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Listings for Mortgages Key Terms (106)


Interest rate

Interest rate An interest rate on a mortgage loan is the cost you will pay each year to borrow the money, expressed as a percentage […]

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Interest-only loan

Interest-only loan An interest-only mortgage is a loan with scheduled payments that require you to pay only the interest for a specified amount of time.

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Initial escrow deposit

Initial escrow deposit An initial escrow deposit is the amount that you will pay at closing to start your escrow account, if required by your lender.

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Initial adjustment cap

Initial adjustment cap An initial adjustment cap is typically associated with adjustable rate mortgages (ARMs). This cap determines how much the interest rate can increase […]

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Index The index is a benchmark interest rate that reflects general market conditions. The index changes based on the market. Changes in the index, along […]

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HUD-1 settlement statement

HUD-1 settlement statement The HUD-1 Settlement Statement lists all charges and credits to the buyer and to the seller in a real estate settlement, or […]

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HUD The Department of Housing and Urban Development (HUD) is a government agency that helps people get and maintain quality affordable housing. They train and […]

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Home purchase price

Home purchase price A home’s purchase price is the amount agreed to by the buyer and seller to be paid to the seller to purchase […]

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Homeowner’s insurance

Homeowner’s insurance Homeowner’s insurance pays for losses and damage to your property if something unexpected happens, like a fire or burglary. When you have a […]

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Homeowners’ Association (HOA)

Homeowners’ Association (HOA) A homeowners’ association (HOA), is typically formed to manage shared expenses such as landscaping and other maintenance costs for a planned subdivision […]

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