A homeownership glossary, from ARMs to VA loans.

A

Adjustable-Rate Mortgages (ARMs)

Adjustment Period

Amortization

Annotations of an ARM

Annual Percentage Rate (APR)

Application Fee

Appraisal

C

Cap Structure

Capacity (4 C’s)

Capital (4 C’s)

Cash in Reserves

Cash in the Deal

Cash-Out Refinance

Closing

Closing Costs

Closing Disclosure

Co-applicant

Co-borrower

Collateral (4 C’s)

Conforming Loans

Conventional Loans

Credit (4 C’s)

Credit Report

Credit Score

D

Debt Consolidation Loan

Debt-to-Income (DTI) Ratio

Default

Discount Points

Down Payment

E

Earnest Money

Equity

Escrow

F

Fannie Mae

FHA Loans

FHFA

FICO Score

Fixed-Rate Mortgages (FRMs)

Foreclosure

Freddie Mac

G

Gift Letter

Government-Insured Loans

H

Homeowners Insurance

Housing Ratio

I

Index

Initial Cap

Initial Period

Investment Property

J

Jumbo (non-conforming) Loans

L

Lender Fees

Lender’s Title Insurance

Lien

Lifetime Cap

Loan Consultant

Loan Estimate (LE)

Loan Limits

Loan Officer

Loan Term

Loan Type

Loan-to-Value (LTV) Ratio

M

Margin

Market Value

Mortgage Advisor

Mortgage Insurance Premium (MIP)

Mortgage Tax

N

Non-conforming (Jumbo) Loans

O

Origination Fee

Owner’s Title Insurance

P

Periodic Cap

PITI

Points

Pre-Approval Letter

Prepaid Costs

Prepaid Interest

Prepayment Penalty

Primary Residence

Principal

Private Mortgage Insurance (PMI)

Processing

Property Tax

R

Rate Cap

Rate Lock

Rate Type

Real Estate Agent

Recording Fee

Refinance

S

Secondary Residence

Subsequent Cap

Survey

T

Taxes

Term

Third-Party Fees

Transfer Taxes

U

Underwriting

USDA Loans

V

VA Loans