Term
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Definition
plan with interest rate changed either up or down periodically
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Term
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Definition
states that a buyer getting an FHA loan can rescind the contract if the appraisal is lower than the purchase price
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Term
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Definition
listing of each payment: interest, principal paid, remaining debt
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Term
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Definition
repayment plan including principal payments; gradually reduces debt
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Term
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Definition
mortgage can be taken over by next buyer
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Term
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Definition
repayment plan, the equivalent of 13 monthly payments per year
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Term
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Definition
written estimate of value by a real estate licensee
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Term
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Definition
loan with monthly payments including property taxes and insurance
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Term
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Definition
payment of extra points in return for lower interest rate
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Term
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Definition
percentage beyond which interest rate cannot be raised at adjustment
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Term
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Definition
highest interest rate ever allowed on a specific adjustable loan
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Term
Certificate of Reasonable Value
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Definition
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Term
Federal Housing Administration
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Definition
U.S. agency that insures mortgage to protect lending institutions
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Term
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Definition
low down-payment insured mortgage loan
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Term
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Definition
guide to national mortgage trends, used for adjustable mortgage rates
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Term
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Definition
charge for the use of other people’s money
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Term
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Definition
percentage of a property’s market value that may be borrowed
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Term
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Definition
percentage charged by lender above index rate
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Term
New Jersey Housing and Mortgage Finance Agency
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Definition
lender of low-interest money in certain areas
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Term
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Definition
mortgage payment, including interest, amortization, and certain expenses
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Term
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Definition
1% of the loan amount, charged as extra up-front interest when loan is made
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Term
Private mortgage insurance
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Definition
protection for the lender on a low-down-payment mortgage loan
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Term
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Definition
mortgage with payments of interest only
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Term
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Definition
lender of low-interest money in certain areas
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Term
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Definition
loan guaranteed by federal government
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