A sum of money paid towards estimated initial Mortgage processing expenses such as appraisal and credit report.

A printed form used by a Mortgage lender to record necessary information concerning a prospective Mortgage.

The cost of credit expressed as an annual rate. It must be calculated by using a formula set by federal law and disclosed to the borrower to aid in comparing different credit plans.

The cost of credit expressed as an annual rate. It must be calculated by using a formula set by Federal law and disclosed to the borrower to aid in comparing different credit plans.

A variable or flexible rate mortgage with an interest rate that adjusts periodically according to the financial index it is based upon plus a margin. To limit the borrower¹s risk, the ARM may have a payment or rate cap.

On an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, typically six months, one, three, or five years, depending on the mortgage terms.

Condition in a mortgage that may require the balance of the loan to become due immediately. This may occur if regular mortgage payments are not made or for breach of other conditions of the mortgage.

A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase clear, marketable, and insurable title.