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Mortgage Glossary

Adjustable Rate Mortgage (ARM)

Annual Percentage Rate (APR)

Balancing

Buying Agent

Cash Out Refinance

Cash to Close

Closing

Closing Costs

Collateral

Comparable Sales

Conforming Mortgage

Conventional Loans

Credit Check

Credit Score

DTI - Debt to Income

Disbursement

Down Payment

Earnest Money Deposit

Equity

Escrow Account

FHA Loan

Fixed Rate Mortgage

Forbearance

Foreclosure

Gift Letter

High Balance Loan

Home Equity Line of Credit

Housing Ratio

IPAC (Income, Property, Assets, Credit)

Installment Debt

Interest Rate

Investment Home

Jumbo Loan

LTV (Loan to Value)

Land Contract

Lender Credits

Lien

Loan Commitment

Loan Estimate

Loan Originator

Loan Processor

Market Value

Modifications

Mortgage Broker

Mortgage Insurance Premium

Mortgage Note

Mortgage Recast

Non Qualified Mortgage

Origination Fee

Planned Unit Development (PUD)

Points

Pre-Approval

Pre-Payment Penalty

Prepaids

Primary Residence

Principal

Principal Interest Taxes and Insurance (PITI)

Principal Reduction

Private Mortgage Insurance (PMI)

Property Inspection Waiver (PIW)

Purchase Agreement

Rate Lock

Real Estate Agent

Refinance

Reserves

Retail Lender

Secondary Home

Sellers Agent

Sellers Credits

Servicer

Settlement Fees

Subordination

Third Party Fees

USDA Loans

Underwriting

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