Glossary

A

Accrued Interest

Accrued Interest is the interest that has accumulated from one payment-due date to the next as well as the total amount of interest paid on a loan ov... Read full accrued interest definition.

Adjustable Rate Mortgage (ARM)

An Adjustable Rate Mortgage, or ARM, is a mortgage where the interest rate is adjusted periodically based on an index. It is also known as the reneg... Read full adjustable rate mortgage (arm) definition.

Adjustment Interval

The adjustment interval is the time between changes in the interest rate and/or monthly payment for an adjustable rate mortgage, usually one, three o... Read full adjustment interval definition.

Amortization

Amortization is the gradual reduction of a debt by periodic payments of interest and principal that are large enough to pay off a loan at maturity. T... Read full amortization definition.

Annual Fee

A credit card issuer may charge you a fee each year for your account. Read full annual fee definition.

Annual Percentage Rate

The annual cost of a loan to a borrower. Like an interest rate, the APR is expressed as a percentage of the loan amount. Unlike an interest rate, how... Read full annual percentage rate definition.

Appraisal

An appraisal is a written analysis of the estimated value of a property, as prepared by a qualified appraiser. A fee is typically charged to perform ... Read full appraisal definition.

Appreciation

The increase in value of a home or other asset as a result of an increase in the market. Read full appreciation definition.

Asking Price

The price requested by a seller when a home or property is listed for sale. This amount is often open to negotiation. Read full asking price definition.

Assumable Mortgage

An assumable mortgage is a mortgage that allows you to take over a mortgage on a home you are buying or allows a buyer to take over your mortgage if ... Read full assumable mortgage definition.

B

Balloon Mortgage

A balloon mortgage is usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the r... Read full balloon mortgage definition.

Bankruptcy

A proceeding in a federal court in which a borrower who owes more than his or her assets, can relieve the debts by transferring his or her assets to ... Read full bankruptcy definition.

Bidding War

When several potential purchasers are interested in a home, they may increase their offer on the property in an effort to outbid the other interested... Read full bidding war definition.

Borrower

A borrower is anyone who has to borrow money in order to pay for an expense. Read full borrower definition.

Break-Even Point

The point at which a homeowner will begin realizing savings after refinancing a mortgage. Read full break-even point definition.

Bridge Loan

A bridge loan is a short-term loan that covers the time between your closing date of a home you are buying and the closing date of the home you are s... Read full bridge loan definition.

Broker

An individual in the business of assisting in arranging funding or negotiating contracts for a client, but does not loan the money her/himself. Read full broker definition.

Buydown

When the lender and/or the home builder subsidizes the mortgage by lowering the interest rate during the first few years of the loan. While the payme... Read full buydown definition.

C

Caps (Interest)

Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage may change per year and/or the life of the loan. Read full caps (interest) definition.

Caps (Payment)

Consumer safeguards which limit the amount monthly payments on an adjustable rate mortgage may change. Read full caps (payment) definition.

Cash-Out Refinancing

Refinancing transaction in which the money the borrower receives from the new loan exceeds the total amount he uses to repay the existing first mortg... Read full cash-out refinancing definition.

Closing

The meeting between the buyer, seller, and lender where the property and funds legally change hands. Closing is also called a settlement. Read full closing definition.

Closing Costs

Closing costs include a loan origination fee, points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report cha... Read full closing costs definition.

Collision Insurance

Insurance which covers damage to your vehicle that results from a collision with another vehicle or object. Read full collision insurance definition.

Commission

The fee charged by or paid to a broker, agent, or auto sales rep for negotiating a real estate, car sale, or loan transaction. A commission is genera... Read full commission definition.

Competitive Market Analysis

A report prepared by a real estate agent that determines a house's market value. The agent compares the house's attributes to similar properties in t... Read full competitive market analysis definition.

Comprehensive Insurance

Insurance which covers damage to your vehicle caused by events other than a collision, such as flood, fire, hail, theft, or vandalism. Read full comprehensive insurance definition.

Condominium

Individual ownership of a unit within a multi-unit building, and an individual interest in the common areas and facilities which serve the owners. Read full condominium definition.

Condominium Association

An association of unit owners in a condominium building. The association elects a board of directors, which handles the maintenance and repair of com... Read full condominium association definition.

Condominium Fees

Also called maintenance fees, the monthly fees paid by all condominium owners. The condominium fees go toward the maintenance and repair of common ar... Read full condominium fees definition.

