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adjustable-rate mortgage (ARM) A mortgage
whose interest rate changes periodically
based on the changes in a specified index.
View a list of common indices.
adjustment date
The date on which the interest rate changes
for an adjustable-rate mortgage (ARM).
adjustment period
The period that elapses between the
adjustment dates for an adjustable-rate
mortgage (ARM).
amortization
The repayment of a mortgage loan by
installments with regular payments to cover
the principal and interest.
amortization term
The amount of time required to amortize the
mortgage loan. The amortization term is
expressed as a number of months. For
example, for a 30-year fixed-rate mortgage,
the amortization term is 360 months.
annual percentage rate (APR)
The cost of a mortgage stated as a yearly
rate; includes such items as interest,
mortgage insurance, and loan origination fee
(points).
application
A form, commonly referred to as a 1003 form,
used to apply for a mortgage and to provide
information regarding a prospective
mortgagor and the proposed security.
appraisal
A written analysis of the estimated value of
a property prepared by a qualified
appraiser.
appraiser
A person qualified by education, training,
and experience to estimate the value of real
property and personal property.
appreciation
An increase in the value of a property due
to changes in market conditions or other
causes. The opposite of depreciation.
asset
Anything of monetary value that is owned by
a person. Assets include real property,
personal property, and enforceable claims
against others (including bank accounts,
stocks, mutual funds, and so on).
assignment
The transfer of a mortgage from one person
to another.
assumable mortgage
A mortgage that can be taken over
("assumed") by the buyer when a home is
sold.
assumption
The transfer of the seller's existing
mortgage to the buyer.
assumption clause
A provision in an assumable mortgage that
allows a buyer to assume responsibility for
the mortgage from the seller. The loan does
not need to be paid in full by the original
borrower upon sale or transfer of the
property.
assumption fee
The fee paid to a lender (usually by the
purchaser of real property) resulting from
the assumption of an existing mortgage.
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balance sheet ( return to top )
A financial statement that shows assets,
liabilities, and net worth as of a specific
date.
balloon mortgage
A mortgage that has level monthly payments
that will amortize it over a stated term but
that provides for a lump sum payment to be
due at the end of an earlier specified term.
balloon payment
The final lump sum payment that is made at
the maturity date of a balloon mortgage.
bankrupt
A person, firm, or corporation that, through
a court proceeding, is relieved from the
payment of all debts after the surrender of
all assets to a court-appointed trustee.
bankruptcy
A proceeding in a federal court in which a
debtor who owes more than his or her assets
can relieve the debts by transferring his or
her assets to a trustee.
basis point
A basis point is 1/100th of a percentage
point. For example, a fee calculated as 50
basis points of a loan amount of $100,000
would be 0.50% or $500.
before-tax income
Income before taxes are deducted.
beneficiary
The person designated to receive the income
from a trust, estate, or a deed of trust.
binder
A preliminary agreement, secured by the
payment of an earnest money deposit, under
which a buyer offers to purchase real
estate.
biweekly payment mortgage
A mortgage that requires payments to reduce
the debt every two weeks (instead of the
standard monthly payment schedule). The 26
(or possibly 27) biweekly payments are each
equal to one-half of the monthly payment
that would be required if the loan were a
standard 30-year fixed-rate mortgage, and
they are usually drafted from the borrower's
bank account. The result for the borrower is
a substantial savings in interest.
blanket mortgage
The mortgage that is secured by a
cooperative project, as opposed to the share
loans on individual units within the
project.
bond
An interest-bearing certificate of debt with
a maturity date. An obligation of a
government or business corporation. A real
estate bond is a written obligation usually
secured by a mortgage or a deed of trust.
breach
A violation of any legal obligation.
bridge loan
A form of second trust that is
collateralized by the borrower's present
home (which is usually for sale) in a manner
that allows the proceeds to be used for
closing on a new house before the present
home is sold. Also known as "swing loan."
broker
A person who, for a commission or a fee,
brings parties together and assists in
negotiating contracts between them.
buydown mortgage
A temporary buydown is a mortgage on which
an initial lump sum payment is made by any
party to reduce a borrower's monthly
payments during the first few years of a
mortgage. A permanent buydown reduces the
interest rate over the entire life of a
mortgage.
