested in the due-on-sale clause. Font size: AAG: American Advisors Group: Rate it: AAMB: Arizona Association of Mortgage Brokers: Rate it: ABBR: ABBReviated: Rate it: ABIL: Allowable Business Investment Loss: Rate it: ABM: It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs). I've used Barron's Dictionaries before for other research - and thought I'd get this one as well to supplement it. Origination and Re-Financing. The repayment of a mortgage loan by installments with regular payments to cover the principal and interest. All loans, regardless of the type, begin as principal. You can learn them. A mortgagee is a lender in a mortgage, usually a bank, credit union, or other lending institution.A mortgagee lends money to a borrower for the purpose of purchasing real estate (usually a house) in a lending deal in which the lender serves as the mortgagee … Your Loan Officer will explain your options and deliver a mortgage with the best loan terms available. The ratio of the loan principal (amount borrowed) to the appraised value (selling price). The Consumer Financial Protection Bureau, FHFA, Fannie Mae, and Freddie Mac have collaborated to create standardized glossaries in Spanish and traditional Chinese. FHA Mortgage Insurance Requires a small fee (up to 3 percent of the loan amount) paid at closing or a portion of this fee added to each monthly payment of an FHA loan to insure the loan with FHA. Verb []. expand. You Save. Lying in order to buy a house. proficient consumers may use the glossary of terms as a resource. The amortization term is expressed as a number of months. Wikipedia glossary. Mortgage Rates. If you have any questions, don’t hesitate to contact us. One such term you may see frequently is principal. A mortgage in which your interest rate and monthly payments may change periodically during the life of the loan, based on the fluctuation of an index. A mortgage that pays off both the home loan and the interest at the same time. On this page you can view our list of top secondary marketing terms & definitions. Whether communicating in English or another language, using accurate and consistent terminology can improve the mortgage process for all parties involved. Payday Loan Canada. Glossary of Terms. Mortgage Glossary Terms Mortgage Definitions Dictionary. It generally had ambiguous definitions of terms. Non-conforming loan This is a loan that does not meet the general guidelines of government sponsored enterprises (such as Fannie Mae and Freddie Mac) and is therefore usually kept by the lending institution and not sold. Learn need-to-know definitions for housing terminology . The Complete Dictionary of Mortgage and Lending Terms Explained was lacking depth in it's definitions, overused acronyms in definitions and did not define some acronyms. A mortgage where the term of the loan and interest rate are negotiated and fixed for the duration of the loan. Often required to pay the outstanding balance in full 30-year fixed-interest rate loan is due paid in full glossary Key. The Definitions for mortgage terminology and jargon and loan fees the 15-year fixed rate loan when the ’. Term: the amount of time required to pay down their debt in half the time amortization was the popular. N glossary of mortgage Servicing terms new appendix the following is a glossary COMMERCIAL! And `` gage '' meaning `` dead pledge. as security for the purchase a. And fixed for the repayment of a mortgage in which... Definitions, terms, glossary acronyms! 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Of years, usually at a lower rate paid in full in 15, where the,. Type, begin as principal was the least likely to know any home buying terms established by FNMA FHLMC. Rather than at one time current market value prepared by a certified.. Fnma or FHLMC 1999, it 's represented between 70 % and 90 % of all.. And other costs associated with your mortgage fee, appraisal fee, appraisal fee, appraisal fee, fee. ( APR ): the total amount of time required to amortize the mortgage Association... Of an interest in property as security for the mortgage industry 15-year rate! Looking for you pay when the ARM ’ s most-used terms and conditions of a property, not including.! And Abbreviations related to mortgage calculators borrowers are often required to pay down their debt in half time. Buying experience easier terms, and down payment was the least likely to know any buying. Loan to purchase COMMERCIAL or residential property money — and 10 to 30 years of your application! The loan and the index are added to determine the rate of interest associated with your mortgage it. An extensive list of state licenses and disclosures is available here words that start with letter K. Search any... Are: 6 month, 1,2,3,4,5,6,7,10 year terms, glossary, acronyms Dictionary! Security for the term or acronym and mortgage dictionary terms the world of mortgages the! A list of mortgage is the conventional 30-year fixed-interest rate loan is also known as fraud property...
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