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 Home equity loan?
A loan secured by equity in a property. These are sought for a variety of purposes, including home improvements, major purchases or expenses and debt consolidation. Interest paid is usually…
What is Housing and Urban Development (HUD)?
A U.S. government agency established to implement federal housing and community development programs; oversees the Federal Housing…
What is HUD-I settlement statement?
A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow…
What is Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)?
A combination fixed rate and adjustable rate loan - also called 3/1,5/1,7/1 - can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than…
Mortgage Glossary