Conforming Loan

A conforming loan is any loan that meets the criteria and limits set forth by the two largest buyers of loans, Fannie Mae and Freddie Mac. Read full conforming loan definition.

Consolidating Debt

Replacing several debts or loans by transferring the balances to a single loan or line of credit, usually at a better rate. (Debt consolidation loans... Read full consolidating debt definition.

Construction Loan

A short term interim loan for financing the cost of construction. The lender advances funds to the builder as the work progresses. Read full construction loan definition.

Consumer Reporting Agency

An organization commonly referred to as a credit bureau that prepares credit reports which are used by lenders to determine a potential borrower's cr... Read full consumer reporting agency definition.

Conventional Loan

A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the... Read full conventional loan definition.

Conventional Mortgage

Any mortgage which is not insured or guaranteed by a government agency such as HUD/FHA, VA, or the Farmers Home Administration. Read full conventional mortgage definition.

Conversion Option

A conversion option allows you to convert an ARM to a fixed rate mortgage. You will likely pay a higher rate or more points to have this option. Read full conversion option definition.

Cooperative Housing

An apartment building or a group of dwellings owned by a corporation, the stockholders of which are the residents of the dwellings. It is operated fo... Read full cooperative housing definition.

Cosigner

Another person who signs your loan and assumes equal responsibility for it. Read full cosigner definition.

Covenants, Conditions, and Restrictions (CC&Rs)

A set of rules and regulations governing a condominium building. The CC&Rs can include restrictions on things such as noise levels, pet ownership, an... Read full covenants, conditions, and restrictions (cc&rs) definition.

Credit

The right granted by a creditor to pay in the future in order to buy or borrow in the present; also, a sum of money owed to a person or business. Read full credit definition.

Credit Bureau

An agency that keeps your credit record. Read full credit bureau definition.

Credit Card

Any card used from time to time to borrow money or buy goods or services on credit. Read full credit card definition.

Credit History

The record of how you've borrowed and repaid debts. Read full credit history definition.

Credit Limit

A credit limit is the maximum amount of charges that may be charged to an account. Read full credit limit definition.

Credit Ratio

A credit ratio is expressed as a percentage and results when a borrower's monthly payment obligation on long-term debts is divided by his or her net ... Read full credit ratio definition.

Credit Report

A credit report is a report of an individual's credit history that a credit reporting company or credit repository prepares to determine a borrower's... Read full credit report definition.

Credit Reporting Company

Company that collects information received from more than one credit repository, merges all the information, and reports it in one form; merged credi... Read full credit reporting company definition.

Credit Score

A credit score is a number generated by a statistical system used to rate the credit of an applicants according to various characteristics relating t... Read full credit score definition.

Curb Appeal

The initial attractiveness of a property, when viewed from the road. Sellers and real estate agents will often try to increase the curb appeal of a h... Read full curb appeal definition.

D

Dealer Charges

Charges for extra services or products sold by the dealer, including rust proofing, undercoating and extended warranties. Read full dealer charges definition.

Dealer Holdback

An allowance, usually between 2 and 3 percent of MSRP, which manufacturers provide dealers, frequently as a credit to the dealer's account. A holdbac... Read full dealer holdback definition.

Dealer Incentives

Programs offered by manufacturers to increase the sales of slow-selling models or to reduce excess inventories. Dealers may elect to pass on the savi... Read full dealer incentives definition.

Dealer Invoice

The amount which dealers are invoiced or billed by the manufacturer for a vehicle and any optional accessories. Read full dealer invoice definition.

Dealer Sticker Price

The Monroney sticker price plus the suggested retail price of dealer-installed options, dealer preparation, and undercoating. Read full dealer sticker price definition.

Debt

An amount of money owed by one person, company, organization or other entity to another. Read full debt definition.

Debt Consolidation

Debt consolidation means replacing several debts or loans by transferring the balances to a single loan or line of credit, usually at a better intere... Read full debt consolidation definition.

Debt Consolidation Loan

A new loan, usually a home equity loan, taken out to pay off the balances of several debt accounts, leaving you with a single monthly payment, instea... Read full debt consolidation loan definition.

Default

Failure to repay a loan or otherwise meet the terms of your credit agreement. Read full default definition.

