Adjustable-Rate Mortgage (ARM)
A mortgage loan with an interest rate that can change periodically, typically based on an index, resulting in varying monthly payments over time.
Amortization
Mortgage amortization is the systematic repayment of a loan through [...]
Appraisal
An appraisal is a crucial process in real estate, where [...]
Automated Underwriting System (AUS)
An Automated Underwriting System (AUS) is a computer program that [...]
Balloon Mortgage
A mortgage loan with a relatively short-term and fixed monthly payments for a specific period, followed by a large lump sum payment (balloon payment) at the end
Cash-Out Refinance
A type of refinancing where the borrower replaces an existing mortgage loan with a new loan for a higher amount, receiving the difference in cash.
Closing Costs
Closing costs are the various expenses incurred during the finalization [...]
Closing Disclosure
The Closing Disclosure is a crucial document provided by mortgage [...]
Compliance
Compliance in the mortgage industry involves adhering to laws and [...]
Conventional Loan
A conventional loan is a mortgage not insured by government [...]