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call option
A provision in the mortgage that gives the
mortgagee the right to call the mortgage due
and payable at the end of a specified period
for whatever reason.
cap
A provision of an adjustable-rate mortgage
(ARM) that limits how much the interest rate
or mortgage payments may increase or
decrease.
capital improvement
Any structure or component erected as a
permanent improvement to real property that
adds to its value and useful life.
cash-out refinance
A refinance transaction in which the amount
of money received from the new loan exceeds
the total of the money needed to repay the
existing first mortgage, closing costs,
points, and the amount required to satisfy
any outstanding subordinate mortgage liens.
In other words, a refinance transaction in
which the borrower receives additional cash
that can be used for any purpose.
Certificate of Eligibility
A document issued by the federal government
certifying a veteran's eligibility for a
Department of Veterans Affairs (VA)
mortgage.
Certificate of Reasonable Value (CRV)
A document issued by the Department of
Veterans Affairs (VA) that establishes the
maximum value and loan amount for a VA
mortgage.
certificate of title
A statement provided by an abstract company,
title company, or attorney stating that the
title to real estate is legally held by the
current owner.
chain of title
The history of all of the documents that
transfer title to a parcel of real property,
starting with the earliest existing document
and ending with the most recent.
change frequency
The frequency (in months) of payment and/or
interest rate changes in an adjustable-rate
mortgage (ARM).
clear title
A title that is free of liens or legal
questions as to ownership of the property.
closing
A meeting at which a sale of a property is
finalized by the buyer signing the mortgage
documents and paying closing costs. Also
called "settlement."
closing cost item
A fee or amount that a home buyer must pay
at closing for a single service, tax, or
product. Closing costs are made up of
individual closing cost items such as
origination fees and attorney's fees. Many
closing cost items are included as numbered
items on the HUD-1 statement. Click here to
see some closing cost times from a HUD-1
statement. Expenses (over and above the
price of the property) incurred by buyers
and sellers in transferring ownership of a
property. Closing costs normally include an
origination fee, an attorney's fee, taxes,
an amount placed in escrow, and charges for
obtaining title insurance and a survey.
Closing costs percentage will vary according
to the area of the country.
closing statement
Also referred to as the HUD-1. The final
statement of costs incurred to close on a
loan or to purchase a home.
cloud on title
Any conditions revealed by a title search
that adversely affect the title to real
estate. Usually clouds on title cannot be
removed except by a quitclaim deed, release,
or court action.
collateral
An asset (such as a car or a home) that
guarantees the repayment of a loan. The
borrower risks losing the asset if the loan
is not repaid according to the terms of the
loan contract.
collection
The efforts used to bring a delinquent
mortgage current and to file the necessary
notices to proceed with foreclosure when
necessary.
combination loan
With this type of loan, you receive a first
mortgage for 80 percent of the loan amount,
and a second mortgage at the same time for
the remainder of the balance. If avoiding
PMI (mortgage insurance) is important to
you, consider combination loans--known as
80/10/10 loans or 80/20's.
combined loan-to-value (CLTV)
The unpaid principal balances of all the
mortgages on a property (first and second
usually) divided by the property's appraised
value.
co-maker
A person who signs a promissory note along
with the borrower. A co-maker's signature
guarantees that the loan will be repaid,
because the borrower and the co-maker are
equally responsible for the repayment. See
endorser.
commission
The fee charged by a broker or agent for
negotiating a real estate or loan
transaction. A commission is generally a
percentage of the price of the property or
loan.
commitment letter
A formal offer by a lender stating the terms
under which it agrees to lend money to a
home buyer. Also known as a "loan
commitment."
common areas
Those portions of a building, land, and
amenities owned (or managed) by a planned
unit development (PUD) or condominium
project's homeowners' association (or a
cooperative project's cooperative
corporation) that are used by all of the
unit owners, who share in the common
expenses of their operation and maintenance.
Common areas include swimming pools, tennis
courts, and other recreational facilities,
as well as common corridors of buildings,
parking areas, means of ingress and egress,
etc.
