Term | Definition |
|---|
| 10 Year Fixed Rate Mortgage |
A 10 year fixed rate mortgage is a home loan wi... more |
| 15 Year Fixed Rate Mortgage |
Fixed for 15 years, a mortgage with the exact s... more |
| 20 Year Fixed Rate Mortgage |
A mortgage with a fixed rate and payment for 20... more |
| 25 Year Fixed Rate Mortgage |
A fixed rate mortgage will have the same paymen... more |
| 30 Year Fixed Rate Mortgage |
A fixed rate mortgage that is has a term of 30 ... more |
| 40 Year Fixed Rate Mortgage |
A 40 year fixed rate mortgage has the same rate... more |
| Amortization |
Repayment of a mortgage that is calculated in m... more |
| Buy Down |
Sometimes referred to as discount fees, buy-dow... more |
| Cash Out Refinance |
The payoff of an existing loan to replace with ... more |
| Closing Costs |
Composite of all fees in the financing or refin... more |
| Fixed Rate Mortgage |
A mortgage that stays at the same rate and paym... more |
| Good Faith Estimate |
Also known as GFE. Estimates of all fees, rates... more |
| Grandfathered Debt |
A mortgage taken out before October 13, 1987, w... more |
| Hard Prepay Penalty |
A prepay penalty that applies when a mortgage i... more |
| HELOC |
Acronym and common name for a home equity line ... more |
| High Cost Areas |
Name given for counties with higher cost of liv... more |
| Home Acquisition Debt |
Home loan taken out after October 13, 1987 used... more |
| Home Equity Debt |
Debt collateralized by the equity in a resident... more |
| Home Equity Line of Credit |
Also called a HELOC. A credit line that is tie... more |
| Home Loan |
A home mortgage, or a mortgage used to finance ... more |
| Home Mortgage |
See Home Loan. more |
| Interest Rate Ceiling |
The maximum interest rate of an adjustable rate... more |
| Loan Amount |
The total dollar value of the mortgage. more |
| Loan Modification |
An in-house restructuring of a mortgage for a d... more |
| Lock Extension |
An extension of an interest rate lock period. more |
| Lock Period |
The days in which the lock-desk of a lender res... more |
| Mortgage |
A loan borrowed to finance real estate. more |
| Mortgage Interest Expense |
The full amount of interest paid in a given yea... more |
| Mortgage Note |
A document that outlines the terms of repayment... more |
| Mortgage Refinance |
The payoff of an old mortgage for a new mortgag... more |
| Notary |
An individual licensed by the government to wit... more |
| Origination Fee |
Fees paid to a lender or broker. Origination fe... more |
| Points |
A measurement of fees for mortgage financing. O... more |
| Prepay Penalty |
A fee charged and paid to the current lender fo... more |
| Rate Term Refinance |
The payoff of an existing mortgage with a new m... more |
| Rebate |
Also known as yield spread premium, or Y.S.P., ... more |
| Refinance |
The payoff of an existing loan with a new loan ... more |
| Residential Home Mortgage |
See Home Loan. more |
| Settlement Statement |
A document that itemizes dollar amounts paid to... more |
| Soft Prepay Penalty |
A prepay penalty that applies in the early payo... more |
| TARP |
Troubled Asset Relief Program, developed in 200... more |
| Troubled Asset Relief Program |
See TARP more |
| Worst Case Pricing |
When an interest rate is locked, and requires a... more |