J-L Terms

J Joint Tenancy - A form of co-ownership that gives each tenant equal undivided interest and rights in the property, including the right of survivorship. Contrast with tenancy in common, tenancy by the entirety. Judgment - A decree by a court of law that one person, a debtor, is indebted to … [Read more...]

M-N Terms

M Margin - For an adjustable-rate mortgage (ARM) or home equity line of credit, the amount that is added to the index to establish the interest rate on each adjustment date, subject to any limitations on the interest rate change. The margin is static and will not change during the life of the … [Read more...]

O-P Terms

O Original Principal Balance - The total amount of principal owed on a mortgage before any payments are made. Origination Fee - A fee paid to a lender for processing a loan application, making a home loan, and recording a mortgage against the borrower's real property as security for repayment … [Read more...]

Q, R, S Terms

Q Qualifying Ratios - Calculations that are used in determining whether a borrower can qualify for a mortgage. They consist of two separate calculations: a housing expense as a percent of income ratio and total debt obligations as a percent of income ratio. Quit Claim Deed - A deed that … [Read more...]

T, U, V Terms

T Tax Bracket - Please select the tax bracket you fall under. If you are unsure what tax bracket you are in, you may want to speak with an accountant find out. Tax Savings - This is the amount of money you save in income taxes. You save this money because in most cases the interest you pay on … [Read more...]

W-Y Terms

W Warehouse - A closing-cost fee representing the lender's cost of holding a borrower's loan temporarily prior to being sold on the secondary mortgage market. Y Year Acquired - The date you acquired your existing mortgage, used to determine your remaining balance. Year-End Statement - A … [Read more...]