The Williamson Team Real Estate Glossary

Acceleration Clause - A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed.

Acceptance - An offeree's consent to enter into a contract and be bound by the terms of the offer.

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

* 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

* 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

* 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

* 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

* 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

* 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

* 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

* 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)

* Joint Tenancy
* Judgment
* Judgment Lien
* Judicial Foreclosure
* Jumbo Loan

* 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

* 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

* Negative Amortization
* No Cash-Out Refinance
* Net Cash Flow
* Note
* Nonliquid Asset
* Note Rate
* Notice of Default

* 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

* 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

* Qualifying Ratios
* Quitclaim Deed
* Qualifying Guidelines

* 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)

* 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

* 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

* Underwriting
* Unsecured Loan

* 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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