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Mortgages Chapter

TermDefinition
Adjustable Rate Mortgage Mortgage with changing interest rate
Balloon Mortgage A mortgage in which the entire remaining balance of the loan is due in one single payment
Buy Down Mortgage A mortgage in which the borrower prepays part of the interest to get a lower rate
Escrow An amount paid in advance to the lender from which the lender pays real estate taxes
Equity The difference between what an item is worth and what is owed on it
Fixed Rate Mortgage Loans with a fixed interest rate for the life of the loan
Foreclosure The court-ordered sale of a property when the mortgage is not paid
Loan to Value A relationship which is the value of the loan compared to the value of the asset
Mortgage A note, usually long term, secured by real property. It places a lien on the property that is not released until the debt is paid
PITI Housing costs that the lender considers in the loan analysis and that are itemized on the monthly mortgage statement
Point A value equal to one percent of the loan
Redlining A practice in which banks refuse to lend to residents of certain neighborhoods
Reverse Mortgage A consumer loan tied to the appreciated value of a property
Shared Appreciation Mortgage A mortgage that can lower interest rates for borrowers who agree to share later with the lender some part of the amount the house appreciates.
Home Mortgage Disclosure Act Requires banks and other financial institutions to record and report data on home lending in order to identify possible discriminatory patterns.
Home Ownership and Equity Protection Act Protect consumers against predatory lending
Real Estate Settlement Procedures Act Protects consumers from hidden costs or expensive surprises at closing time.
Federal Housing Administration Now called the Office of Housing, guarantees loans with low down payments to help people obtain housing who perhaps could not otherwise afford it
Consumer Reporting Agency Company that compiles and sells credit records
Equal Credit Opportunity Act Prohibits the use of race, color, religion, national origin, marital status, age, receipt of public assistance, or exercise of any consumer right against a lender as a factor in determining creditworthiness
Created by: enix
 

 



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