Definitions and explainations of mortgage terminology.
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Mortgage Glossary
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80 10 10 - A combo loan with an 80% LTV first mortgage, a 10% LTV second mortgage and a 10% down payment. |
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Mortgage Glossary
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Adjustable Rate Mortgage ( ARM ) - A mortgage in which the interest rate and payment changes periodically over the life of the loan based on changes in a specified index. The changes are usually subject to a cap . Adjustable rate mortgage loans are covered by regulations that require, at a minimum, disclosure of the circumstances under which the rate may increase, any limitations on the increase, the effects of an increase and an example of the payment terms that would result from an increase. |
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Mortgage Glossary
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Amortization – When a loan is amortized, the monthly payment amount is based on a formula that usually will reduce the principal amount of your loan to zero at the end of a specific time period, for example 30 years. Initially, most of the payment goes to interest but over time more of the payment goes to principal until it is all paid off. |
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Mortgage Glossary
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Annual Percentage Rate (APR) - The APR is a calculation based on a standardized government formula designed to reflect the true annual cost of borrowing, expressed as a percentage. |
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Mortgage Glossary
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Application Fee - Fees that some lenders charge upfront when taking an application. It's usually used to pay for initial expenses such as credit reports and property appraisals.
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Mortgage Glossary 
