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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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O - obsolescence, off-site improvements, on-site
improvements, ordinary income…more
OBSOLESCENCE - loss of value resulting from outmoded physical features,
technical advances or economic influences.
OFF-SITE IMPROVEMENTS - improvements outside the boundaries of a property that
enhance its value such as sidewalks, streets, curbs and gutters.
ON-SITE IMPROVEMENTS - any construction of buildings or other improvements
within the boundaries of a property that increase its value.
ORDINARY INCOME - income subject to tax at full or ordinary rates, rather than
a capital gains rate.
ORIGINATION - marketing and attracting, then securing a completed mortgage loan
application from a commercial or residential borrower.
ORIGINATION FEES - the fee charged by a broker/lender (sometimes called
"points") to make the funds available to you, an off-set of its marketing and
overhead expenses.
ORIGINATOR - a person who assists a borrower with the application for a
mortgage loan. AAXA refers to its “Originators” as “Loan Advisors” If you are
interested in a
Mortgage Loan Officer job, be sure to check out AAXA Discount
Mortgage’s career opportunities.
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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
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
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