Mortgage Glossary

Mortgage Glossary

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:



A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

A

A Credit
Acceleration Clause
Accrued Interest
Adjustable Rate Mortgage
Adjustment Interval
Advance
Affordability
Agreement Of Sale
Alt-A
Alternative Documentation
Amortization
Amortization Schedule
Amount Financed
Application
Application Fee
Appraisal
Appraiser
APR
Approval
ARM
Assumption
Assumable Mortgage
Authorised User
Automated Underwriting
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B

Back-End Fee
Balance
Balloon Mortgage
Balloon
Base Rate
Bimonthly Mortgage
Bridging Loan
Buildings Insurance
Buy-Down
Buy To Let
Buy-Up
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C

Cap
Capital
Cash Back
Cash-Out Refinance
CCA
Closing
Closing Costs
CMG Plan
Co-Borrowers
COFI
Construction Financing
Contract Knavery
Conversion Option
COSI
Co-Signing A Note
Credit Reference Agency
Credit Report
Credit Score
Cumulative Interest
Current Index Value
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D

Deadbeat
Debtaholic
Debt Consolidation
Deed in Lieu of Foreclosure
Default
Deferred Interest
Delinquency
Demand Clause
Discount Mortgage Broker
Discretionary ARM
Documentation Requirements
Down Payment
Draw Down Date
Dual Index Mortgage
Due-On-Sale Clause
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E

Effective Rate
Endowment
Equity
Equity Grabbing
Escrow
Exchange of Contracts
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F

Fallout
Fees
FHA Mortgage
Final Prices
Financing Points
First Mortgage
Fixed Rate Mortgage (FRM)
Fixed-Markup UML
Flexible Payment ARM
Float
Float-Down
Foreclosure
Forbearance Agreement
Freehold
Front-End Fee
Fully Amortizing Payment
Fully Indexed Interest Rate
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G

Gazumping
Generic Prices
Gift of Equity
Good Faith Estimate
Grace Period
Graduated Payment Mortgage (GPM)
Graduation Period
Graduation Rate
Ground Rent
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H

Hazard Insurance
Higher Lending Charge
Historical Scenario
Homebuyers Survey
Homeowners Insurance
Home Equity Line of Credit (HELOC)
Home Equity Loan
Housing Bank
Housing Bubble
Housing Expense
Housing Expense Ratio
Housing Investment
Hybrid ARM
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I

Indexed ARM
Individual Savings Account ISA
Initial Interest Rate
Interest Accrual Period
Interest Cost Interest Due
Interest-Only Mortgage
Interest Payment
Interest Rate
Interest Rate Adjustment Period
Interest Rate Ceiling
Interest Rate Floor
Interest Rate Increase Cap
Interest Rate Decrease Cap
Interest Rate Index
Interim Refinance
Internet Mortgages
Investor
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J

Junk Fees
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L

Land Registry
Late Fees
Late Payment
Lead-Generation Site
Lease-To-Own Purchase
Lender
Lien
Loan Amount
Loan Discount Fee
Loan Modification
Loan Officer
Loan Provider
Loan-To-Value Ratio LTV
Local Authority SearchLock
Lock Commitment Letter
Lock Failure
Lock Jumper
Lock Period
LTV
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M

Mandatory Disclosure
Manufactured Housing
Margin
Market Niche
Maturity
Maximum Loan Amount
Maximum Loan To Value Ratio
Maximum Lock
Minimum Down Payment
Monthly Debt Service
Mortgage
Mortgage Broker
Mortgage Company
Mortgage Lead
Mortgage Formulas
Mortgage Indemnity Guarantee
Mortgage Insurance Premium
Mortgage Lender
Mortgage Payment
Mortgage Price
Mortgage Program
Mortgage Suitability
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N

Negative Amortization
Negative Amortization Cap
Negative Homeowners Equity
Net Branch
Net Jumping
NHBC Guarantee
Nichification
No Change Scenario
No-Cost Mortgage
No Asset Loan
No Income Loan
No-Surprise Adjustable Rate Mortgage
Nominal Interest Rate
Note
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O

Option ARM
Option Fee
OriginationFee
Overage
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P

Partial Prepayment
Payment Adjustment Interval
Payment Increase Cap
Payment Decrease Cap
Payment Period
Payment Shock
Payoff Month
Per Diem Interest
Periodic Refinancing
Piggyback Mortgage
Pipeline Risk
PITI
Points
Portable Mortgage
Pre-Approval
Prepayment
Prepayment Penalty
Price-Gouging
Primary Residence
Principal
Private Mortgage Insurance
Processing
Property Flipping
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Q

Qualification
Qualification Rate
Qualification Ratios
Qualification Requirements
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R

Rate Caps
Rate Options
Rate Protection
Rate Sheets
Recast Payment
Redemption
Referral Fees
Referral Power
Referral Site
Refinance
Rent Premium
Required Cash
Retail Lender
Reverse Mortgage
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S

Scenario Analysis
Scheduled Mortgage Payment
Second Mortgage
Secure Option ARM
Secondary Markets
Self-Employed Borrower
Self-Certification Mortgage
Seller Contribution
Seller Financing
Servicing
Servicing Agent
Servicing Transfer
Settlement Costs
Shared Appreciation Mortgage
Shopping Site
Short Sale
Silent Second
Simple Interest Mortgage
Single File Mortgage Insurance
Single-Lender Website
Stamp Duty
Standard Variable Rate Mortgage (SVR)
Stated Assets
Stated Income
Streamlined Refinancing Subordinate Financing
Subordination Policy
Sub-Prime Borrower
Sub-Prime Lender
Swing LoanBack To Top

T

Tangible Net Benefit
Teaser Rate
Temporary Buydown Temporary Lender
Term
Title Deed
Title Insurance
Total Housing Expense
Total Expense Ratio
Total Interest Payments
Tracker Mortgage
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U

Underage
Underwriting
Underwriting Requirements
Upfront Mortgage Broker UMB
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V

Variable Rate Mortgage
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W

Waive Escrows
Wholesale Lender
Workout Assumption
Worst Case Scenario
Wrap-Around Mortgage Back To Top

Y

Yield Curve
40-Year Mortgage
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Mortgage Glossary

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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z