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Mortgages

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Shopping for a home can be very exciting but also very confusing. Because you may be wondering what some of the terminology means, we have provided this glossary of mortgage terms. Simply hover over the term to view a definition. Your loan officer can explain these terms in greater detail and also provide you with more information.
  • Adjustable-Rate Mortgage (ARM)
  • Amortization
  • Annual Percentage Rate(APR)
  • Appraisal
  • Assessed Value
  • Asset
  • Closing
  • Closing Costs
  • Collateral
  • Contingency
  • Conventional Mortgage
  • Credit Report
  • Debt-to-Income Ratio
  • Deed
  • Down Payment
  • Earnest Money
  • Escrow Account
  • Equity
  • FHA Mortgage
  • First Mortgage
  • Fixed-Rate Mortgage
  • Homeowner's Insurance
  • Housing-to-Income Ratio
  • Interest
  • Liability
  • Lien
  • Loan-to-Value Ratio
  • Mortgage
  • Mortgage Insurance Premium(MIP)
  • Origination Fee
  • PITI
  • Points (also called "discount points")
  • Prequalification
  • Principal
  • Private Mortgage Insurance (PMI)
  • Purchase and Sale Agreement
  • Refinancing
  • Second Mortgage
  • Title
  • Title Insurance
  • Title Search
  • Underwriting
  • VA Loan
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