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Glossary

Annual Percentage Rate (APR)	The rate of interest paid to the lender from the borrower every year.
Appraisal	An estimate of the value of property, made by a qualified professional called an "appraiser".
Appreciation	When the value of property owned increases due to fluctuations in the market.
Asset	Something of value owned by a person or company.
Borrower (Mortgagor)	One who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full
Commitment	A written promise of loan provided by the lender.
Credit Rating	Ratings based on credit-worthiness can be obtained either online or by financial consultants.
Equity	Equity means the amount of value/appreciation your property has gained above what you owe on your loan. Example: If your property’s market value is $280,000. And you owe $180,000. On your loan. The equity in your property is $100,000.
Escrow	An account held by the lender into which the homebuyer pays money for tax or insurance payments. Also earnest deposits held pending loan closing.
Fixed Rate Mortgage	A mortgage where the rate is locked down at the time of the loan and does not fluctuate, unlike a variable-rate mortgage.
Loan	The total amount of money borrowed by a lender that is eventually repaid with interest.
Mortgage	A legally binding contract that represents the terms and conditions of payment setup between the lender and borrower.
Pre-Approval	The amount a lender guarentees it will loan a borrower based on the analysis of an application. Click here for a free quote.
Principal	The amount of debt, not counting interest, left on a loan.
Refinancing	The process of paying off one loan with the proceeds from a new loan, using the same property as security.
Variable Rate Mortgage	A mortgage where the rate fluctuates throughout the length of the loan based on the Federal Loan Rate

*Mortgage Glossary information provided in-part by www.monstermoving.com and the Financial Resources company.

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