Index

The index that appeared in the print version of this title was intentionally removed from the eBook. Please use the search function on your eReading device for terms of interest. For your reference, the terms that appear in the print index are listed below

AARP website

Ability to Repay (ATR)

abstract of title

acceleration

acceleration clause

acknowledgment and agreement

adjustable rate mortgage (ARM)

basic elements of

payment option

rate cap

recast

setting interest rates for

situations calling for

starting rates on

adjustment cap

adjustment period (ARMs)

age information (on 1003)

agent

for buying or selling, see real estate agents

settlement

alternate credit

alt (alternative) loans

American Association of Retired People

amortization

amount of mortgage

for construction loans

and debt ratios

escrow requirements

amounts owed

annual percentage rate (APR)

appraisable assets

appraisal fee

appraisals

with construction loans

to drop mortgage insurance

following offer

with lease-purchase agreements

with online lenders

in preapproval process

appraiser

appreciation

approval of loans

construction loans

“degree” of

key people in

online

in the past

tracking, via Internet

see also preapproval

assets

appraisable

documenting

financial gifts

intangible

liquidity of

pledged

reserves

on 1003

what lenders look for

assumable mortgage

Automated Underwriting System (AUS)

appraisal waivers with

debt ratio calculation with

and explanation letters

automated valuation model (AVM)

available credit

back end ratio

balloon mortgage

bankers

correspondent

mortgage

BankRate Monitor

bankruptcies

Chapter 13 and Chapter 7

mortgage approvals following

rapid rescore following

basis points

Better Business Bureau website

“bids” on loans

biweekly loan program

bonds

bonuses

borrower information (on 1003)

bridge loans

builder financing

bundling

business owners, income documentation for

buydown

buying a home

fees for refinances vs.

renting a home vs.

timing for

cash income

cash-out

with home equity line of credit

with refinances

reverse mortgages vs.

with second mortgages

cash reserves

change order

Chapter 7 bankruptcies

Chapter 13 bankruptcies

checking accounts

closer

closing

on FHA loans

incorrect papers with online lending

when refinancing

closing costs

and annual percentage rate

with FHA loans

getting lender to pay

getting seller to pay

gifts for

and Loan Estimate

reasons for

recovery of, when refinancing

with reverse mortgage

saving on

types of

for VA loans

coborrowers

collateral

commissions

Community Reinvestment Act (CRA)

comparable sales

Comparative Market Analysis (CMA)

condos

condotels

conforming loans

construction loans

advantages of

amount of

builder financed

getting approval for

lender approval of builder

lender’s appraisal of plans

one-time close

and reasons for building

on 1003

two-time close

when you own the land

without permanent mortgage

consumer finance agency loans

Consumer Financial Protection Bureau (CFPB)

consumer information websites

contingency offers

contract

land

sales

conventional loans

in 2004

Conventional

credit score for

debt ratios on

Fannie Mae and Freddie Mac

as first option

limits on

Conventional 97 loans

corporations

correspondent bankers

cosigned loans

credit

alternate

in approval process

available

“bad”

and bankruptcies

Chapter 13 and Chapter 7 bankruptcies

cosigned loans

credit bureaus

credit counseling

credit report

and divorce

erasing old credit report

“good”

improving

and loan cosigners

loans for good to great credit

mistakes on credit reports

refinancing with damage to

and spouse’s bad credit

and subprime loans

of unmarried partners

credit balances

credit bureaus

credit cards

credit counselors

credit inquiries

credit mistakes

credit reports

content of

erasing

mistakes on

saving on fee for

seller’s access to

Vantage Score on

credit repositories

credit scores

and amounts owed

and balance in charging/paying off accounts

components of

and demographic status

establishing

and explanation letters

fixing mistakes with

and increasing available credit

lenders’ choice of

minimum, for mortgage loans

and number of credit inquiries

obtaining

and payment history

of spouse

credit unions

current market value

debt consolidation

debt ratios

and ability to repay

and Automated Underwriting System

calculating

in lending guidelines

and loan-to-value percentage

lowering

and reserves

with subprime loans

tax and insurance payments in

for VA loans

when current property has not sold

debt service

declarations (on 1003)

deed

deed of trust

delinquent

Department of Housing and Urban Development (HUD)

dependents (on 1003)

deposit

depreciation

direct endorsement (DE)

disclosures

discount points (points)

with refinancing

seller-paid

dividends, documenting

divorce, credit and

documentation

in approval process

of assets

falsified

for government-backed loans

of income

for loan processors

people involved with

document stamp (doc stamp)

down payment assistance programs (DPAPs)

down payments

in approval process

assistance with

bridge loans for

for construction loans

Conventional 97 loans

determining amount of

and escrow account

with FHA loans

funding for

gifts for

HomeReady program

ideal amount of

land owned as

and loan amount

and mortgage insurance

from retirement account

and risk elements

seller-assisted

with subprime loans

and zero-money-down loans

earnest money

easement

economic reports

education level (on 1003)

