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Economic Terms
  3/1, 5/1, 7/1 and 10/1 ARMs
  7/23 and 5/25 Mortgages
  Acceleration
  Adjustable Rate Mortgage
  Adjusted Basis
  Adjustment Date
  Adjustment Interval
  Adjustment Period
  Affordability Analysis
  Amortization
  Amortization Term
  Annual Percentage Rate
  Appraisal
  Appraised Value
  APR
  ARM
  Assessment
  Assignment
  Assumability
  Assumption
  Assumption Fee
  Balloon Mortgage
  Balloon Payment
  Biweekly Payment Mortgage
  Blanket Mortgage
  Borrower
  Bridge Loan
  Broker
  Buy Down
  Caps
  Caps (payment)
  Cash Flow
  Certificate of Eligibility
  Certificate of Reasonable Value
  Certificate of Veteran Status
  Change Frequency
  Closing
  Closing Costs
  COFI
  Conforming
  Construction Loan
  Consumer Reporting Agency
  Contract Sale or Deed
  Conventional Loan
  Conversion Clause
  Credit Report
  Credit Risk Score
  Debt-to-Income Ratio
  Deed of Trust
  Default
  Deferred Interest
  Delinquency
  Department of Veterans Affairs
  Discount Point
  Down Payment
  Due-on-Sale-Clause
  Earnest Money
  ECOA
  Entitlement
  Equal Credit Opportunity Act
  Equity
  Escrow
  Escrow Disbursements
  Escrow Payment
  Fannie Mae
  Farmers Home Administration
  Federal Home Loan Bank Board
  Federal Home Loan Mortgage Corporation
  Federal Housing Administration
  Federal National Mortgage Association
  FHA
  FHA Loan
  FHA Mortgage Insurance
  FHLBB
  FHLMC
  FHLMC
  Firm Commitment
  First Mortgage
  Fixed Installment
  Fixed Rate Mortgage
  FNMA
  FNMA
  Foreclosure
  Freddie Mac
  Fully Amortized ARM
  GEM
  Ginnie Mae
  GNMA
  Government National Mortgage Association
  GPM
  Graduated Payment Mortgage
  Growing Equity Mortgage
  Guarantee Mortgage
  Guaranty
  Hazard Insurance
  HELOC
  Housing Expenses-to-Income Ratio
  HUD-1 Statement
  Impound
  Index
  Indexed Rate
  Initial Interest Rate
  Installment
  Insured Mortgage
  Interest
  Interest Accrual Rate
  Interest Rate Buydown Plan
  Interest Rate Ceiling
  Interest Rate Floor
  Interim Financing
  Investor
  Jumbo Loan
  Late Charge
  Lease-Purchase Mortgage Loan
  Liabilities
  Lien
  Lifetime Payment Cap
  Lifetime Rate Cap
  Loan
  Loan Discount Points
  Loan to Value Ratio
  Lock
  Margin
  Market Value
  Maturity
  MIP
  Monthly Fixed Installment
  Mortgage
  Mortgage Banker
  Mortgage Broker
  Mortgage Insurance
  Mortgage Life Insurance
  Mortgagee
  Mortgagor
  Mortgagor
  Negative Amortization
  Net Effective Income
  Non Assumption Clause
  Non-Conforming
  Note
  Office of Thrift Supervision
  One Year Adjustable Rate Mortgage
  Origination Fee
  Owner Financing
  PAM
  Payment Change Date
  Periodic Payment Cap
  Periodic Rate Cap
  Permanent Loan
  PITI
  PITI
  Pledged Account Mortgage
  PMI
  Points
  Power of Attorney
  Preapproval
  Prepaid Expenses
  Prepayment
  Prepayment Penalty
  Primary Mortgage Market
  Principal
  Principal Balance
  Principal, Interest, Taxes, and Insurance
  Private Mortgage Insurance
  Qualifying Ratios
  RAM
  Rate Lock
  Real Estate Agent
  Real Estate Settlement Procedures Act
  Realtor
  Recission
  Recording Fees
  Refinance
  Renegotiable Rate Mortgage
  RESPA
  RESPA
  Reverse Annuity Mortgage
  Revolving Liability
  SAM
  Satisfaction of Mortgage
  Second Mortgage
  Secondary Mortgage Market
  Security
  Seller Carry Back
  Servicer
  Servicing
  Settlement/Settlement Costs
  Shared Appreciation Mortgage
  Simple Interest
  Standard Payment Calculation
  Step Rate Mortgage
  Survey
  Sweat Equity
  Third Party Origination
  Title
  Title Insurance
  Title Search
  Total Expense Ratio
  Truth in Lending
  Two Step Mortgage
  Underwriting
  Usury
  VA
  VA Loan
  VA Mortgage Funding Fee
  Variable Rate Mortgage
  Verification of Deposit
  Verification of Employment
  VOD
  VOE
  VRM
  Warehouse Fee
  Wraparound Mortgage
 
 

Glossary of Mortgage Terms
 

Amortization

Loan payment divided into equal periodic payments calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.