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Unit 14

TermDefinition
Adjustable Rate Mortgage A mortgage loan in which the interest rate may increase or decrease at specific intervals, following economic indicator
Amortization Schedule Written listing of each payment broken down into interest, principal, and remaining debt
Amortized Loan A loan in which the principal as well as the interest is payable monthly or other periodic installments over the term of the loan, resulting in a zero balance due at the end of the term
Assumable Of a mortgage, able to be transferred to another owner of the property. (Someone takes over your loan)
Biweekly Mortgage Repayment plan in which half the monthly payment is made every 2 weeks, the equivalent of 13 full monthly payments in a year
Broker's Price Opinion Licensee's written estimate of market value, used by lenders and mortgage companies where they believe the expense and delay of an appraisal is not needed
Buydown Payment of extra up front points in return for lower interest rate
Cap With an adjustable rate mortgage, a limit, usually in percentage points, on how much the interest rate or payment might be raised in each adjustment period
Ceiling With an adjustable rate mortgage, a limit, usually in percentage points, beyond which interest rates or monthly payments on a loan may never rise. Sometimes known as a lifetime cap.
Certificate of Reasonable Value VA appraisal statement
Equity The interest or value that an owner has in property over and above any mortgage indebtedness and other liens
Federal Housing Administration (FHA) Insures low down payment mortgages
FHA 203(b) The most popular FHA mortgage plan, with 3% or less required for down payment
Loan-to-Value Ratio (LTV) Ratio between properties value and the amount lent on it
Negative Amoritization Gradual building up a large mortgage debt when payments are not sufficient to cover interest due and reduce the principal
NJ Housing and Mortgage Finance Agency (NJHMFA) Lender of low interest mortgage money in certain target area
PITI Principal - Interest - Taxes - Insurance Components of a regular mortgage payment
Points A unit of measurement used for various loan chargers; one point = 1% of the loan amount
Private Mortgage Insurance Insurance that limits a lenders potential loss in a mortgage default
Rate Lock A guarantee by the lenders to issue the loan at the quoted interest rate, under some conditions, the rate can still change.
Straight (Term) Loan Interest only mortgage
Target Area Neighborhoods in which the state wishes to strengthen housing stock
VA (Veteran Affairs) Mortgage A mortgage loan on approved property made to qualified veteran by an authorized lender and guaranteed by the department of veteran affairs
Your Home Loan Toolkit: A step by step guide A 28 page booklet issued by the Consumer Financial Protection Bureau that discusses the process of obtaining the best mortgage, understanding closing costs, and ways to be a successful homeowner.
Created by: MAK89
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