Mortgage
Loan secured by real property.
Public flashcard set
Real Estate Finance
Mortgage vocabulary.
real-estate exam career
Flashcards
Promissory note
Borrower's promise to repay.
Principal
Loan amount owed.
Interest
Cost of borrowing money.
Amortization
Paying principal+interest over time.
LTV
Loan-to-value ratio.
PITI
Principal, interest, taxes, insurance.
PMI
Private mortgage insurance.
APR
Annual percentage rate including certain costs.
Fixed-rate mortgage
Interest rate stays constant.
ARM
Adjustable-rate mortgage.
Preapproval
Lender conditional loan readiness.
Underwriting
Lender risk evaluation.
Foreclosure
Lender takes property after default.