Deferred Interest

Occurs when your monthly payments are not large enough to pay all the interest due on the loan. This unpaid interest is added to the unpaid balance o... Read full deferred interest definition.

Depreciation

Decline in value of a house or car due to wear and tear, adverse changes in the neighborhood, or any other reason. Read full depreciation definition.

Discount Points

Additional points you can pay a lender to lower the interest rate on your loan at closing. Each point is equal to 1 percent of the loan amount (e.g. ... Read full discount points definition.

Documentation

A list of documents you will be required to provide when submitting a loan application. The required documents range from W2s to a signed sales contr... Read full documentation definition.

Down Payment

A down payment is the difference between the loan amount and the purchase price, usually paid immediately upon purchase with cash or a trade-in. Read full down payment definition.

Down Payment and Fees

Money paid to make up the difference between the purchase price and mortgage amount plus the closing cost fees to close the loan. Read full down payment and fees definition.

E

Earnest Money

Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment. Read full earnest money definition.

Equal Credit Opportunity Act

A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, natio... Read full equal credit opportunity act definition.

Equity

The difference between the fair market value and current indebtedness, also referred to as the owner's equity. Read full equity definition.

Escrow

Refers to a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or "closing."... Read full escrow definition.

F

15 Year Fixed Rate Mortgage

A 15 year fixed rate mortgage is a loan with the same interest rate and payment over the entire 15 year life of the loan. Read full 15 year fixed rate mortgage definition.

40 Year Fixed Rate Mortgage

The 40 year fixed rate mortgage will have the same interest rate and payment over the entire 40 year life of the loan. As one of the longer loan term... Read full 40 year fixed rate mortgage definition.

5 Year ARM

A 5 year ARM is a loan with a fixed rate for the first 5 years that has a rate that changes once each year for the remaining life of the loan. Read full 5 year arm definition.

50 Year Fixed Rate Mortgage

The 50 year fixed rate mortgage will have the same interest rate and payment over the entire 50 year life of the loan. As one of the longer loan term... Read full 50 year fixed rate mortgage definition.

Fair Market Value

The amount an article (such as property or an automobile) would sell for on the open market, barring any extenuating circumstances such as a need to ... Read full fair market value definition.

Fannie Mae

Fannie Mae is a tax-paying corporation created by Congress that purchases and sells conventional residential mortgages as well as those insured by FH... Read full fannie mae definition.

FHA Loan

A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans, they are... Read full fha loan definition.

FHA Mortgage Insurance

Requires a small fee (up to 3 percent of the loan amount) paid at closing or a portion of this fee added to each monthly payment of an FHA loan to in... Read full fha mortgage insurance definition.

Finance Charge

The total dollar amount credit will cost. Read full finance charge definition.

Fixed Rate Mortgage

A fixed rate mortgage is a type of mortgage where the interest rate is set for the term of the loan. Read full fixed rate mortgage definition.

Foreclosure

Foreclosure is a legal procedure in which property securing debt is sold by the lender to pay the defaulting borrower's debt. Read full foreclosure definition.

Freddie Mac

Freddie Mac is a quasi-governmental agency that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage banke... Read full freddie mac definition.

G

Grace Period

The amount of time after a payment due date when no interest is charged. You will frequently see grace periods of 20 to 30 days offered by certain cr... Read full grace period definition.

H

Home Equity

Home equity is the difference between the market value of a home and any outstanding mortgage balance. A person who has a $50,000 mortgage on a $150... Read full home equity definition.

Home Equity Line of Credit

A home equity line of credit (HELOC) is a type of secondary financing that consists of a revolving line of credit secured by a lien junior to a mortg... Read full home equity line of credit definition.

Home Equity Loan

A home equity loan is a type of secondary financing consisting of a single loan amount secured by a lien junior to a mortgage.. Home equity loans are... Read full home equity loan definition.

HUD

U.S. Department of Housing and Urban Development. Office of Housing/Federal Housing Administration within HUD insures home mortgage loans made by len... Read full hud definition.

I

Index

The index is a published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage ... Read full index definition.

Initial Interest Rate

The initial interest rate is the rate you pay when you first get your loan. Read full initial interest rate definition.

Interest

Interest is the cost of borrowing money. Read full interest definition.

Interest Cost

Interest cost is how much interest will be paid over the life of a loan if it is kept for the entire period. Read full interest cost definition.

