Mortgage Glossary ALL 0-9 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Acceleration Clause Accrued Interest Additional Principal Payment Adjustable-Rate Mortgage (ARM) Adjustment Date Adjustment Interval Adjustment Period Affordability Agreement of Sale Amortization Amortization Term Amount financed Annual Percentage Rate (APR) Appraisal Appraised Value Appraiser Approval ARM Asset Assignment Assumability Assumption Fee Balance Sheet Balloon Mortgage Balloon Payment Before-tax Income Bimonthly mortgage Biweekly Payment Mortgage Broker Builder-financed construction Buy-down Buy-up Cap Certificate of Eligibility Certificate of Reasonable Value (CRV) Change Frequency Closing Closing Costs Co-Borrowers Compound Interest Conforming mortgage Construction financing Consumer Reporting Agency (or Bureau) Conventional mortgage Conversion Clause Credit Report Credit Risk Score Debt consolidation Debt Ratio Analysis Deposit Discount Down Payment Effective Gross Income Equity Escrow Escrow Disbursements Escrow Payment Fannie Mae FHA Mortgage FICO Score First Mortgage Fixed-Rate Mortgage (FRM) Float Fully Amortized ARM Gift of equity GNMA Growing-Equity Mortgage (GEM) Guarantee Mortgage Home equity line of credit (HELOC) Housing Expense Ratio HUD-1 statement Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM) Index Initial Interest Rate Insured Mortgage Interest Interest Accrual Rate Interest Rate Buydown Plan Interest Rate Ceiling Interest Rate Floor Late Charge Liabilities Lifetime Payment Cap Lifetime Rate Cap Line of Credit Liquid Asset Loan-to-Value (LTV) Percentage Lock-In Period Margin Maturity Monthly Fixed Installment Mortgage Mortgage Banker Mortgage Broker Mortgage Insurance Mortgage Insurance Premium (MIP) Mortgagor Negative Amortization Net Worth Non Liquid Asset Note Origination Fee Owner Financing Payment Change Date Periodic Payment Cap Periodic Rate Cap PITI Reserves Points Pre-Approval Prepayment Penalty Prime Rate Principal Balance Principal, Interest, Taxes, and Insurance (PITI) Private Mortgage Insurance (PMI) Rate Lock Real Estate Agent® Real Estate Settlement Procedures Act (RESPA) Recording Refinance Revolving Liability Secondary Mortgage Market Security Seller Carry-back Servicer Third-party Origination Total Expense Ratio Treasury Index Truth-in-Lending Underwriting VA Mortgage Providing home mortgage loan services to South Carolina since 1993. NMLS# 268291 Upstate Mortgage 8 McKenna Commons Court Greenville, SC 29615 Phone: 864-232-3830 Toll Free: 800-774-4010 © 2021, All rights reserved. Upstate Mortgage // Design & Developed by Uncle Jake Media