Mortgage Glossary
An overview of the most important mortgage-related terms and their meaning:
Amortization
Annual Percentage Rate (APR)
Appraisal
Appreciation
Assessment
Assumable Mortgage
Bankruptcy
Biweekly Mortgage
Closing
Collateral
Conforming Loan
Construction Loan
Contingency
Contract for Deed
Co-signer
Deed of Trust
Depreciation
Earnest Money
Equity
Escrow
Foreclosure
Good Faith Estimate
Home Inspection
Interest
Jumbo Mortgage
Lien
Liquid Assets
Note
Owner Financing
Points
Prepaid Expenses
Principal
Private Mortgage Insurance (PMI)
Purchase Agreement
Recorder
Repossession
Rescission
Secured Loan
Settlement Statement
Sub-prime Mortgage
Survey
Title
Title Insurance
Title Search
Underwriting
Variable Interest Rate
Verification of Employment
Walk-through