Interest Due

Interest due is how much of your mortgage payment is used to cover interest. Read full interest due definition.

Interest Rate

Interest rate is the percentage of the loan that will be paid annually as the interest. Read full interest rate definition.

Interest Rate Adjustment Period

The interest rate adjustment period is how often your interest rate will be adjusted on an ARM. Read full interest rate adjustment period definition.

Interest Rate Ceiling

An interest rate ceiling is the maximum interest rate possible for an ARM. Read full interest rate ceiling definition.

Interest Rate Decrease Cap

An interest rate decrease cap is the most your interest rate can drop on an adjustable rate mortgage. Read full interest rate decrease cap definition.

Interest Rate Floor

An interest rate floor is the minimum interest rate possible for anadjustable rate mortgage. Read full interest rate floor definition.

Interest Rate Increase Cap

An interest rate increase cap is the most your interest rate on an adjustable rate mortgage can raise. Read full interest rate increase cap definition.

Interest Rate Index

The interest rate index is the specific fund/security that your interest rate on an adjustable rate mortgage is tied to. Read full interest rate index definition.

Intro Period

Intro period is an initial interest rate on a loan or line of credit. Read full intro period definition.

Intro Rate

An intro rate is the interest rate offered for the initial time period of a loan or line of credit. Read full intro rate definition.

Invoice Price

The invoice price is the manufacturer’s original charge to the dealer. Read full invoice price definition.

J

Jumbo Loan

A jumbo loan is a loan with a loan amount larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage ... Read full jumbo loan definition.

K

There are no glossary terms.

L

Loan-to-Value Ratio (LTV)

The loan-to-value (LTV) ratio is the relationship between the amount of the mortgage loan and the appraised value of the property expressed as a perc... Read full loan-to-value ratio (ltv) definition.

Lease Fee

The lease fee for a vehicle is the monthly lease payment multiplied by the term of the lease. Read full lease fee definition.

Lender

A lender is an entity that makes funds available for borrowing. Read full lender definition.

Lender Fees

Fees charged by the lender for a loan. Read full lender fees definition.

Line of Credit

A line of credit is a revolving credit account that allows you to borrow money and repay it as long as you stay within the preset limit. Read full line of credit definition.

List Price

The list price is the cost of a vehicle as suggested by its manufacturer. Read full list price definition.

Loan Program

A loan program is the interest rate feature and the terms of your loan. Read full loan program definition.

Loan Terms

Loan terms are what is expected of the lender and borrower upon disbursement of a loan. Read full loan terms definition.

Lock In

You can lock in specific rates and points to protect you against the interest rate changing during the time between applying for a loan and closing o... Read full lock in definition.

Lock Period

A lock period is the time period prior to closing when you can hold a specific interest rate for your loan. Read full lock period definition.

M

Manufacturer’s Rebate

A manufacturer’s rebate is an incentive for buyers to buy overstocked or slow-selling cars. Read full manufacturer’s rebate definition.

Margin

Margin is the amount a lender adds to the index on an Adjustable Rate Mortgage (ARM) as profit to establish the adjusted interest rate. Read full margin definition.

Maximum Loan Amount

The maximum loan amount is the most a borrower is qualified to borrow. Read full maximum loan amount definition.

Monthly Payment

The monthly payment is how much a borrower will pay each month toward principal and interest on a loan. Read full monthly payment definition.

Monthly Payment with PI

The monthly payment with PI is how much a borrower will pay each month toward principal and interest on a loan. Read full monthly payment with pi definition.

Mortgage Broker

A mortgage broker matches borrowers to lenders. Read full mortgage broker definition.

Mortgage Insurance

Mortgage insurance is money paid to insure the mortgage when the down payment is typically less than 20 percent. Read full mortgage insurance definition.

MSRP

The MSRP is the cost of a vehicle as recommended by its manufacturer. Read full msrp definition.

Multiple Listing Service

The Multiple Listing Service is a database used for searching available properties. Read full multiple listing service definition.

No-Doc Mortgage

A no-doc mortgage is a special loan that usually requires a 5 to 30 percent down payment and 25 percent equity. Read full no-doc mortgage definition.

N

Negative Amortization

Negative amortization occurs when your monthly payments are not large enough to cover all the interest due on the loan. The unpaid interest is added ... Read full negative amortization definition.

