Mount Vernon Ohio Knox County Real Estate Realtor

Realtor Jargon:
Assumption clause -
A provision that allows a buyer to take responsibility for the mortgage from a seller.

Accelerated cost recovery system	Acceleration clause	Acceptance
Addendum	Additional principal payment	Adjustable rate mortgage (ARM)
Adjustment period	Agency closing	Agency disclosure
Agreement of sale	Alienation clause	Alternative mortgage
Amortization	Amortization tables	Amortization term
Annual mortgagor statement	Annuity	Application fee
Appraisal	Appraisal fee	Appraisal report
Appraised value	Appreciation	APR (annual percentage rate)
ARM (adjustable rate mortgage)	ARM index	Assessed value
Assessment	Assets	Assignment
Assignor	Assumable mortgage	Assumption clause
Assumption fee	Back title letter	Back end ratio
Balance sheet	Balloon loan	Balloon payment
Bankruptcy	Base loan amount	Basis point
Before-tax income	Bill of sale	Binder
Binder	Biweekly mortgage	Blanket mortgage
Book value	Break-even point	Bridge loan
Broker	Brokerage	Buydown mortgage
Buyer's remorse	Call option	Cap
Capitalization	Capitalization rate	Caps (Interest Rate Caps)
Carryback financing	Cash flow	Cash-out refinance
Cashier's check	Certificate of deposit index (CODI)	Certificate of eligibility
Certificate of occupancy (CO)	Certificate of Reasonable Value (CRV)	Certificate of veteran status
Chain of title	Clear title	Closing
Closing costs	Closing statement	Cloud on title
Co-signer	COFI Index (Cost of Funds Index)	Commercial Mortgage
Commercial Mortgage Broker	Commercial Mortgage Lender	Commitment
Commitment fee	Comparables	Compound interest
Conditional commitment	Conditional sale	Conforming loan
Construction documents	Construction loan	Construction-to-permanent loan
Conventional loan	Convertible adjustable-rate mortgage	Cooperative mortgage
Courier fee	Credit history	Credit life insurance
Credit rating	Credit report	Credit repository
Credit Risk Score	Credit Score	Debt
Debt-to-Income Ratio	Deed	Deed of trust
Default	Delinquency	Delinquent mortgage
Department of Veterans Affairs (VA)	Deposit	Disclosure
Discount points	Document needs list	Documentation Preparation Fee
Down payment	Draw	Due on Sale clause
Earnest money	Earthquake insurance	Easement
Encumbrance	End loan	Entitlement
Equal Credit Opportunity Act (ECOA)	Equifax	Equity
Errors and omissions insurance	Escrow	Escrow account
Escrow agent	Escrow closing	Escrow company
Escrow Disbursements	Escrow payment	Estate
Estimated closing costs	Estimated hazard insurance	Estimated property taxes
Examination of title	Executed contract	Experian
Fair Credit Reporting Act	Fair Housing Act	Fannie Mae
Farmer's Home Administration (FMHA)	Federal Home Loan Mortgage Corporation (FHLMC)	Federal Housing Administration (FHA)
Federal National Mortgage Association (FNMA)	FHA loans	FHA Mortgage Insurance
Firm commitment	First mortgage	Fixed time
Fixed-rate mortgage	Flood certification	Flood insurance
For Sale By Owner (FSBO)	Freddie Mac	Front end ratio
Fully Amortized ARM	Gift	Ginnie Mae
Good faith estimate	Government National Mortgage Association (GNMA)	Grace period
Graduated Payment Mortgage	Gross income	Growing-equity mortgage
Hazard insurance	High-rise	Home equity line
Home equity loan	Home inspection	Home inspector
Home price	Homeowner's insurance	Homeowners Association (HOA)
Homeowners Association dues	Homestead	Housing expense ratio
HUD	HUD-1 Uniform Settlement Statement	Impounds
Income property	Index	Indexed Rate
Initial interest rate	Initial rate cap	Initial rate duration
Inspection fee	Inspection report	Insurance binder
Insured Mortgage	Interest accrual rate	Interest paid over life of loan
Interest rate	Interest rate buy-down plans	Interest rate cap
Interest rate ceiling	Interest Rate Floor	Interest only loan
Interim financing	Investment property	Joint liability
Joint tenancy	Jumbo loan	Junior mortgage
Late charge	Late payment	Lease-Purchase
Leasehold	Legal blemish	Legal description
Lender	Liabilities	Liability insurance
LIBOR	Lien	Life cap
Lifetime Payment Cap	Lifetime Rate Cap	Liquid assets
Loan application	Loan application fee	Loan commitment
Loan officer	Loan origination fee	Loan term
Loan-to-value ratio (LTV)	Lock-in	Lock-in period
Low-documentation loan	LTV (loan-to-value ratio)	Maintenance fee
Margin	Market value	Merged credit report
Modification	Modified annual percentage rate (APR)	Monthly association dues
Mortgage	Mortgage acceleration clause	Mortgage banker
Mortgage broker	Mortgage broker business	Mortgage insurance
Mortgage life insurance	Mortgage Interest deduction	Mortgagee
Mortgagor	Negative amortization	Net cash flow
Net worth	No-cash-out refinance	No-documentation loan
Non-assumption clause	Non-conforming loan	Non-liquid asset
Nonrecurring closing costs	Note	Note rate
One-year Adjustable Rate Mortgage	Option	Option Arm Loan
Original principal balance	Origination fee	Owner financing
Payment cap	Payment Change Date	Per-diem interest
Periodic Payment Cap	Periodic Rate Cap	PITI (principal, interest, taxes, and insurance)
Pledged Account Mortgage (PAM)	Point	Pre-approval
Pre-approval letter	Prepaid expenses	Prepaid fees
Prepaid interest	Prepayment penalty	Prequalification
Principal paid over life of loan	Principle of conformity	Private mortgage insurance (PMI)
Processing fee	Property tax	Purchase-money mortgage (PMM)
Qualifying ratio	Quitclaim deed	Rate cap
Rate lock	Rate-improvement mortgage	Recording fee
Refinancing	Regulation Z	Rehabilitation mortgage
Remaining balance	Remaining term	Rescission
Reverse mortgage	Right to rescission	Sales contract
Second mortgage	Seller carry-back	Seller financing
Settlement or closing fees	Settlement statement	Shared-appreciation mortgage
Shared-equity transaction	Step-rate mortgage	Subordinate loan
Subsequent rate adjustments	Subsequent rate cap	Super jumbo mortgage
Survey	Sweat equity	Tax lien
Tax service fee	Teaser rate	Tenancy by the entirety
Tenancy in common	Timeshare	Title
Title company	Title Exam	Title insurance
Title insurance binder	Title risk	Title search
Total expense ratio	Total lender fees	Total loan amount
Total monthly housing costs	Total of all payments	Townhouse
Trading down	Trading up	Trans Union Corporation
Transfer tax	Treasury Index	Two-step mortgage
U.S. Department of Housing and Urban Development	Underwriters' knot	Underwriting
Underwriting fee	Unrecorded deed	VA (Veterans Administration)
VA loan	Variable rate mortgage (VRM)	Verification of deposit (VOD)
Verification of employment (VOE)	Warehouse fee	Wraparound mortgage
Yield spread