Mortgage Glossary

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A

Acceleration Clause

Additional Principal Payment

Adjustable-Rate Mortgage (ARM)

Adjustment Date

Adjustment Period

Affordability Analysis

Amortization Term

Annual Percentage Rate (APR)

Appraised Value

B

Balloon Mortgage

Balloon Payment

Before-tax Income

Biweekly Payment Mortgage

C

Certificate of Eligibility

Certificate of Reasonable Value (CRV)

Change Frequency

Compound Interest

Consumer Reporting Agency (or Bureau)

Conversion Clause

Credit Risk Score

D

E

Effective Gross Income

Escrow Disbursements

F

Fixed Installment

Fixed-Rate Mortgage (FRM)

Fully Amortized ARM

G

Growing-Equity Mortgage (GEM)

Guarantee Mortgage

H

Housing Expense Ratio

HUD-1 statement

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)

I

Initial Interest Rate

Insured Mortgage

Interest Accrual Rate

Interest Rate Buydown Plan

Interest Rate Ceiling

Interest Rate Floor

L

Lease-Purchase Mortgage Loan

Lifetime Payment Cap

Lifetime Rate Cap

Loan-to-Value (LTV) Percentage

M

Monthly Fixed Installment

Mortgage Banker

Mortgage Broker

Mortgage Insurance

Mortgage Insurance Premium (MIP)

Mortgage Life Insurance

N

Negative Amortization

Non Liquid Asset

O

Origination Fee

Owner Financing

P

Payment Change Date

Periodic Payment Cap

Periodic Rate Cap

Prepayment Penalty

Principal Balance

Principal, Interest, Taxes, and Insurance (PITI)

Private Mortgage Insurance (PMI)

Q

Qualifying Ratios

R

Real Estate Agent

Real Estate Agent®

Revolving Liability

S

Secondary Mortgage Market

Seller Carry-back

Standard Payment Calculation

Step-Rate Mortgage

T

Third-party Origination

Total Expense Ratio

Truth-in-Lending

Two-step Mortgage

U

V

W

Wrap Around Mortgage

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2/1 Buy Down Mortgage

Absolute Home Mortgage Corporation, dba Crown Home Mortgage. 330 Passaic Avenue, Suite 204, Fairfield NJ 07004. NMLS ID # 176743 (www.nmlsconsumeraccess.org); Please visit https://absolutehomemortgage.com/state-licensing/ for full state licensing information. Equal Housing Lender.

Mortgage loan applications for properties located in New York will be accepted through this site under the name Absolute Home Mortgage Corporation dba Crown Home Mortgage.

This Website is provided by Absolute Home Mortgage Corporation. Any materials were not provided by HUD or FHA. It has not been approved by FHA or any Government Agency.
In accordance with the Equal Credit Opportunity Act, Absolute Home Mortgage does not discriminate against any applicant on the basis of race; color; religion; creed; national origin; ancestry; sex; marital status; familial status (number and age of children); sexual orientation; age (provided that the applicant has the capacity to enter into a binding agreement); medical history; disability; physical condition; military status; because the applicant has in good faith exercised any right under the Consumer Credit Protection Act or the Service members Civil Relief Act (SCRA); that all or part of a consumer’s income derives from a public assistance program; or any other basis prohibited by law. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. “Absolute & Absolute Home Mortgage Corporation” is a registered trademark of the Absolute Home Mortgage Corporation, a NJ Corporation. 330 Passaic Avenue, Fairfield NJ 07004 NMLS #176743.

© Jim Butz – Loan Officer at Crown Home Mortgage. NMLS #9258, All Rights Reserved.

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