Ark Mortgage Inc, NMLS# 103915

Mortgage Advisors & Lending Services in New York & New Jersey

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

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