July 23, 2008    Home About 1st Choice Contact Us View Your Broker Testimonials Today’s Market Mortgage Programs Credit Concerns Documents Needed Media Mortgage Terms Calculators Links   3/1, 5/1, 7/1 and 10/1 ARMs 7/23 and 5/25 Mortgages Acceleration Adjustable rate mortgage (ARM) Adjusted Basis Adjustment Date Adjustment interval Adjustment Period Affordability AnalysisAmortization Amortization Term Annual percentage rate (A.P.R.) Appraisal Appraised Value Assessment Assignment Assumability Assumption Assumption Fee Balloon Mortgage Balloon Payment Biweekly Payment Mortgage Blanket Mortgage Borrower (Mortgagor) Bridge Loan Broker Buy-down Caps (interest) Caps (payment) Cash Flow Certificate of Eligibility Certificate of Reasonable Value (CRV) Certificate of veteran status Change Frequency Closing Closing Costs COFI Construction loan Consumer Reporting Agency (or Bureau) Contract sale or deed: Conventional loan Conversion Clause Credit Report Credit Risk Score Debt-to-Income Ratio Deed of trust Default Deferred interest Delinquency Department of Veterans Affairs (VA) Discount Point Down Payment Due-on-Sale-Clause Earnest Money Entitlement Equal Credit Opportunity Act (ECOA) Equity Escrow Escrow Disbursements Escrow Payment Fannie Mae Farmers Home Administration (FmHA) Federal Home Loan Bank Board (FHLBB) Federal Home Loan Mortgage Corporation(FHLMC) also called Freddie MacFederal Housing Administration (FHA) Federal National Mortgage Association (FNMA) also know as Fannie MaeFHA loan FHA mortgage insurance FHLMC Firm Commitment First Mortgage Fixed Installment Fixed Rate Mortgage FNMA Foreclosure Freddie Mac Fully Amortized ARM Ginnie Mae Government National Mortgage Association (GNMA) Graduated Payment Mortgage (GPM) Growing-Equity Mortgage (GEM) Guarantee Mortgage Guaranty Hazard Insurance Housing Expenses-to-Income Ratio HUD-1 statement Impound Index Indexed rate Initial Interest Rate Installment Insured Mortgage Interest Interest Accrual Rate Interest Rate Buydown Plan Interest Rate Ceiling Interest Rate Floor Interim Financing Investor Jumbo Loan Late Charge Lease-Purchase Mortgage Loan Liabilities Lien Lifetime Payment Cap Lifetime Rate Cap Loan Loan-to-Value Ratio Lock Margin Market Value Maturity MIP (Mortgage Insurance Premium) Monthly Fixed Installment Mortgage Mortgage Banker Mortgage Broker Mortgage Insurance Mortgage Life Insurance Mortgage TerminologyMortgagee Mortgagor Negative Amortization Net Effective Income Non Assumption Clause Note Office of Thrift Supervision (OTS) One-year adjustable Origination Fee Owner Financing Payment Change Date Periodic Payment Cap Periodic Rate Cap Permanent Loan PITI Pledged account Mortgage (PAM): Points (loan discount points) Power of Attorney Pre-Approval Prepaid Expenses Prepayment Prepayment Penalty Primary Mortgage Market Principal Principal Balance Principal, Interest, Taxes, and Insurance (PITI) Private Mortgage Insurance (PMI) Qualifying Ratios Rate Lock Real Estate Agent Real Estate Settlement Procedures Act (RESPA) Realtor® Recission Recording Fees Refinance Renegotiable Rate Mortgage RESPA Reverse Annuity Mortgage (RAM) Revolving Liability Satisfaction of Mortgage Second Mortgage Secondary Mortgage Market Security Seller Carry-back Servicer Servicing Settlement/Settlement Costs Shared Appreciation Mortgage (SAM) Simple Interest Standard Payment Calculation Step-Rate Mortgage Survey Sweat Equity Third-party Origination Title Title Insurance Title Search Total Expense Ratio Truth-In-Lending Two-Step Mortgage Underwriting Usury VA Loan VA Mortgage Funding Fee Variable Rate Mortgage (VRM) Verification of Deposit (VOD) Verification of Employment (VOE) Warehouse Fee Wraparound mortgage           Home  .   About 1st Choice  .   Contact Us  .   View Your Broker  .   Today’s Market  .   Popular Topics  .   Mortgage Programs  .   Credit Concerns  .   Documents Needed  .   Mortgage Terms  .   Calculators  .   Links