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Mortgage Glossary
Are you thinking about buying a house and have never done it before? Maybe you are finding the mortgage jargon too hard to understand? If you find that applying for a mortgage is a financial maze with a new twist of jargon at every turn fear not. Consult out mortgage glossary that will guide you through the most widely used terms.
- Adjustment Period
- Frequency that the interest rate of an adjustable rate mortgage is repriced to the base rate. For one-year ARMs, the adjustment is made once a year; for three-year ARMs, every three years; etc.
- Adjustable Rate Mortgage
- An adjustable rate mortgage has a rate of interest that can be adjusted at set intervals during the course of the mortgage.
- Amortization
- The process of paying back the mortgage through a series of scheduled (usually monthly) repayments that include interest.
- Bridging Loan
- A short-term mortgage loan, the proceeds of which are to be used to purchase a new home, generally secured by a mortgage on the existing home and generally due and payable upon sale of the existing home.
- Compound Interest
- The amount of interest paid on the initial capital and on the accrued and unpaid interest.
- Down Payment
- A sum of money put down to buy a house, car, or other large item. This is a portion of the purchase price which is generally required by the seller to be paid in cash upfront.
- Estimated Tax Savings
- The estimated tax savings is the amount of tax the home owner will save by owning a property based on property taxes and the interest paid on the initial loan.
- Fixed Rate Mortgage
- A mortgage with a fixed rate of interest that will remain static for a predetermined period of time.
- Interest Only Mortgages
- An interest only mortgage is a mortgage where you only pay back the interest on the initial capital.
- Mortgage
- A mortgage is a device used to create a lien on real estate by contract. The mortgage is an instrument that the borrower (called the mortgagor) uses to pledge real property to the lender (called the mortgagee) as security for a debt, also called hypothecation.
- Mortgage Interest Deduction
- The amount of tax that can be wrote off when a home owner claims the amount of interest paid on the mortgage.
- Variable Rate Mortgage
- A mortgage loan that provides for adjustments in the interest rate as the market interest rates change.
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