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Glossary of Terms

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

Click on any letter above for a complete description of any financial term - or -

use our quick lookup below for the most commonly used terms.

Amortization

Repayment of your loan amount through regular payments of both principal and interest, calculated to pay off the loan after a fixed period of time.

Annual Percentage Rate (APR)

Charges imposed on the borrower to obtain a mortgage, expressed on an annualized basis as an interest rate.  It includes the interest rate, loan fees and points.

Closing

The time at which loan documents and funds are signed and delivered to finalize the funding of a loan.  Sometimes called a settlement.

Closing Costs

Expenses incurred to finance a home loan and/or transfer ownership of real estate.

Co-Signer

Person who agrees to make loan payments, if you cannot fulfill your financial commitment.

Down Payment

Cash paid by the home buyer towards the partial payment of a home's sales price.

Fannie Mae

Federal National Mortgage Association.  A government-sponsored private corporation that buys home loans from lenders and sells them to investors.

FHA

Federal Housing Administration.  An agency within the Department of Housing and Urban Development that provides mortgage insurance for home loans and sets standards for construction and underwriting.

Negative Amortization

Increase in the unpaid loan balance created when monthly payments do not cover both principal and interest and unpaid interest is added to the principal balance.

Points

Upfront fee lenders charge to reduce an interest rate.  Each point typically equals 1 percentage point of the total amount of the loan.

Prepayment Penalty

Fee borrowers pay if they pay off a loan during the early years of its term.

Principal

The original amount of money borrowed, not including interest owed.

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1280 S. Victoria Ave. #180, Ventura, Ca. 93003
Phone: 805.650.4999 - Fax: 805.650.4997 - Email: CustomerService@LandmarkLender.com
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