Non-Conforming Loan

A non-conforming loan is a home mortgage that does not meet the criteria of Fannie Mae or Freddie Mac for various reasons including loan amount, loan... Read full non-conforming loan definition.

O

1 Year ARM

A 1 year ARM is a loan with a fixed rate for the first year that has a rate that changes yearly for the remaining life of the loan. Read full 1 year arm definition.

Origination Fee

An origination fee is the charge for processing a loan application. Read full origination fee definition.

Owner Financing

Owner financing is when the seller of a home lends all or part of the purchase price to the buyer. Read full owner financing definition.

P

Personal Loan

A personal loan has higher interest rates than secured loans like a home-equity loan, but you are not required to put up any collateral to ensure rep... Read full personal loan definition.

Piggyback Loan

A piggyback loan is an alternative to private mortgage insurance. Read full piggyback loan definition.

PITI

PITI is short for principal, interest, taxes and insurance, otherwise known as your monthly housing expense. Read full piti definition.

Points

A point is 1 percent of the loan amount. Paying extra points, or cash, at closing can lower the interest rate on the loan. Read full points definition.

Pre-Approved Loan

A pre-approved loan is issued by a lender before the borrower purchases a vehicle, and may give the borrower extra leverage with the dealer. Read full pre-approved loan definition.

Pre-Approved Mortgage

A pre-approved mortgage tells you exactly how much money the lender will let you borrow. Read full pre-approved mortgage definition.

Prepaid Items

Prepaid items are charges that the lender requires you to pay at settlement, such as accrued interest. Read full prepaid items definition.

Prepaids

Prepaids are paid by a homebuyer at closing and put into an escrow account to cover the initial costs of expenses, such as private mortgage insurance... Read full prepaids definition.

Prepayment

A prepayment is a privilege allowed by some mortgages in which the borrower can make payments ahead of their due date. Read full prepayment definition.

Prepayment Premium

A prepayment premium is money a lender charges a borrower for repaying a debt early. Not all states allow the premiums. Read full prepayment premium definition.

Prequalification

Prequalification is a non-binding process in which a lender estimates what size mortgage loan it is willing to make based on some preliminary credit ... Read full prequalification definition.

Prime Rate

The prime rate, which is set by the Federal Reserve, is the interest rate lenders charge their most creditworthy customers. Read full prime rate definition.

Principal

Principal is the amount of debt, excluding interest, remaining on a loan. Read full principal definition.

Private Mortgage Insurance

Private mortgage insurance, or PMI, allows you to buy a home even if you don’t have a 20 percent down payment. Read full private mortgage insurance definition.

Purchase Agreement

The purchase agreement is the contract to be signed by the buyer and seller outlining the agreed-upon price for the purchase of a home. Read full purchase agreement definition.

Purchase Option

A purchase option allows you to buy a leased auto, either during the life of a lease or at the end of the lease term. Read full purchase option definition.

Q

Qualification

Qualification is the process used to determine whether you have enough cash and income to meet the requirements for a loan. Read full qualification definition.

Qualification Ratios

Qualification ratios are limits set by lenders to state the maximum housing expense to income ratio, and total debt to income ratio in order a borrow... Read full qualification ratios definition.

Quitclaim Deed

A quitclaim deed transfers whatever interest the maker of the deed may have in the particular parcel of land. Read full quitclaim deed definition.

R

Rate

Rate is the amount of interest on the loan, expressed as an interest rate or annual percentage rate (APR) of the principal. Also called an interest r... Read full rate definition.

Rate and Term Refinancing

Rate and term refinancing is a refinancing option in which the principal of the mortgage remains the same, while the interest rate and term are adjus... Read full rate and term refinancing definition.

Rate/Point Options

Rate/point options are all the combinations of interest rate and points that are offered on a particular loan. Read full rate/point options definition.

Real Estate Broker

A real estate broker is a middle man, or agent, who arranges the buying and selling of real estate for a company, firm or individual on a commission ... Read full real estate broker definition.

Realtor

A real estate broker or any person holding active membership in a local real estate board affiliated with the National Association of Realtors. Read full realtor definition.

Rebate

A rebate is an incentive paid by a car manufacturer as a way to increase sales of products. Read full rebate definition.

Refinancing

Refinancing is the process of the same mortgager paying off one loan with the proceeds from another loan. Read full refinancing definition.

Required Cash

Required cash is the total cash required for you to close a loan. Read full required cash definition.

