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"We
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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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Q – quality control, quit claim deed, quote…more
QUALITY CONTROL - policies and procedures designed to maintain optimal levels
of quality, accuracy and efficiency in the production, selling and servicing of
mortgage loans.
QUIT CLAIM DEED - a deed relinquishing all right, title and interest or claim
an owner has in a piece of real property. Such a deed implies no warranty.
QUOTE - see rate shopper below. What salespeople tell people to "hook them;"
often it's not what you end up getting! Be sure to ask for a Good Faith
Estimate and ask if the lender/broker is willing to put their
mortgage rates and fees in writing up front.
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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
O - obsolescence, off-site improvements, on-site improvements, ordinary
income…more
P – par, partial payment, partnership, party wall, payment shock…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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