Community Home Improvement Mortgage Loan
An alternative financing option that allows
low- and moderate-income home buyers to
obtain 95 percent financing for the purchase
and improvement of a home in need of modest
repairs. The repair work can account for as
much as 30 percent of the appraised value.
community property
In some western and southwestern states, a
form of ownership under which property
acquired during a marriage is presumed to be
owned jointly unless acquired as separate
property of either spouse.
comparables
An abbreviation for "comparable properties";
used for comparative purposes in the
appraisal process. Comparables are
properties like the property under
consideration; they have reasonably the same
size, location , and amenities and have
recently been sold. Comparables help the
appraiser determine the approximate fair
market value of the subject property.
condominium
A real estate project in which each unit
owner has title to a unit in a building, an
undivided interest in the common areas of
the project, and sometimes the exclusive use
of certain limited common areas.
condominium conversion
Changing the ownership of an existing
building (usually a rental project) to the
condominium form of ownership.
conforming loan
The current conforming loan limit is
$359,650 and below. Conforming loan limits
change annually.
construction loan
A short-term, interim loan for financing the
cost of construction. The lender makes
payments to the builder at periodic
intervals as the work progresses.
consumer reporting agency (or bureau)
An organization that prepares reports that
are used by lenders to determine a potential
borrower's credit history. The agency
obtains data for these reports from a credit
repository as well as from other sources.
contingency
A condition that must be met before a
contract is legally binding. For example,
home purchasers often include a contingency
that specifies that the contract is not
binding until the purchaser obtains a
satisfactory home inspection report from a
qualified home inspector.
contract
An oral or written agreement to do or not to
do a certain thing.
conventional mortgage
A mortgage that is not insured or guaranteed
by the federal government.
convertibility clause
A provision in some adjustable-rate
mortgages (ARMs) that allows the borrower to
change the ARM to a fixed-rate mortgage at
specified timeframes after loan origination.
convertible ARM
An adjustable-rate mortgage (ARM) that can
be converted to a fixed-rate mortgage under
specified conditions.
cooperative (co-op)
A type of multiple ownership in which the
residents of a multiunit housing complex own
shares in the cooperative corporation that
owns the property, giving each resident the
right to occupy a specific apartment or
unit.
corporate relocation
Arrangements under which an employer moves
an employee to another area as part of the
employer's normal course of business or
under which it transfers a substantial part
or all of its operations and employees to
another area because it is relocating its
headquarters or expanding its office
capacity.
cost of funds index (COFI)
An index that is used to determine interest
rate changes for certain adjustable-rate
mortgage (ARM) plans. It represents the
weighted-average cost of savings,
borrowings, and advances of the 11th
District members of the Federal Home Loan
Bank of San Francisco.
covenant
A clause in a mortgage that obligates or
restricts the borrower and that, if
violated, can result in foreclosure.
credit
An agreement in which a borrower receives
something of value in exchange for a promise
to repay the lender at a later date.
credit history
A record of an individual's open and fully
repaid debts. A credit history helps a
lender to determine whether a potential
borrower has a history of repaying debts in
a timely manner.
credit report
A report of an individual's credit history
prepared by a credit bureau and used by a
lender in determining a loan applicant's
creditworthiness.
credit repository
An organization that gathers, records,
updates, and stores financial and public
records information about the payment
records of individuals who are being
considered for credit.
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debt
An amount owed to another.
deed
The legal document conveying title to a
property.
deed-in-lieu
A deed given by a mortgagor to the mortgagee
to satisfy a debt and avoid foreclosure.
deed of trust
The document used in some states instead of
a mortgage; title is conveyed to a trustee.
default
Failure to make mortgage payments on a
timely basis or to comply with other
requirements of a mortgage.
delinquency
Failure to make mortgage payments when
mortgage payments are due.
deposit
A sum of money given to bind the sale of
real estate, or a sum of money given to
ensure payment or an advance of funds in the
processing of a loan.
depreciation
A decline in the value of property; the
opposite of appreciation.
down payment
The part of the purchase price of a property
that the buyer pays in cash and does not
finance with a mortgage.
due-on-sale provision
A provision in a mortgage that allows the
lender to demand repayment in full if the
borrower sells the property that serves as
security for the mortgage.
