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Whether you’re a first-time homebuyer or a third-time refinancer, you’re likely to come across some terms in your home loan process that need clarification. We think jargon has no place in the homeownership journey, so we created this helpful glossary to fill you in on every term you need to know—from covering what a real estate agent actually does, to what closing means, and more.
Acceptance –
Account Termination Fee
Adjustment cap
Amortization
Amortization table
Annual percentage rate(APR)
Appraisal
Appreciation
Assumable loan
Balloon Loan
Buydown
Cash reserve
Cash to close
Cash-out refinance
Certificate of Eligibility
Certificate of Title Chain of Title
Close of escrow
Closing
Closing costs
Closing disclosure
Co-applicant
Co-borrower Collateral
Comparable
sale/comp
Compounding Interest
Condo insurance Condominium (condo)
Conforming loan
Conforming Loan
Construction Loan
Contingency
Conventional mortgage
Cooperative/co-op
Covenant
Credit check
Credit Limit
Credit score
Credits/lender credits
Debt Consolidation
Deed of Trust
Default
Depreciation
Down payment
Earnest money/good faith deposit
Encumbrance
Equity
Escrow Account
Escrow Analysis
Escrow Shortage
Escrow/impounds
Fannie Mae
Federal Housing Administration (FHA)
Federal Housing Financing Agency (FHFA)
FICO score
Fixed-rate mortgage
Floating rate
Flood certification
Flood insurance
Foreclosure
Freddie Mac Gift letter
Government loan
Government National Mortgage Association (GNMA or Ginnie Mae)
Home equity line of credit (HELOC)
Home inspection Homeowners association (HOA)
Homeowners insurance
Income property
Initial rate Interest rate
Interest-only loan Investment property
Investment property Jumbo loan
Liability insurance Lien
Listing agent
Loan commitment
Loan Consultant
Loan estimate (LE)
Loan Processor
Loan term
Loan-to-value (LTV)
Lock period
Margin Market value
Mortgage Expert Mortgage insurance premium (MIP)
Mortgage note
Multi-family residence (2 to 4 units)
Negative amortization
Nonconforming loan
Note
Notice of default
Occupancy date
Option ARM
Origination fee/loan origination fee
Owner-occupancy
Pest inspection
PITI
Planned unit development (PUD)
Points
Pre-approval letter
Prepaid costs
Prepaid Expenses
Prepayment penalty
Primary residence
Prime Rate
Principal Private mortgage insurance (PMI)
Processing Fee
Purchase Agreement
Purchase contract
Qualifying ratios
Rate Cap
Rate Lock
Real estate agent
Real Estate Settlement Procedures Act (RESPA)
Recorder
Refinance
Rescission
Secondary home
Settlement costs
Short sale
SOFR
Survey
Termite letter
Third-party fees
Title
Title insurance
Title vesting
Total Expense Ratio
Transfer taxes
Trustee
Truth in Lending Act (TILA)
Underwriter
Underwriting
Uniform Residential Loan Application (1003)
VA loans
Variable Rate
Verified pre-approval
W-2
Walk-through
What-if Analysis
Wire transfer
Year-end statement