Real Estate Glossary

Eileen Passananti
(908) 301-2880 Direct Line
Let's Get Started....Call 908-301-2880 Today or text EILEEN to 87778 on your mobile phone
Coldwell Banker Residential Brokerage
Westfield, NJ 07090
(908) 868-9471 Cell
(908) 232-0765 E-Fax
EPassananti@gmail.com Email

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Real Estate Glossary

A

Acceleration Clause

Acceptance

Additional Principal Payment

Adjustable-Rate Mortgage (ARM)

Adjusted Basis

Adjustment Date

Adjustment Period

Administrator

Affidavits

Affordability Analysis

Amenity

Amortization

Amortization Schedule

Amortization Term

Amortize

Annual Mortgagor Statement

Annual Percentage Rate (APR)

Annuity

Application

Appraisal

Appraised Value

Appraiser

Appreciation

Assessed Value

Assessment

Assessment Rolls

Assessor

Asset

Assignment

Assumable Mortgage

Assumption

Assumption Clause

Assumption Fee

Attorney-in-fact

Automated Underwriting

B

Balance Sheet

Balloon Mortgage

Balloon Payment

Bankrupt

Bankruptcy

Before-Tax Income

Beneficiary

Bequeath

Betterment

Bill of Sale

Binder

Biweekly Mortgages

Biweekly Payment Mortgage

Blanket Insurance Policy

Blanket Mortgage

Bona Fide

Bond

Breach

Bridge Loan

Broker

Budget

Budget Category

Building Code

Buydown Account

Buydown Mortgage

C

Call Option

Cap

Capacity

Capital

Capital Expenditure

Capital Improvement

CD-Indexed (Certificate of Deposit) ARMs

Certificate of Deposit

Certificate of Deposit Index

Certificate of Eligibility

Certificate of Reasonable Value (CRV)

Certificate of Title

Chain of Title

Change Frequency

Change Orders

Chattel

Clear Title

Closing

Closing Agent

Closing Cost Item

Closing Costs

Closing Date

Co-Maker

Coinsurance

Coinsurance Clause

Collateral

Collection

Commercial Banks

Commission

Commitment Letter

Common Area Assessments

Common Areas

Common Law

Community Land Trust Mortgage Option

Community Property

Community Seconds

Comparables

Compound Interest

Condemnation

Condition of the Home

Condominium

Condominium Conversion

Condominium Hotel

Construction Contract

Construction Loan

Contingencies for Repairs

Contract

Contractor

Conventional Mortgage

Convertibility Clause

Convertible ARM

Cooperative (co-op)

Cooperative Corporation

Cooperative Mortgages

Cooperative Project

Corporate Relocation

Cost of Funds Index (COFI)

Costs for Settling Into Your Home

Covenant

Credit

Credit Bureau

Credit History

Credit Life Insurance

Credit Profile

Credit Report

Credit Report Fee

Credit Reporting Agency

Credit Repository

Credit Scoring

Credit Unions

Creditor

Cash-Out Refinance

Cloud on Title

Contingency

Contingency for Clear Title

Contingency for Financing

Contingency for Personal Property

Contingency Reserve

D

Debt

Deed

Deed of Trust

Default

Delinquency

Department of Veternas Affairs (VA)

Deposit

Depreciation

Discount Points

Detached Single-Family Home

Direct Leveraging Loan Program

Down Payment

Dower

Due-on-sale Provision

Due-on-transfer Provision

Deed-in-Lieu

E

Equal Credit Opportunity Act (ECOA)

Earnest Money Deposit

Easement

Effective Age

Effective Gross Income

Eminent Domain

Encroachment

Encumbrance

Endorser

Equity

Errors in Credit Report

Escrow

Escrow Account

Escrow Analysis

Escrow Collections

Escrow Disbursements

Estate

Escrow Payment

Establishing a Credit Report

Eviction

Examination of Title

Exclusive Listing

Executor

F

Fair Credit Reporting Act

Fair Market Value

Fannie Mae (FNMA)

Federal Housing Administration (FHA)

Fee Simple

Fee Simple Estate

FHA Coinsured Mortgage

FHA Loans

FHA Mortgage

Final Walk-Through Inspection

Firm Commitment

Financial Index

Finder's Fee

First Mortgage

First and Second Mortgages

Fixed Installment

Fixed-Rate Mortgage

Fixed-Period Adjustable-Rate Mortgages

Fixture

Flood Insurance

Foreclosure

Forfeiture

Fully Amortized ARM

G

General Contractor

Good Faith Estimate

Governmnet Mortgage

Government National Mortgage Association

Grantee

Grantor

Ground Rent

Group Home

Growing-Equity Mortgage (GEM)

Guarantee Mortgage

Guaranteed Loan

H

Hazard Insurance

Home Equity Conversion Mortgage (HECM)

