Glossary of Real Estate Terms

---

acceleration clause
adjustable-rate mortgage (ARM)
adjustment date
amortization
amortization schedule
annual percentage rate (APR)
appraisal
appraised value
appraiser
appreciation
assessed value
assessment
assessor
asset
assignment
assumable mortgage
assumption
balloon mortgage
balloon payment
bill of sale
biweekly mortgage
bond market
bridge loan
broker
buydown
cap
cash-out refinance
Certificate of Eligibility
Certificate of Reasonable Value (CRV)
chain of title
clear title
closing
closing costs
closing statement
cloud on title
co-borrower
collateral
collection
commission
common area assessments
common areas
comparable sales
condominium
condominium conversion
construction loan
contingency
contract
conventional mortgage
convertible ARM
cooperative (co-op)
cost of funds index (COFI)
credit
credit history
creditor
credit report
debt
deed
deed-in-lieu
deed of trust
default
delinquency
deposit
depreciation
discount points
down payment
earnest money deposit
easement
eminent domain
encroachment
encumbrance
Equal Credit Opportunity Act (ECOA)
equity
escrow
escrow account
escrow disbursements
estate
eviction
examination of title
exclusive listing
Fair Credit Reporting Act
fair market value
Fannie Mae (FNMA)
Fannie Mae's Community Home Buyer's Program
Federal Housing Administration (FHA)
fee simple
FHA mortgage
first mortgage
fixed-rate mortgage
fixture
flood insurance
foreclosure
401(k)/403(b) loan
government loan (mortgage)
Government National Mortgage Association (Ginnie Mae)
grantee
grantor
hazard insurance
Home Equity Conversion Mortgage (HECM)
home equity line of credit
home inspection
homeowners' association
homeowner's insurance
homeowner's warranty
HUD-1 settlement statement
joint tenancy
judgment
judicial foreclosure
jumbo loan
late charge
lease
leasehold estate
lease option
legal description
lender
liabilities
liability insurance
lien
life cap
line of credit
liquid asset
loan
loan officer
loan origination
loan servicing
loan-to-value (LTV)
lock-in
lock-in period
margin
maturity
mortgage
mortgage banker
mortgage broker
mortgagee
mortgage insurance (MI)
mortgage insurance premium (MIP)
mortgagor
negative amortization
no cash-out refinance
no-cost loan
note
no-point loan
notice of default
original principal balance
origination fee
owner financing
payment 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
purchase agreement
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
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
servicer
settlement statement
square footage definitions
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
trustee
Truth-in-Lending
two-step mortgage
VA mortgage
vested
Veterans Administration (VA)

©1996 By Leonard Leonard & Associates, Inc. All rights reserved. Duplication in whole or in part without permission is prohibited.