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Mortgage-Glossary

Mortgage Glossary

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TermDefinition
Adjustment Period The period elapsing between adjustment dates for an adjustable-rate mortgage (ARM).
Affordability Analysis An analysis of a buyers ability to afford the purchase of a home. Reviews income, liabilities, and available funds, and considers the type of mortgage you plan to use, the area where you want to purchase a home, and the closing costs that are likely.
Agent One that acts for or represents another
Agreement of Sale aka Sales Contract, a written document in which a purchaser agrees to buy property under certain given conditions, and the seller agrees to sell under certain given conditions
Alternative Documentation A method of documenting a loan file that relies on information the borrower is likely to be able to provide, instead of waiting for verifications sent to third parties for confirmation of statements made on the loan application.
Amortization The gradual repayment of a mortgage loan, both principle and interest, by installments.
Amortization Re-Cast Limitation Amortization is most often “capped” at 100 or 125 percent of the original principal balance. Re-amortization typically occurs every 60 months and/or at such time as the balance reaches a pre-determined “cap”.
Amortization Re-Cast Period Pre-determined period of time (expressed either in number of months and/or percent of increase from original principal balance) after which any/all accumulated “Negative Amoritization” (aka “Deferred Interest”)is accounted for in a re-amortization of the loan balance over the remaining term of the mortgage at the prevailing rate of interest. Amortization is also re-casted at each adjustment even if there is no negative amortization. Typically, any payment cap that would otherwise factor in is disregarded in the event of re-casting.
Amortization Term The length of time required to amortize the mortgage loan expressed as a number of months. For example, 360 months is the amortization term for a 30-year fixed-rate mortgage.
Annual Percentage Rate (APR) The cost of credit, expressed as a yearly rate including interest, mortgage insurance, and loan origination fees. This allows the buyer to compare loans, however APR should not be confused with the actual note rate.

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