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Amortization Cash Due at Closing Delinquency
Amortization Schedule Certificate of Title Documentation Fee
Annual Percentage Rate (APR) Condominium Down Payment
Appraisal Conveyance Equal Credit Opportunity Act (ECOA)
Assignment Credit History Escrow Account
Assumption Credit Report Estimated Market Value
Bankruptcy Default

The gradual repayment of a loan in monthly installments comprised of both principal and interest components. Generally, for the first few years of the loan repayment schedule, the monthly payment is primarily comprised of interest. Gradually, the monthly principal portion of the loan payment will increase; therefore decreasing the interest portion of the payment in an equal amount.
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Amortization Schedule
A timetable that shows the breakdown of the principal and interest components of each month's payment throughout the life of the loan, as well as the remaining principal balance after each payment is made.
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Annual Percentage Rate (APR)
The cost of credit expressed as a yearly rate. The APR is often higher than the actual interest rate. This is because the percentage reflects the interest rate, points, origination fees, and mortgage insurance. Note: Home Equity Lines of Credit do not have points or require mortgage insurance.
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A written estimate provided by a certified property appraiser that verifies the current market value of the property to be mortgaged. This certified value incorporates many factors, some of which include: value/condition of comparable property types in the area which have recently sold, location of the property, real estate market activity in the area and more.
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The transfer of property rights or ownership by one individual, assignor, to another, the assignee.
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An agreement between a buyer and seller enabling the buyer to take over payments on an existing mortgage loan. Not all mortgages can be assumed.
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A proceeding in a Federal Court in which a debtor who owes more than his or her assets can be relieved of all or part of their debt obligations by transferring their debts to a trustee.
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Cash Due at Closing
The total dollar amount of funds required by the borrower(s) at the time of loan settlement.
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Certificate of Title
Written opinion of the status of title of a property, provided by an attorney, title company or abstract company that states the title to the real estate is legally held by the current owner.
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A real estate project in which each unit owner has title to a unit in a building, an undivided interest in the common areas of the project, and sometimes the exclusive use of certain limited common areas.
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A document used to effect a transfer, such as a deed or mortgage.
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Credit History
A record of an individual's currently open and satisfied debts. A credit history helps a lender determine whether or not an applicant has a history of paying his/her debts in a satisfactory manner.
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Credit Report
A report detailing an individual's credit history prepared by a credit bureau and used by a lender in determining an applicant's creditworthiness.
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Failure to make payments for a debt in accordance with the agreed payment schedule required by the lender, and/or failure to meet other terms and conditions of the loan.
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Failure to make payment for a debt in accordance with the payment due date.
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Documentation Fee
Fees charged by the lender to cover the costs of documenting a loan.
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Down Payment
The amount of money a buyer provides for the purpose of purchasing a property. This amount is the difference between the purchase price and the new loan amount. It is paid by the buyer before or at the time of closing.
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Equal Credit Opportunity Act (ECOA)
A federal law that requires creditors to grant credit equally without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. This law also requires creditors to provide written notification to a consumer whose loan application is not able to be approved as requested, including the specific reason(s) for the decision.
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Escrow Account
An account established by the lender on the borrower's behalf to collect real estate tax and insurance payments along with the borrower's base principal and interest (P&I) payment. The lender then manages the disbursement of these funds on the borrower's behalf according to the escrowed items' individual payment schedule requirements.
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Estimated Market Value
The estimated dollar value of your property if you were to sell it today.
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