Glossary of Terms

1

1031 Exchange

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A

A-Credit

Acceleration Clause

Accrued Interest

Adjustable-Rate Mortgage

Affordable Housing

Agreement of Sale

Alt-A

Alt-A Mortgage

Amortization

Amortization Schedule

Application

Appraisal

Appraiser

Appreciation

APR

Asking Price

Assessment

Assumable Mortgage

Assumption

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B

Balloon Mortgage

Bi-Monthly Mortgage

Bi-Weekly Mortgage

Bridge Loan

Broker

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C

Cap

Capital Gains

Cash-Out Refi

Closing

Closing Costs

Clouds

CMG Plan

Commission

Comparable Sales (COMPS)

Condominium

Condotel

Conforming Mortgage

Contingency

Contract

Conventional Mortgage

Credit Report

Credit Score

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D

Days On Market (DOM)

Debt-to-Income (DTI) Ratio

Deed

Default

Delinquency

Demand Clause

Depreciation

Discount Points

Down Payment

Dual Index Mortgage

Due-on-Sale Clause

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E

Earnest Money Deposit (EMD)

Effective Rate

Equity

Escrow

Examination of Title

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F

Fair Market Value

Fannie Mae

Federal Housing Administration (FHA)

FHA Mortgage

FICO

First Mortgage

Fixed-rate Mortgage

Flipping

Flood Insurance

For Sale by Owner (FSBO)

Forbearance Agreement

Foreclosure

Freddie Mac

Front-end Fee

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G

Good Faith Estimate

Grace Period

Graduated Payment Mortgage

Grantee

Grantor

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H

Hazard Insurance

Home Equity

Home Equity Conversion Mortgage (HECM)

Home Equity Line of Credit

Home Equity Loan

Home Inspection

Homeowner's Insurance

Housing and Urban Development

Hybrid ARM

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I

Impact Fee

Indexed ARM

Inflation

Initial Interest Rate

Interest Accrual Period

Interest Rate

Interest-only Mortgage

Internet Mortgage

Inventory

Investment Loan

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J

Jumbo Mortgage

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L

Lease

Lease Option

Liabilities

Lien

Life Cap

Line of Credit

Liquid Assets

Lis Pendens

Listing Price

Loan

Loan Officer

Loan Origination

Loan Servicing

Loan-to-Value Ratio

Lock

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M

Mandatory Disclosure

Margin

Maturity

Median Price

Mill Rate

Mixed-Use

Modification

Mortgage

Mortgage Broker

Mortgage Insurance

Mortgage Life / Disability Insurance

Mortgagee

Mortgagor

Multi-family Home

Multiple Listing Service

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N

Negative Amortization

Negative Amortization Cap

Negative Points

No Change Scenario

No Cost Mortgage

No Doc Loans

No Money Down Mortgage

Non-Conforming Mortgage

Note

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O

Option ARM

Original Principal Balance

Origination Fee

Overage

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P

Payment Change Date

Periodic Payment Cap

Periodic Rate Cap

Piggyback Loan

PITI

Points

Portable Mortgage

Pre-approval

Pre-Qualification

Preconstruction

Predatory Lending

Prepayment

Prepayment Penalty

Primary Mortgage

Primary Residence

Prime Rate

Principal

Principal Limit

Private Mortgage Insurance

Probate

Processing

Promissory Note

Property Tax

Purchase Agreement

Purchase Money Mortgage

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Q

Qualification

Qualification Rate

Qualifying Ratio

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R

Rate Lock

Rate Protection

Rate Sheets

Real Estate

Real Estate Agent

Real Estate Developer

Real Estate Investment Trust

Realtor

Recorder

Refinance

Refinancing

Reinsurance

Remaining Term

Renter's Insurance

Reserves

Reverse Mortgage

Revolving Debt

Right of First Refusal

Right of Ingress

Right of Recession

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S

Scenario Analysis

Scheduled Mortgage Payment

Second Mortgage

Secondary Market

Secured Loan

Seller Financing

Servicing

Settlement Costs

Shared Appreciation Mortgage

Short Sale

Single-Family Home

Smart Loans

Stated Assets

Stated Income

Subprime Lending

Survey

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T

Teaser Rate

Temporary Buydown

Term

Timeshare

Title

Title Insurance

Total Expense Ratio

Total Interest Payments

Transfer of Ownership

Treasury Index

Truth-In-Lending

Two-Step Mortgage

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U

Underwriting

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V

VA Mortgage / Loan

Vesting

Veterans Administration (VA)

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W

Waive Escrow

Warrantable Condo

Wholesale Lender

Wind Insurance

Workout Assumption

Wrap-Around Mortgage

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Z

Zoning

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