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GN Mortgage
Tukwila, WA
206-574-0707

Pacific Crest Home Loans
Corvallis, OR
541-738-1850

1st Bancorp Mortgage
Dayton, OH
513-423-4165

Harvey's Financial
Kansas City, MO
816-363-2539

County Savings Bank
Essington, PA
610-521-1080

Traditional Mortgage Inc
Salem, NH
603-898-0063

American Loans II
Charlotte, NC
704-763-2243

Equity Financial Services
West Linn, OR
503-655-2623

American Mortgage Group LLC
Humble, TX
281-812-2000
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Balch Buyers Realty
Brewster, NY
845-279-0374

Ameriquest Mortgage Company
Columbia, SC
803-771-0132
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Bank Of America
Murfreesboro, TN
615-848-2600
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Aggressive Mortgage Corporation
Falls Church, VA
703-752-6600

Common Mortgage-Related Terms Explained - Part 2

Fixed Installment - The regular monthly payment that is due on a mortgage.

Fixed Rate Mortgage - A mortgage loan whose interest rate will not change for the entire duration of the loan.

Foreclosure - Process by which a mortgage lender legally repossesses and forces the sale of a mortgaged property as a result of the borrow defaulting.

GPM / Graduated Payment Mortgage - Flexible mortgage payment plan in which the borrower's monthly payments increase for a specific timeframe.

GEM / Growing Equity Mortgage - Mortgage in which the borrower's payments increase over a set period of time; this larger amount is then applied to the mortgage's principal in most cases.

Hazard Insurance - Insurance used for protection against various forms of property damage and/or loss.

HUD-1 Statement - This is a document provided by your lender/broker that includes a detailed listing of the moneys needed at closing, including points, escrow, commissions, and other fees.

Impound / Reserves - The amount of the buyer's monthly payment kept by the lender to pay for various insurances or taxes.

Index - The publicly available market interest rate used by lenders to determine the difference between ARM rates and current interest rates and to set loan sale rates on fixed rate mortgages.

Interest - Monetary fee charged by a lender to a buyer for borrowing money.

Interest Rate Ceiling - The agreed largest possible interest rate for an adjustable rate mortgage.

Interest Rate Floor - The agreed lowest possible interest rate for an adjustable rate mortgage.

Interim Financing - A short-term or temporary loan made while property construction is being completed.

Jumbo Loan - A mortgage that exceeds the limits set by Fannie Mae and Freddie Mac.

Liabilities - The debt owed by a buyer.

Lien - A claim made on a piece of property for exacting payment of a financial obligation.

Lock - Mortgage lender's written guarantee that the quoted rate is good for a set period of days from the time of issuing.

Margin - The total that a mortgage lender adds to the index on an ARM to set the adjusted rate.

Market Value - The price that a buyer and seller would agree upon for sale of a property.

Maturity - The date that a loan's principal is scheduled to be paid in full.

Mortgage - Document pledging a property to a loan provider as security for a debt's payment.

Mortgage Broker - One who receives compensation for the work of bringing a buyer to a lender for the purpose of completing a loan arrangement.

Mortgage Insurance - Money paid on a regular basis for the purpose of insuring a mortgage on a property whose buyer has less than 20% equity.
 
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