PENFED HOME CENTER

HOME OWNERSHIP GLOSSARY

Abstract Exam

Acceleration Clause

Acceptance

Accepted Contract

Additional Principal Payment

Adjustable Rate Mortgage

Appraisal

Appraisal Fee

Appraised Value

Appraiser

Balloon Mortgage

Balloon Payment

Binder

Binder Deposit

Cancellation Clause

Cap

Capital

Capital Expenditures

Capital Improvement

Cash Out Refinance

Certificate of Eligibility

Certificate of Reasonable Value (CRV)

Close of Escrow

Closing

Closing Cost Item

Closing Costs

Closing Disclosure

Closing Statement

Commission

Commitment Letter

Convertibility Clause

Convertible ARM

Deed

Deed of Trust

Deed Stamp

Deed-in-lieu

Down Payment

Earnest Money

Easement

Easement by Prescription

Escrow

Escrow Account

Escrow Analysis

Escrow Payment

Fair Credit Reporting Act

Federal Housing Administration (FHA)

Federal Open Market Committee (FOMC)

FHA Co-insured Mortgage

FHA Mortgage

Fixed Rate Mortgage

Flood Certification

Flood Insurance

Foreclosure

Forfeiture

Fully Amortized ARM

Government National Mortgage Association (GNMA)

Home Equity Line of Credit (HELOC)

Home Equity Loan

Home Inspection

HUD

HUD Median Income

HUD-1 Statement

Interest Rate

Interest Rate Buy-down Plan

Jumbo Mortgage

Limited Cash Out Refinance

Loan Estimate

Loan Level Pricing Adjustment (LLPA)

Loan Origination

Loan Term

Loan to Value Ratio (LTV)

Lock

Mortgage Insurance

Mortgage Insurance Premium (MIP)

Mortgage Life Insurance

Mortgage Registration Fee

Mortgage Tax

Mortgagee

Mortgagor

Multifamily Mortgage

Offer to Purchase

P&I

Points

Pre-qualification

Principal

Principal & Interest

Principal Balance

Principal, Interest, Taxes, and Insurance (PITI)

Private Mortgage Insurance

Promissory Note

Property Taxes

Purchase Agreement

Rate

Rate Change Cap

Rate Lock

Settlement

Settlement or Closing Fee

Settlement Statement

Survey

Survey Affidavit

Tax Base

Tax Certificate

Tax Service Fee

Taxes and Other Unavoidable Fees

Term

Third Party Fees

Title

Title Company

Title Examination

Title Insurance

VA Funding Fee

VA Loan