80–10–10 loans

80–15–5 loans

email offers

employment (on 1003)

employment gaps

Energy Efficient Mortgage

entitlements

Equifax

equity

and amount of loan

land owned as

for refinancing

ways to increase

see also cash-out

equity seconds

escrow

escrow accounts

escrow agent

escrow waiver

Experian

explanation letters

Fair and Accurate Credit Transactions Act (FACTA)

Fair Credit Reporting Act (FCRA)

Fair Isaac Corporation

Fannie Mae

Automated Underwriting System of

conforming loan limits

Conventional 97 loans

electronic loan processing standard of

loan limits

minimum credit score for

other loans submitted through

standards issued by

1003

website of

Farmers Home Administration

Fed (Federal Reserve Board)

Federal Funds rate

Federal Home Loan Mortgage Corporation (FHLMC), see also Freddie Mac

Federal Housing Administration (FHA), see also FHA loans

Federal National Mortgage Association (FNMA), see also Fannie Mae

Federal Reserve Board (Fed)

fee income

fees

associates with interest rates

for cash-out

escrow waiver

funding

nonlender

not included in good-faith estimates

origination

with refinancing

saving on

for VA loans

see also closing costs

fee simple

FHA loans

closing costs with

coborrowers with

compared to other loans

cosigners with

DE approval for lenders

down payments with

eligibility for

following bankruptcy

Home Equity Conversion Mortgages

limits on

minimum credit score for

for multifamily units

refinancing, with bad credit

FHA 203(k) loans

FICO, see also credit score

FICO Company (Fair Isaac Corporation)

15-year loans, see term (time span) of loans

final inspection

financed premium

finances

assets

expenses

income documentation

first job, income documentation for

first-time home buyer loans

5/1 hybrid loans

fixed rate mortgages

float

float-down

flood certificate

foreclosure crisis

foreclosures

Form 2106

Form 65, see also 1003 form

For Sale by Owner (FSBO) website

4506-T form

fraud

Freddie Mac

Automated Underwriting System of

conforming loan limits

Form 65

loan limits

minimum credit score for

national mortgage survey on

other loans submitted through

standards issued by

website of

front end ratio

fully indexed rate

funding

funding fee

gift affidavit

gift funds

gifts

Ginnie Mae

good faith estimate

government-backed loans

in 2004

AUS decisions on

credit score for

documentation of

lenders for

government monitoring information

Government National Mortgage Association (GNMA)

hard costs

hard prepayment penalty

hazard insurance

hold-back

Home Affordable Modification Program (HAMP)

Home Affordable Refinance Program (HARP)

Home Equity Conversion Mortgages (HECMs)

home equity line of credit (HELOC)

home improvement loans

Home Mortgage Disclosure Act (HMDA)

homeowners insurance

HomeReady program

hourly wages

Housing and Economic Recovery Act of 2008 (HERA)

housing expense information (on 1003)

housing ratio

HSH Associates

hybrid loans

impound accounts, see also escrow account

income documentation

bonuses

for business owners

for cash income

for commissions

dividends and interest income

with first job

4506-T form

hourly wage calculation

how you are paid

and income tax deductions

most recent pay stubs

overtime pay calculation

on 1003

income tax deductions

income verification

index

inflation

initial cap

inspections

inspector

installment account

insurance

hazard

homeowners

owner’s policy

as part of down payment

title

see also private mortgage insurance (PMI)

insurance payments, in debt ratios

intangible asset

intangible tax

interest

and closing time for FHA loans

on construction loans

paid in arrears

prepaid

interest income

interest-only loan

interest rate reduction loan (IRRL)

interest rates

checking on, without contacting lenders

comparing lenders’ quotes

on construction loans

economic reports impacting

finding online

and investing in bonds

on Loan Estimate

loan officer’s quote of

locking in

newspaper and online reports of

on one-time close loans

par

and points on refinances

predicting

rate caps for ARMs

with refinancing

for rental properties

with reverse mortgage

with seller financing

and selling of loans

setting of

time to get quotes

and treasury bonds

for USDA loans

variation in

Internet

and change in mortgage lending

checking on rates without contacting lenders

consumer information websites on

email offers

finding best mortgage rate on

incorrect closing papers with online lending

interest rate information on

lenders’ “bids” on loans

listings on

loan approvals via

online-only lenders

online vs. in-person applications

tracking approvals

investment homes

jumbo loans

junior lien, see also second mortgage

land contract

land-to-value

leasehold

lease-purchase agreement (rent-to-own)

