Mortgage Dictionary

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Mortgage Dictionary

Buying a house is the biggest purchase most people will ever make, and buying a house means in most cases getting a mortgage loan. The fact that a mortgage (or rent) is usually the single biggest expense in a family budget, underscores the importance of proper mortgage education. Understanding all important mortgage terms, will help consumer make educated choices about their mortgage, without going into too much debt. Our mortgage dictionary explains the most popular words and phrases used in the mortgage industry, which every homebuyer will have to learn sooner or later. The mortgage definitions contain plenty of examples for better illustration of the discussed concepts.

Adjustable-Rate Mortgage (ARM) Amortization Annual Percentage Rate Appraisal Appreciation Assumable Mortgage Balloon Mortgage Bankruptcy Borrower Bridge Loan Canada Home Buyers Plan Canada Mortgage and Housing Corporation Capital gains Carrying Costs Cash-out refinance Certificate of Title Closing Collateral Condominium Conventional Mortgage Convertible mortgage Credit Credit bureau Credit card Creditor Debt

Debt Consolidation Debt to Income Ratio Debtor Deed Default Delinquency Depreciation Discharge Down payment Duplex Equity Fair Market Value Fannie Mae Federal tax lien Fha First Mortgage Fixed-Rate Mortgage Foreclosure Freddie Mac Home Equity Line Of Credit Home Insurance Homestead Index Interest Interest rate Jumbo mortgage

Land Leasehold Lender Leverage Liabilities Lien Line of credit Liquid assets Loan Loan to Value Margin Market value Mortgage Mortgage Broker Mortgage Insurance Mortgage Payment Options Mortgage Types Mortgagee Mortgagor Negative Amortization Note Origination fee Personal Loans Piti Prepayment Penalty Prime rate

Principal Promissory note Property tax Purchase agreement Qualify Real property Refinancing Reverse Mortgage Rural Second mortgage Secured Credit Cards Seller Financing Simple interest Sub-prime borrower Subprime Lenders Suburban Survey Tax lien Term Title Townhouse Trust deed Urban Valuation Variable rate mortgage

If you need a mortgage related term explained and you don't see it in our mortgage dictionary, don't hesitate to contact us, with request to add it. Our mortgage site is and it will always be a work in progress, adding relevant mortgage articles and information regularly. Bookmark Mortgage Dictionary and check for new mortgage information frequently.

If you want to calculate your mortgage payments you can do it here.