Understand the most important lending and mortgage terms. Mortgages can be confusing for the first time home buyer, so let us help explain. Below you'll find explanations for most of the mortgage industry terms.
What is Good faith estimate?
This document sets out the costs associated with a mortgage, including the interest rate, lender fees, title charges, pre-paid interest and insurance. The government requires that your lender give…
What is Graduated Payment Mortgage (GPM)?
A mortgage with initial low payments (with potential negative amortization) that increase regularly for several years and then level…
What is Growing-Equity Mortgage (GEM)?
A fixed-rate mortgage that provides scheduled payment increases over an established period of time. The increased amount of the monthly payment is applied directly toward reducing the remaining…
Mortgage Glossary
