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Real Estate and Mortgage Glossary & Definitions
(From Real Estateabc.com)
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acceleration clause adjustable-rate mortgage (ARM) adjustment date amortization amortization schedule annual percentage rate (APR) application appraisal appraised value appraiser appreciation assessed value assessment assessor asset assignment assumable mortgage assumption balloon mortgage balloon payment bankruptcy bill of sale biweekly mortgage bond market bridge loan broker buydown call option cap cash-out refinance certificate of deposit certificate of deposit index Certificate of Eligibility Certificate of Reasonable Value (CRV) chain of title clear title closing closing costs co-borrower collateral collection commission common area assessments common areas common law community property comparable sales condominium condominium conversion condominium hotel construction loan contingency contract conventional mortgage convertible ARM cooperative (co-op) cost of funds index (COFI) credit credit history creditor credit report credit repository debt deed deed-in-lieu default delinquency deposit depreciation discount points down payment due-on-sale provision earnest money deposit easement Equal Credit Opportunity Act (ECOA) equity
negative amortization note rate no-cost loan original principal balance origination fee owner financingpayment change date periodic payment cap periodic rate cap personal property PITI PITI reserves planned unit development (PUD) point power of attorney pre-approval prepayment prepayment penalty pre-qualification prime rate principal principal balance principal, interest, taxes, and insurance (PITI) private mortgage insurance (MI) promissory note public auction PUD (Planned Unit Development) purchase agreement purchase money transaction qualifying ratios quitclaim deed rate lock real estate agent Real Estate Settlement Procedures Act (RESPA) real property Realtor® recorder recording refinance transaction remaining balance remaining term rent loss insurance repayment plan replacement reserve fund revolving debt right of first refusal right of ingress or egress right of survivorship sale-leaseback second mortgage secondary market secured loan security seller carry-back servicer servicing settlement statement subdivision subordinate financing survey sweat equity tenancy in common third-party origination title title company title insurance title search transfer of ownership transfer tax Treasury index Truth-in-Lending two-step mortgage two- to four-family property trustee VA mortgage vested Veterans Administration (VA)