Home Equity Line of Credit

Home Inspection

Homeowner's Insurance

Homeowner's Insurance for Reverse Mortgages

Homeowners' Association

Homeowner's Warranty (HOW)

HomeStyle Construction-to-Permanent Mortgage

HomeStyle Mortgage Loan

Housing Expense Ratio

HUD-1 Statement

HUD Median Income

I

In-File Credit Report

Income Property

Index

Inflation

Initial Interest Rate

Installment

Installment Loan

Insurable title

Insurance

Insurance Binder

Insured Mortgage

Interest

Interest Accrual Rate

Interest Rate

Interest Rate Buydown Plan

Interest Rate Ceiling

Interest Rate Floor

Interest Rate for HECMs

InterestFirstSM Mortgage

Investment Property

IRA (Individual Retirement Account)

J

Joint Tenancy

Judgment

Judgment Lien

Judicial Foreclosure

Jumbo Loan

L

Late Charge

Lease

Lease-purchase Mortgage Loan

Lease-purchase Option

Leasehold Estate

Legal Description

Liabilities

Liability Insurance

LIBOR-based ARMs

Lien

Lifetime Payment Cap

Lifetime Rate Cap

Line of Credit

Liquid Asset

Loan

Loan Application

Loan Commitment

Loan Limit

Loan Origination

Loan Origination Fee

Loan Terms and Conditions

Loan-To-Value (LTV) Percentage

Lock-in

Lock-in Period

M

Manufactured Housing

Margin

Market Value

Master Association

Maturity

Maximum Claim Amount

Maximum Financing

Merged Credit Report

Modification

Money Market Account

Money Market Fund

Monthly Fixed Installment

Monthly Payment Mortgage

Mortgage

Mortgage Banker

Mortgage Banking Companies

Mortgage Broker

Mortgage Insurance

Mortgage Insurance Premium (MIP)

Mortgage Life Insurance

Mortgage-Related Closing Costs

Mortgagee

Mortgagor

Multidwelling Units

Multifamily Properties

Multifamily Mortgage

N

Negative Amortization

No Cash-Out Refinance

Net Cash Flow

Note

Nonliquid Asset

Note Rate

Notice of Default

O

Occupancy Date

Offer

Ongoing Costs

One-Year Adjustable-Rate Mortgage

Original Principal Balance

Origination Fee

Other Buyer Costs

Other Contingencies

Other Financial Companies

Owner Financing

P

Planned Unit Development (PUD)

Partial Payment

Payment Change Date

Periodic Payment Cap

Periodic Rate Cap

Permits

Personal Property

PITI

PITI Reserves

Planned Unit Development (PUD)

Point

Power of Attorney

Pre-Approval

Pre-Qualification

Prearranged Refinancing Agreement

Preforeclosure Sale

Prepayment

Prepayment Penalty

Prime Rate

Principal

Principal Balance

Private Mortgage Insurance (PMI)

Promissory Mote

Public Auction

Purchase and Sale Agreement

Purchase Money Transaction

Q

Qualifying Ratios

Quitclaim Deed

Qualifying Guidelines

R

Real Estate Settlement Procedures Act (RESPA)

Realtor

Radon

Rate Caps

Rate-Improvement Mortgage

Rate Lock

Ratified Sales Contract

Real Estate Agent

Real Estate Attrorney

Real Property

Recorder

Recission

Recording

Refinance Transaction

Rehabilitation Escrow Account

Rehabilitation Mortgage

Remaining Balance

Remaining Term

Rent Loss Insurance

Rent with Option to Buy

Repayment Plan

Replacement Reserve Fund

Reverse Mortgage Counseling

Revolving Liability

RHS Loans

Right of First Refusal

Right of Ingress or Engress

Right of Survivorship

Rural Housing Service (RHS)

S

Sale-Leaseback

Second Mortgage

Secondary Mortgage Market

Savings and Loans

Secured Loan

Security

Seller Take-Back

Servicer

Seller Versus Buyer Closing Costs

Servicing

Settlement

Settlement Sheet

Single-Family Properties

Six-Month Adjustable-Rate Mortgage

Special Deposit Account

Standard Payment Calculation

Subdivision

Step-Rate Mortgage

Subordinate Financing

Subsidized Second Mortgage

Survey

Sweat Equity

T

Truth-in-Lending

Taxes and Insurance

Tenancy in Common

Tenancy by the Entirety

Tenant-Stockholder

Termite Inspection

Third-Party Origination

Thrifts

Title

Title Search

Title Company

Title Insurance

Total Expense Ratio

Transfer of Ownership

Townhouse

Trade Equity

Transfer Tax

Treasury Index

Trustee

Truth-in-Lending

Two-Step Mortgage

Two-to Four-Family Property

U

Underwriting

Unsecured Loan

V

VA Mortgage

Vested

Veterans Administration (VA)

W-Z

Ways of Obtaining a Loan

What-if Analysis

Wraparound Mortgage

What-if Scenario

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