Mortgage Terms and Definitions

AAXA is pleased to offer our customers the following glossary of mortgage terms and definitions. The mortgage industry is constantly evolving and some of the enclosed information may have changed since it was first published. Feel free to contact an AAXA Loan Advisor with any questions or to verify any of the information enclosed within. We understand that much of the industry jargon is not easily understood and we hope that the following information can help educate consumers on some of the terms related with their home financing transactions.

Mortgage Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:

A - adjustable rate mortgage, adjustment interval, amortization, annual percentage rate (APR)�more
B � balloon mortgage, bankruptcy, basis point, beneficiary�more
C - caps, cash flow, cash out (second mortgage), cash out refinance�more
D - debt consolidation, debt service, debt reduction plan, debt-to-income ratio�more
E - earned and unearned income, earnest money, easement, economic life�more
F - Fair Credit Reporting Act, fair market value, Fannie Mae�more
G - good faith estimate, grace period, gradual payment mortgage (GPM), grantee�more
H - home equity, home improvement loan, Home Mortgage Disclosure Act (HMDA)�more
I - index, in file credit report, inflation, initial interest rate, ingress and egress�more
L - lender buy-down mortgage, liability insurance, LIBOR, loan application�more
M - manufactured home, market value, maximum loan amount, mechanic�s lien�more
N - negative amortized (Neg/AM), Neg AM Loans, negative cash flow, net worth�more
O - obsolescence, off-site improvements, on-site improvements, ordinary income�more
P � par, partial payment, partnership, party wall, payment shock�more
Q � quality control, quit claim deed, quote�more
R � rate shopper, real property, real estate loans, reconciliation�more
S � sales contract, satisfaction or mortgage, seasoned mortgage, second mortgage�more
T � tax lien, tenancy in common, tenant, term, title, title insurance�more
U � underwriting, unencumbered property, uniform commercial code (UCC)�more
V � VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding fee�more