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| Index | Guide to national mortgage trends, used for adjustable mortgage rates
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| Interest | Charge for the use of other people's money
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| Loan-to-value ratio | (LVR) percentage of a property's market value that may be borrowed
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| Margin | Percentage charged by lender above index rate
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| New Jersey Housing and Mortgage Finance Agency | Lender of low interest money in certain areas
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| PITI | Mortgage payment, including interest, amortization, and certain expenses
(clue: **principal, interest, and tax & insurance reserves**)
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| Point | 1% of the loan amount, charged as extra up-front interest when loan is made
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| Private mortgage insurance | Protection for the lender on a low-down-payment mortgage loan
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| Straight loan | Mortgage with payments of interest only
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| Target area | Neighborhoods in which the state wishes to strengthen housing stock
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| VA mortgage |
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| Fannie Mae | A privately owned corporation that sets standards and buys mortgages
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| Blanket mortgage | Mortgage covering more than one parcel of real estate
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| Construction loan | Straight loan for short building period
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| Credit union | Cooperative organization for members who save and borrow
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| Freddie Mac | Federal Home Loan Mortgage Corporation;warehouses packages of mortgages
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| Ginnie Mae | Government National Mortgage Association; pools mortgages for investors
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| Home equity loan | Additional financing for homeowner;usually a type of second mortgage
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| Interim financing | Bridge or seeing loan for short-term financing before a sale
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| Jumbo loan | Loan higher than those usually bought by the secondary market
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| Mortgage Banker | Agent who brings together lender and borrower for a fee
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| Mortgage broker | Agent who makes real estate loans
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| Open-end mortgage | Mortgage that provides possibility for further borrowing
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| Package mortgage | Mortgage covering both real and personal property
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| Portfolio loan | Loan not intended for resale on the secondary market
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| Primary mortgage market | Lending institutions that make mortgage loans to the public
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| Purchase-money mortgage | Seller financing
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| Qualifying ratio | Percentage of income borrower may spend on housing expense
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| Regulation Z | Implements the Truth-in-Lending Act
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| Reverse mortgage | Mortgage in which lender sends regular checks, building up debt
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| Sale-leaseback | Arrangement by which seller becomes tenant
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| Shared equity mortgage | Loan in which investor shares payments and profits
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| Triggering term | Words in an ad that require full disclosure of financing conditions
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| Truth-in-Lending Act | Regulates consumer loans
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| Underwriting | Process of deciding whether to make specific loans
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| Wraparound mortgage | Additional *Larger loan that does not disturb underlying mortgage
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