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Real Estate Glossary

FHA Loan: A Federal Housing Administration loan program that provides a guarantee against default. The borrower may benefit from a smaller down payment.

Fair Credit Reporting Act: Information in your credit report that federal law gives citizens the right to challenge.

Fixed Rate Mortgage: Loans with interest rates that do not fluctuate.

Homeowners Insurance: Insurance home buyers must have in order to protect the investment of the property.Loan origination fee: A fee for loan application.

Loan processing: The lenders opinion of your financial and credit past, combined with you income to calculate your ability to qualify for a loan.

Loan to Value Ratio: This is the ratio of the amount borrowed to the appraised value of the home.

Lock-In Agreement: This agreement allows you to lock in an interest rate at or anytime up to the closing.

Mortgage Insurance: This insurance protects the investor from possible loss if the borrower defaults on the loan.

Multiple Listing Service (MLS): A service used by real estate agents to obtain information on homes and land for sale.

PITI: Principle, interest, taxes, insurance- Many mortgage companies are setup with monthly loan payments to include these.

Purchase Agreement: This is the agreement that legally binds the buyer and seller. All contingencies of the agreement must be listed here.

Title: Evidence of a person's legal right to the ownership of a property, usually in the form of a certificate or a signed contract.

Title insurance: Insurance purchased to protect the lender and homeowner against claims on the title from previous owners or encumbrances.

Underwriting: An analysis done by the lender to determine if you qualify for a loan.

Veteran's Administration loan (VA loan): These loans are available to US Veterans and their surviving spouses. The loans require no down payment and you can borrow the entire purchase price of the home.

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