Real Estate Terms

 

This section contains a dictionary-style list of common real estate and mortgage terms. The terms and vocabulary of the real estate industry can be confusing at times so we have tried to create these pages to be as user friendly yet still as comprehensive as possible. These pages are intended to help you to better understand some of the terms more clearly but should not be taken as legal definitions or as legal advise. If you are confused about anything you come across in any real estate transaction, contract, or purchase agreements you should speak to your real estate agent or seek the council of an attorney. We hope that you find these pages of value.
 

A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z

401K
401(k)/403(b) loan

A
 acceleration clause
acceptance
acre
additional principal payment
adjustable-rate mortgage (ARM)
adjusted basis
adjustment date
adjustment period
administrator
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

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B
balance sheet
balloon mortgage
balloon payment
bankrupt
bankruptcy
before-tax income
beneficiary
bequeath
betterment
bill of sale
binder
biweekly payment mortgage
blanket insurance policy
blanket mortgage
bona fide
bond
bond market
breach
bridge loan
broker
budget
budget category
building code
buydown
buydown account
buydown mortgage

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C
 call option
cap
capital
capital expenditure
capital improvement
cash-out refinance
certificate of deposit
certificate of deposit index
certificate of eligibility
certificate of reasonable value (CRV)
certificate of title
chain of title
change frequency
chattel
clear title
closing
closing costs
closing cost item
closing statement
cloud on title
coinsurance
coinsurance clause
co-borrower
collateral
collection
co-maker
commission
commitment letter
common area assessments
common areas
common law
community property
comparable sales
comparables
compound interest
condemnation
condominium
condominium hotel
conforming loan
construction loan
consumer bureau
contingency
contract
conventional mortgage
convertibility clause
convertible ARM
cooperative (co-op)
cooperative mortgages
corporate relocation
covenant
credit
credit history
credit life insurance
creditor
credit report
credit repository

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D
debt
deed
deed-in-lieu
deed of trust
default
delinquency
deposit
depreciation
discount points
dower
down payment
due-on-sale provision

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E
earnest money deposit
easement
effective age
effective gross income
eminent domain
Employer-assisted housing
encroachment
encumbrance
endorser
Equal Credit Opportunity Act (ECOA)
equity
escrow
escrow account
escrow analysis
escrow collections
escrow disbursements
escrow payment
estate
eviction
examination of title
exclusive agency listing
exclusive listing
executor

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F
Fair Credit Reporting Act
fair market value
Fannie Mae
Fannie Mae's Community
Fannie Mae's Community Home Buyer's Program
Fannie 97®
Federal Housing Administration (FHA)
fee simple
fee simple estate
FHA coinsured mortgage
FHA mortgage
finder's fee
firm commitment
first mortgage
fixed installment
fixed-rate mortgage (FRM)
fixture
flood insurance
foreclosure
forfeiture
401(k)/403(b)
401(k)/403(b) loan
fully amortized ARM

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G
government loan (mortgage)
government mortgage
Government National Mortgage Association (Ginnie Mae)
grantee
grantor
ground rent
group home
growing-equity mortgage (GEM)
guarantee mortgage
guaranteed loan

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H
hazard insurance
Home Equity Conversion Mortgage (HECM)
home equity line of credit
home inspection
HomeKeeper
homeowners' association
homeowner's insurance
homeowner's warranty (HOW)
HomeStyle® Mortgage Loan
housing expense ratio
HUD median income
HUD-1 statement

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I
income property
index
in-file credit report
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
investment property
IRA (Individual Retirement Account)

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J
joint tenancy
judgment
judgment lien
judicial foreclosure
jumbo loan

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K
(K-Sorry their are currently no terms for this letter)

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L
 late charge
lease
leasehold estate
lease-purchase mortgage loan
legal description
lender
liabilities
liability insurance
lien
lifetime payment cap
lifetime rate cap
line of credit
liquid asset
loan
loan commitment
loan officer
loan origination
loan servicing
loan-to-value (LTV) percentage
lock-in
lock-in period

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M
margin
master association
maturity
maximum financing
merged credit report
MIBOR
modification
money market account
money market fund
monthly fixed installment
monthly payment mortgage
mortgage
mortgage banker
mortgage broker
mortgagee
mortgage insurance (MI)
mortgage insurance premium (MIP)
mortgage life and disability insurance
mortgagor
Multi-dwelling units
Multi-family mortgage

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N
negative amortization
net cash flow
net worth
no cash-out refinance
no-cost loan
non-liquid asset
no-points loan
note
note rate
notice of default

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O
original principal balance
origination fee
owner financing

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P
partial payment
payment change date
periodic payment cap
periodic rate cap
personal property
PITI
PITI reserves
planned unit development
point
power of attorney
pre-approval
prearranged refinancing agreement
pre-foreclosure sale
prepayment
prepayment penalty
pre-qualification
prime rate
principal
principal balance
principal, interest, taxes, and insurance (PITI)
private mortgage insurance (MI)
promissory note
public auction
purchase and sale agreement
purchase money transaction

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Q
qualifying ratios
quitclaim deed

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R
radon
rate-improvement mortgage
rate lock
real estate agent
Real Estate Settlement Procedures Act (RESPA)
real property
REALTOR®
rescission
recorder
recording
refinance transaction
rehabilitation mortgage
remaining balance
remaining term
rent loss insurance
rent with option to buy
repayment plan
replacement reserve fund
revolving liability
right of first refusal
right of ingress or egress
right of survivorship
Rural Housing Service (RHS)

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S
sale-leaseback
second mortgage
secondary mortgage market
secured loan
security
seller carry-back
servicer
servicing
settlement
settlement sheet
special deposit account
standard payment calculation
step-rate mortgage
subdivision
subordinate financing
subsidized second mortgage
survey
sweat equity

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V
VA mortgage
vested
Veterans Administration (VA)

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W
what-if analysis
what-if scenario
wraparound mortgage

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X
(X-Sorry their are currently no terms for this letter)

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Y
(Y-Sorry their are currently no terms for this letter)

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Z
(Z-Sorry their are currently no terms for this letter)
 

 

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