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earnest money deposit
A deposit made by the potential home buyer
to show that he or she is serious about
buying the house.
easement
A right of way giving persons other than the
owner access to or over a property.
effective age
An appraiser's estimate of the physical
condition of a building. The actual age of a
building may be shorter or longer than its
effective age.
effective gross income
Normal annual income including overtime that
is regular or guaranteed. The income may be
from more than one source. Salary is
generally the principal source, but other
income may qualify if it is significant and
stable.
eighty-ten-ten loan
See "combination loan" .
encumbrance
Anything that affects or limits the fee
simple title to a property, such as
mortgages, leases, easements, or
restrictions.
endorser
A person who signs ownership interest over
to another party. Contrast with co-maker.
Equal Credit Opportunity Act (ECOA)
A federal law that requires lenders and
other creditors to make credit equally
available without discrimination based on
race, color, religion, national origin, age,
sex, marital status, or receipt of income
from public assistance programs.
equity
A homeowner's financial interest in a
property. Equity is the difference between
the fair market value of the property and
the amount still owed on its mortgage.
escrow
An item of value, money, or documents
deposited with a third party to be delivered
upon the fulfillment of a condition. For
example, the deposit by a borrower with the
lender of funds to pay taxes and insurance
premiums when they become due, or the
deposit of funds or documents with an
attorney or escrow agent to be disbursed
upon the closing of a sale of real estate.
escrow account
The account in which a mortgage servicer
holds the borrower's escrow payments prior
to paying property expenses.
escrow analysis
The periodic examination of escrow accounts
to determine if current monthly deposits
will provide sufficient funds to pay taxes,
insurance, and other bills when due.
escrow collections
Funds collected by the servicer and set
aside in an escrow account to pay the
borrower's property taxes, mortgage
insurance, and hazard insurance.
escrow disbursements
The use of escrow funds to pay real estate
taxes, hazard insurance, mortgage insurance,
and other property expenses as they become
due.
escrow payment
The portion of a mortgagor's monthly payment
that is held by the servicer to pay for
taxes, hazard insurance, mortgage insurance,
lease payments, and other items as they
become due. Known as "impounds" or
"reserves" in some states.
estate
The ownership interest of an individual in
real property. The sum total of all the real
property and personal property owned by an
individual at time of death.
eviction
The lawful expulsion of an occupant from
real property.
examination of title
The report on the title of a property from
the public records or an abstract of the
title.
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Fair Credit Reporting Act
A consumer protection law that regulates the
disclosure of consumer credit reports by
consumer/credit reporting agencies and
establishes procedures for correcting
mistakes on one's credit record.
fair market value
The highest price that a buyer, willing but
not compelled to buy, would pay, and the
lowest a seller, willing but not compelled
to sell, would accept.
Fannie Mae
A congressionally chartered,
shareholder-owned company that is the
nation's largest supplier of home mortgage
funds.
Fannie Mae's Community Home Buyer's Program
An income-based community lending model,
under which mortgage insurers and Fannie Mae
offer flexible underwriting guidelines to
increase a low- or moderate-income family's
buying power and to decrease the total
amount of cash needed to purchase a home.
Borrowers who participate in this model are
required to attend pre-purchase home-buyer
education sessions.
Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing
and Urban Development (HUD). Its main
activity is the insuring of residential
mortgage loans made by private lenders. The
FHA sets standards for construction and
underwriting but does not lend money or plan
or construct housing.
fee simple
The greatest possible interest a person can
have in real estate.
FHA mortgage
A mortgage that is insured by the Federal
Housing Administration (FHA). Also known as
a government mortgage.
finder's fee
A fee or commission paid to a mortgage
broker for finding a mortgage loan for a
prospective borrower.
first adjustment
When you can expect the first rate
adjustment in your ARM loan.
first mortgage
A mortgage that is the primary lien against
a property.
fixed-rate mortgage (FRM)
A mortgage in which the interest rate does
not change during the entire term of the
loan.
fixed second mortgage
See home equity loan.
flood insurance
Insurance that compensates for physical
property damage resulting from flooding. It
is required for properties located in
federally designated flood areas.
foreclosure
The legal process by which a borrower in
default under a mortgage is deprived of his
or her interest in the mortgaged property.
This usually involves a forced sale of the
property at public auction with the proceeds
of the sale being applied to the mortgage
debt.
fully amortized ARM
An adjustable-rate mortgage (ARM) with a
monthly payment that is sufficient to
amortize the remaining balance, at the
interest accrual rate, over the amortization
term.
