Adjustable Rate Mortgage(Arm) - A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate.
Adverse Mortgage - Also referred to as Bad or poor reputation mortgages. For those with a poor reputation history, Ccj's, defaults on loan payments etc.
Agent - Agent The someone who is acting on profit of the valuable or client.
Amortization - The discount of a debt by regular, ordinarily monthly, instalments of valuable and interest.
Application - The recipe by which a mortgage is applied for. The first statement of personal and financial information which is required to approve your loan
Application Fee - A Fee that is paid upon mortgage application.
Appraisal - A fee expensed by an appraiser to render an notion of shop value as of a exact date.
Appraised Value - An estimation of the shop value of the home and property that the borrower pledges as safety for the mortgage.
Assets - The things of value that you own, such as your home, car or summer home.
Borrower - A someone who has been popular ,favorite to receive a loan and is then obligated to repay it and any added fees agreeing to the loan terms.
Bridging Finance - A short term loan meant to bridge a financing gap, such as when you may face a delay receiving an agreed mortgage and you may need to pay the deposit on a property to fetch it.
Broker - The someone who brings both borrower and Lender parties together and assists in negotiating contracts in the middle of them.
Cap - The maximum permissible increase, for whether cost or interest rate, for a specified amount of time on an adjustable rate mortgage.
Commercial Mortgage - A mortgage specifically for commercial properties such as shops, factories, pubs, restaurants etc.
Credit Report - A description outlining an individuals reputation history, communal records and reputation worthiness. A history of an individuals quality to pay their bills on time as well as any other relevant communal records.
Default - The failure of a borrower to comply with the terms of a mortgage.
Deposit - A sum of cash that must be paid to the vendor by the purchaser.
Equity - The difference in the middle of the fair shop value (appraised value) of your home and your outstanding mortgage balance.
Fixed Rate Mortgage - A mortgage loan with an interest rate that does not change during the entire loan term.
Foreclosure - The legal process by which property that is mortgaged as safety for a loan may be sold to pay a defaulting borrower's loan.
Interest Rate - A payment for a loan ordinarily a ration of the amount loaned.
Lender - An private or business that offers to lend money for an agreed duration of time.
Loan - Money borrowed that is ordinarily repaid with interest.
Loan To Value (Ltv) - A ratio thought about by dividing the sales price or appraised value into the loan amount, expressed as a percentage.
Mortgage - A legal document that pledges property to a lender as safety for the repayment of the loan.
Principal - The amount of the loan on which interest is calculated.
Rate (interest) - The each year ration amount expensed in return for borrowing funds.
Refinance or Refinancing - When an existing mortgage is replaced by a new mortgage.
Repayment Mortgage - You pay interest and part of the capital each month to pay off your mortgage fully at the end of the mortgage term.
Security - Property, or assets, offered as backing for a loan.
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