Homebuying Glossary

Looking for definitions of common terms and phrases used in the mortgage process?
You're in the right place!


 

Adjustable-Rate Mortgage (ARM)
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Amortization
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Annual Percentage Rate (APR)
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Application Fee
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Appraisal
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Appraised Value
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Assessed Value
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Basis Points
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Caps
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Closing
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Closing Costs
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Credit Report
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Debt Ratio
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Deed
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Equal Credit Opportunity Act (ECOA)
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Equity
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Escrow Amount
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Fixed-Rate Mortgage
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Hazard Insurance
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Home Equity Line of Credit (HELOC)
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Homeowners Policy
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Insurance Binder
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Joint Tenancy
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Legal Description
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Lien
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Life Cap
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Loan Estimate & Closing Disclosure
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Loan to Value Ratio (LTV)
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Mortgage
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Mortgage Life Insurance
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Mortgage Payment Ratio
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Origination
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Origination Fee
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PITI
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Point
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Preapproved
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Prequalify
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Principal Balance
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Private Mortgage Insurance
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Second Mortgage
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Servicing
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Tenancy in Common
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Term
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TRID
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Title
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Title Insurance Policy
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Trust-in-Lending
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Warranty Deed
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Valuation Model
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