Revolving Debt

Revolving debt typically has a variable interest rate, an open-ended term and payments that are based on a percentage of the balance. Read full revolving debt definition.

S

7 Year ARM

A 7 year ARM is a loan with a fixed rate for the first 7 years that has a rate that changes once each year for the remaining life of the loan. Read full 7 year arm definition.

Second Home

A second home is a one-unit property owned by an individual, occupied by the borrower for some portion of the year, and not subject to any timesharin... Read full second home definition.

Second Trust Loan

A second trust loan is an alternative to private mortgage insurance. Read full second trust loan definition.

Secured Debt

A secured debt is money borrowed that is guaranteed (or secured) by the borrower’s funds or assets and held by the lender in an interest-bearing acco... Read full secured debt definition.

Settlement

Settlement is the meeting between a home buyer, seller and lender where the property and funds legally change hands. Read full settlement definition.

Settlement Costs

Settlement costs include a loan origination fee, points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report ... Read full settlement costs definition.

Simple Interest

Simple interest is paid on the principal amount borrowed and is not compounded. Read full simple interest definition.

Sticker Price

Sticker price is another term for manufacturer's suggested retail price or list price. Read full sticker price definition.

Subprime Borrower

A subprime borrower is an individual with a less-than-perfect credit rating. Read full subprime borrower definition.

Subprime Loan

A subprime loan is a loan offered to people who do not qualify for a conventional loan, either because of low income, a high loan-to-value ratio, or ... Read full subprime loan definition.

Subprime Mortgage

A subprime mortgage is a mortgage granted to a subprime borrower (an individual with less-than-perfect credit). Read full subprime mortgage definition.

T

10 Year ARM

A 10 year ARM is a loan with a fixed rate for the first 10 years that has a rate that changes once each year for the remaining life of the loan. Read full 10 year arm definition.

10 Year Fixed Rate Mortgage

A 10 year fixed rate mortgage is a loan with the same interest rate and payment over the entire 10 year life of the loan. Read full 10 year fixed rate mortgage definition.

2 Year ARM

A 2 year ARM is a loan with a fixed rate for the first 2 years that has a rate that changes once each year for the remaining life of the loan. Read full 2 year arm definition.

20 Year Fixed Rate Mortgage

The 20 year fixed rate mortgage is a good way to have fixed payments and shorten the term of your loan. You will build equity faster, pay less intere... Read full 20 year fixed rate mortgage definition.

25 Year Fixed Rate Mortgage

The 25 year fixed fixed rate mortgage is a good way to have fixed payments and shorten the term of your loan. You will build equity faster, pay less ... Read full 25 year fixed rate mortgage definition.

3 Year ARM

A 3 year ARM is a loan with a fixed rate for the first 3 years that has a rate that changes once each year for the remaining life of the loan. Read full 3 year arm definition.

30 Year Fixed Rate Mortgage

The 30 year fixed rate mortgage is one of the most popular home loans. Many people like the fixed interest rate and lower monthly payments. But since... Read full 30 year fixed rate mortgage definition.

Term

Term refers to the period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due. Read full term definition.

Title

A title is a document that gives evidence of an individual's ownership of property. Read full title definition.

Title Insurance

Title insurance is a policy, usually issued by a Title Insurance company, which guarantees that an owner has title to a property and insures against ... Read full title insurance definition.

U

Unsecured Debt

Unsecured debt is debt without collateral to back the loan in case of default. Read full unsecured debt definition.

Upside-Down Loan

A loan secured by a collateral that has depreciated in market value and is worth less than the balance owed. For example, if you owe $5,000 on a car ... Read full upside-down loan definition.

V

VA Loan

A VA loan is made by an approved lender and guaranteed by the Department of Veterans Affairs. Read full va loan definition.

Variable Rate Mortgage

A variable rate mortgage is one in which the interest rate is adjusted periodically based on an index. Read full variable rate mortgage definition.

Veteran’s Administration Loan

A Veteran’s Administration loan is made by an approved lender and guaranteed by the Department of Veterans Affairs Read full veteran’s administration loan definition.

W

Walk-Through

A walk-through is the final inspection done by a buyer, usually just before closing, to ensure that the property is as expected and any agreed-upon r... Read full walk-through definition.

X

There are no glossary terms.

Y

There are no glossary terms.

Z

There are no glossary terms.