G thru L

The Home Buyer's Dictionary:
A Guide to Understanding the Home Buying Process.

Graduated Payment Mortgage
A fixed-rate, fixed-schedule loan.  It starts with lower payments than a level payment loan; payments rise annually over the first 5 to 10 years and then remain constant for the remainder of the loan. GPMs involve negative amortization.
Growing Equity Mortgage (Rapid Payoff Mortgage)
A fixed-rate, fixed schedule loan that starts with the same payments as level payment loan; the payments rise annually, with the entire increase being used to reduce the outstanding balance.  No negative amortization occurs, and the increase in payments may enable the borrower to pay off a 30-year loan in 15 to 20 years, or less.
Hazard Insurance
Protection against damage caused by fire, windstorm, or other common hazards.  Many lenders require borrowers to carry it in an amount at least equal to the mortgage.
Housing Finance Agency
A state agency that offers below-market-rate home financing for low and moderate income households.
The interest rate or adjustment standard that determines the changes in monthly payments for an adjustable rate loan.
The public facilities and services needed to support residential development, including highways, bridges, schools, and sewer and water systems.
The cost paid to a lender for borrowed money.
Click Here to Joint Tenancy
A form of ownership in which the tenants own a property equally.  If one dies, the other automatically inherits the entire property.
Level Payment Mortgage
A mortgage with identical monthly payments over the life of the loan.
Loan Origination Fee
The fee charged by a lender to prepare all the documents associated with a mortgage.
Loan-to-Value Ratio
The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage.
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07/16/15 07:28 PM


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