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good faith estimate
An estimate of charges which a borrower is
likely to incur in connection with a
settlement.
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hazard insurance
Insurance protecting against loss to real
estate caused by fire, some natural causes,
vandalism, etc., depending upon the terms of
the policy.
home equity line of credit
a credit line that is secured by a second
deed of trust on a house. Equity lines of
credit are revolving accounts that work like
a credit card, which can be paid down or
charged up for the term of the loan. The
minimum payment due each month is interest
only.
home equity loan
a loan secured by a second deed of trust on
a house, typically used as a home
improvement loan.
housing ratio
The ratio of the monthly housing payment in
total (PITI - Principal, Interest, Taxes,
and Insurance) divided by the gross monthly
income. This ratio is sometimes referred to
as the top ratio or front end ratio.
HUD
The U.S. Department of Housing and Urban
Development.
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index
A published interest rate to which the
interest rate on an Adjustable Rate Mortgage
(ARM) is tied. Some commonly used indices
include the 1 Year Treasury Bill, 6 Month
LIBOR, and the 11th District Cost of Funds (COFI).
Impound Account
An impound account is an account established
by the lender to pay a borrower's tax and
insurance costs. The borrower's monthly
mortgage payment is then increased to cover
these costs, with the additional amount
being held in the impound account and
disbursed by the lender when the payments
are due. Lenders typically prefer this
arrangement because it reduces the
possibility of a lapse in tax or insurance
payments that could diminish the value of
the lender's investment (your house).
Therefore, while it is often possible to opt
out of an impound account it will result in
additional charges.
Interest-only loan option
Loan payments have two components, principal
and interest. An interest-only loan has no
principal component for a specified period
of time. These special loans minimize your
monthly payments by eliminating the need to
pay down your balance during the
interest-only period, giving you greater
cash flow control and/or increased
purchasing power.
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jumbo mortgage
The current loan limit for a conforming loan
is $359,650. Loan amounts of $359,651 and
above are considered non-conforming or jumbo
mortgages and are usually subject to higher
pricing.
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lien
An encumbrance against property for money
due, either voluntary or involuntary.
lender
The bank, mortgage company, or mortgage
broker offering the loan.
LIBOR
LIBOR stands for London Inter-Bank Offered
Rate. This is a favorable interest rate
offered for U.S. dollar deposits between a
group of London banks. There are several
different LIBOR rates, defined by the
maturity of their deposit. The LIBOR is an
international index that follows world
economic conditions. LIBOR-indexed ARMs
offer borrowers aggressive initial rates and
have proven to be competitive with popular
ARM indexes like the Treasury bill.
lifetime cap
A provision of an ARM that limits the
highest rate that can occur over the life of
the loan.
loan to value ratio (LTV)
The unpaid principal balance of the mortgage
on a property divided by the property's
appraised value. The LTV will affect
programs available to the borrower and
generally, the lower the LTV the more
favorable the terms of the programs offered
by lenders.
lock period
The amount of time that a lender will
guarantee a loan's interest rate. Once
you've locked in the interest rate on a
loan, the lender will guarantee that rate
for a certain period of time, usually for
30, 45 or 60 days.
lock-in
A written agreement guaranteeing the home
buyer a specified interest rate provided the
loan is closed within a set period of time.
The lock-in also usually specifies the
number of points to be paid at closing.
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margin
The number of percentage points a lender
adds to the index value to calculate the ARM
interest rate at each adjustment period.
mortgage
A legal document that pledges a property to
the lender as security for payment of a debt
mortgage disability insurance
A disability insurance policy which will pay
the monthly mortgage payment in the event of
a covered disability of an insured borrower
for a specified period of time.
mortgage insurance (MI)
Insurance written by an independent mortgage
insurance company protecting the mortgage
lender against loss incurred by a mortgage
default. Usually required for loans with an
LTV of 80.01% or higher.
mortgagee
The person or company who receives the
mortgage as a pledge for repayment of the
loan. The mortgage lender.
mortgagor
The mortgage borrower who gives the mortgage
as a pledge to repay.
