Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:
When a lender is qualifying a borrower, the lender will not normally know which exact mortgage product the borrower will be looking to obtain. Therefore, a lender will almost invariably have a qualification rate which is an interest rate that can be used to calculate repayments for the purpose of qualification.