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Fha Coinsured Mortgage

A mortgage (under FHA Section 244) for which the Federal Housing Administration (FHA) and the originating lender share the risk of loss in...

Adjustment Date

The date on which the interest rate changes for an adjustable-rate mortgage...

Private Mortgage Insurance (pmi)

Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most...

Bridge Loan

A form of second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the...

Blanket Insurance Policy

A single policy that covers more than one piece of property (or more than one...

Periodic Rate Cap

For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease during any one adjustment...

Principal Balance

The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining...

What-If Analysis

An affordability analysis that is based on a what-if scenario. A what-if analysis is useful if you do not have complete data or if you want...

Index

A number used to compute the interest rate for an adjustable-rate mortgage (ARM). The index is generally a published number or percentage,...

Ground Rent

The amount of money that is paid for the use of land when title to a property is held as a leasehold estate rather than as a fee simple...