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no income verification
See "stated income".
non-conforming loan
Also called a jumbo loan. Conventional home
mortgages not eligible for sale and delivery
to either Fannie Mae (FNMA) or Freddie Mac (FHLMC)
because of various reasons, including loan
amount, loan characteristics or underwriting
guidelines. Non-conforming loans usually
incur a rate and origination fee premium.
The current non-conforming loan limit is
$333,701 and above.
note
A written agreement containing a promise of
the signer to pay to a named person, or
order, or bearer, a definite sum of money at
a specified date or on demand.
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origination fee
A fee imposed by a lender to cover certain
processing expenses in connection with
making a real estate loan. Usually a
percentage of the amount loaned, such as one
percent.
owner financing
A property purchase transaction in which the
property seller provides all or part of the
financing.
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periodic cap
The maximum rate increase for a specific
period for a specific loan (ARM) only.
PITI
Principal, interest, taxes and
insurance--the components of a monthly
mortgage payment.
Planned Unit Developments (PUD)
A subdivision of five or more individually
owned lots with one or more other parcels
owned in common or with reciprocal rights in
one or more other parcels.
points
Charges levied by the mortgage lender and
usually payable at closing. One point
represents 1% of the face value of the
mortgage loan.
prepaids
Those expenses of property which are paid in
advance of their due date and will usually
be prorated upon sale, such as taxes,
insurance, rent, etc.
prepayment penalty
A charge imposed by a mortgage lender on a
borrower who wants to pay off part or all of
a mortgage loan in advance of schedule.
principal
Amount of debt, not including interest. The
face value of a note or mortgage.
private mortgage insurance (PMI)
Insurance provided by nongovernment insurers
that protects lenders against loss if a
borrower defaults. Fannie Mae generally
requires private mortgage insurance for
loans with loan-to-value (LTV) percentages
greater than 80%.
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qualifying ratios
The ratio of your fixed monthly expenses to
your gross monthly income, used to determine
how much you can afford to borrow. The fixed
monthly expenses would include PITI along
with other obligations such as student
loans, car loans, or credit card payments.
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rate
The annual rate of interest on a loan,
expressed as a percentage of 100.
rate cap
A limit on how much the interest rate can
change, either at each adjustment period or
over the life of the loan.
rate lock-in
A written agreement in which the lender
guarantees the borrower a specified interest
rate, provided the loan closes within a set
period of time.
rebate
Compensation received from a wholesale
lender which can be used to cover closing
costs or as a refund to the borrower. Loans
with rebates often carry higher interest
rates than loans with "points" (see above).
refinancing
The process of paying off one loan with the
proceeds from a new loan using the same
property as security.
residential mortgage credit report (RMCR)
A report requested by your lender that
utilizes information from at least two of
the three national credit bureaus and
information provided on your loan
application.
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seller carry back
An agreement in which the owner of a
property provides financing, often in
combination with an assumed mortgage.
stated/documented income
Some loan products require only that
applicants "state" the source of their
income without providing supporting
documentation such as tax returns.
subordination
If you are refinancing your first mortgage
and have an existing second or home equity
line, one option is to "subordinate" the
second mortgage: request that your second
mortgage holder go back into the second lien
position when you replace your existing
first mortgage with the new refinance loan.
survey
A print showing the measurements of the
boundaries of a parcel of land, together
with the location of all improvements on the
land and sometimes its area and topography.
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tenants-in-common
An undivided interest in property taken by
two or more persons. The interest need not
be equal. Upon death of one or more persons,
there is no right of survivorship.
term
The period of time which covers the life of
the loan. For example, a 30 year fixed loan
has a term of 30 years.
title
The evidence one has of right to possession
of land.
title insurance
Insurance against loss resulting from
defects of title to a specifically described
parcel of real property.
title search
An investigation into the history of
ownership of a property to check for liens,
unpaid claims, restrictions or problems, to
prove that the seller can transfer free and
clear ownership.
total debt ratio
Monthly debt and housing payments divided by
gross monthly income. Also known as
Obligations-to-Income Ratio or Back-End
Ratio.
Truth-in-Lending Act
A federal law requiring a disclosure of
credit terms using a standard format. This
is intended to facilitate comparisons
between the lending terms of different
financial institutions.
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Veterans Administration (VA)
A government agency guaranteeing mortgage
loans with no down payment to qualified
veterans.
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