Glossary of Mortgage & Lending Terms

Glossary of Mortgage & Lending Terms

A

Adjustable-Real Mortgage (ARM)

A mortgage loan with an interest rate that can change periodically, typically based on an index, resulting in varying monthly payments over time.

Amortization

The process of gradually paying off a mortgage loan through regular monthly payments, which includes both principal and interest.

Appraisal

An important process in the real estate industry. It involves the assessment of a property's value by a qualified appraiser to determine its market worth.

Adjustable-Real Mortgage (ARM)

A mortgage loan with an interest rate that can change periodically, typically based on an index, resulting in varying monthly payments over time.

B

Baloon Mortgage

A mortgage loan with an interest rate that can change periodically, typically based on an index, resulting in varying monthly payments over time.

C

Cash-Out Refinance

A mortgage loan with an interest rate that can change periodically, typically based on an index, resulting in varying monthly payments over time.

Closing Costs

A mortgage loan with an interest rate that can change periodically, typically based on an index, resulting in varying monthly payments over time.

Closing Disclosure

A mortgage loan with an interest rate that can change periodically, typically based on an index, resulting in varying monthly payments over time.