Citi

CitiMortgage

Mortgage Loan Glossary

Use the alphabet letters below to navigate to the words in this glossary.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

- A -

Acre
Adjustable Mortgage Loan (AML)
Adjustable Rate Mortgage (ARM)
Adjustment date
Amortization
Amortization schedule
Annual Percentage Rate (APR)
Anticipated settlement date
Appraisal
Appraised Value
Appraiser
Appreciation
Assessed value
Assumable mortgage
Automatic Draft/Electronic Draft

- B -

Balloon Mortgage
Balloon Payment
Borrower
Bridge loan
Buy-down
Buyer

- C -

Cash-out refinance
Cash reserves
Change Date
Closing
Closing agent
Closing costs
Closing statement
Co-Borrower
Combined Loan to Value (CLTV)
Commitment letter
Comparable sale (comp)
Conforming loan
Construction loan
Conventional mortgage
Convertible ARM
Credit and Income Pre-approval
Credit Report

- D -

Debt
Deed
Deed in Lieu
Deed of Trust
Default
Deficiency Judgment
Delinquency
Department of Veterans Affairs (VA)
Depreciation
Discount Points
Down payment

- E -

Earnest Money Deposit
Equity
Escrow Account (Impound Account)
Escrow Payment

- F -

Fair market value
Fannie Mae (Federal National Mortgage Association)
Federal Housing Administration (FHA)
FHA mortgage
Fixed Rate mortgage
Foreclosure
Freddie Mac (Federal Home Loan Mortgage Corporation) (FHLMC)

- G -

Gift Letter
Ginnie Mae (Government National Mortgage Corporation or GNMC)
Good Faith Estimate
Graduated Payment Mortgage (GPM)
Growing Equity Mortgage (GEM)

- H -

Homeowners/Hazard insurance
Home equity line of credit
Home equity loan
Home inspection
Homeowners Association (HOA)
Homeowner's Warranty
HUD-1 Settlement Statement

- I -

Impound account
Index
Initial/Introductory Interest Rate
Interest Rate
Interest rate cap
Investment property

- J -

Jumbo loan

- K -



- L -

Lender
Lien
Loan
Loan-to-value ratio (LTV)
Lock Period

- M -

Margin
Maturity
Modification
Mortgage
Mortgage Broker
Mortgage Insurance (MI)
Mortgage Insurance premium (MIP)
Mortgagee
Mortgagor

- N -

Negative Amortization
Net Worth
Non-conforming loans
Notice of Incomplete Application (NOIA) Letter
Note
Note rate

- O -

Origination Fee
Outstanding Loan Balance

- P -

P&I
PITI
Piggy back loan
Points (Discount and Rebate)
Power of attorney
Pre-Qualification
Principal
Principal balance
Private mortgage Insurance (PMI)
Property
Property address
Property Taxes

- Q -

Quit Claim Deed

- R -

Rate Commitment Option (RCO)
Rate commitment option (RCO) expiration date
Rate Lock
Real Estate Owned (REO)
Real estate taxes
Rebate point
Refinance
Remaining balance
Remaining term

- S -

SAFE Act
Second mortgage
Seller
Servicer
Settlement
Settlement statement

- T -

Taxes
Title
Title insurance
Title (insurance) company
Truth-In-Lending Disclosure (TIL)

- U -

Underwriting

- V -

VA Loan

- W -

Warranty Deed
Welcome package

- X -



- Y -



- Z -


A B C D E F G H I J K L M N O P Q R S T U V W X Y Z