H-I Terms

H Homeowner's Insurance (Hazard Insurance) - Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards. The policy typically combines personal liability insurance and property hazard insurance coverage for a dwelling and its contents. See … [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...]