Lender Overlays

lender policy

lenders

“bids” from

changing, in mid-process

checking reliability of

comparing interest rate quotes from

comparing Loan Estimates from

for construction loans

fees charged by

fees paid by

finding

getting closing costs paid by

getting names of

in helping fix credit mistakes

loans sold by

mortgage brokers

online-only

real estate agent’s mortgage company

types of

used by mortgage brokers

worked with by loan officers

Lending Tree

liabilities

liens

lifetime rate cap

listing agent

listings

loan(s)

construction

cosigners for

purpose of, on 1003

subprime

terms of, on 1003

see also mortgages; specific types of loans

loan applications

official components of

online

online vs. in-person

see also 1003 form

loan conditions

loan disclosures

Loan Estimate

loan fraud

loan officers

changing

charges by

filing complaints about

finding

help in finding right mortgage from

interest rates quoted by

lenders worked with by

and online applications

payment of

questions to ask

requirements for

suggested by real estate agents

and 1003 details of transactions

training for

loan origination systems (LOS)

loan payoff

loan processor

loan-to-value ratio (LTV)

loan underwriter (underwriter), see also underwriting

lock

lock agreement

approval vs.

expiration of

lower interest rates after getting

requesting

London Interbank Offered Rate (LIBOR)

margin

market gain

market value

mobile homes

modifiable mortgage

monthly payment schedules

mortgage-backed securities

mortgage bankers

mortgage brokers

cost of

lenders used by

mortgage bankers vs.

mortgage companies’ use of

payment to

mortgagee

Mortgage Guaranty Insurance Corporation (MGIC)

Mortgage Industry Standards and Maintenance Organization (MISMO) standard

mortgage insurance (MI), see also private mortgage insurance (PMI)

mortgage market

mortgage rates, see interest rates

mortgages (mortgage loans)

assumable

balloon

bridge

conventional

Conventional

cosigned

fixed rate

for good to great credit

minimum credit scores for

modifiable

NINA

nonconforming

reverse

sale of

second

stated

subprime

terminology used with

types of, see also specific types

what to look for in

wraparound

zero-money-down

see also specific types of loans

mortgagor

Multiple Listing Service (MLS)

National Association of Home Builders

National Association of Realtors

National Mortgage Licensing System and Registry (NMLS)

negative amortization

negative amortization loans

net branches

NINA (No Income, No Asset) mortgage

no documentation loans

no-fee loan

nonconforming loans

nonwarrantable condos

note

note modification

offers

contingency

process following

one-time close loan

online applications, see also Internet

online-only lenders

origination fee

overtime pay

owner’s policy

par

partnerships

payment history

on credit report

and credit score

following bankruptcy

payment option ARM

payment schedules

payment shock

pay stubs

permanent buydown

piggyback

PITI (principal, interest, taxes, and insurance)

pledged assets

points, see discount points

portfolio loan

preapproval

with AUS

benefits of

loan conditions in

process for

verification process for

predatory loan

prepaid interest

prepayment

prepayment penalties

prequalification

principal

private mortgage insurance (PMI)

and APR

borrowing funds for

cost of policies

in debt ratio

eliminating

with FHA loans

as income tax deduction

piggyback mortgages vs.

with reverse mortgages

for USDA loans

property information (on 1003)

property types

and kinds of loans

kinds of problems with

pull-through rate

purpose of loan (on 1003)

Qualified Mortgage (QM)

quit claim

rapid rescore

rate-and-term refinance

rate caps

rate quotes

real estate account

real estate agents

and credit information

finding

listing

loan officer referrals from

need for

Real Estate Settlement Procedures Act of 1986 (RESPA)

Realtor

realtor.com

realtytimes.com

Reasonable and Tangible Net Benefit (RTNB)

recast

recission

recission period

Redfin

refinances

alternatives to

with both first and second mortgages

cash-out

closing costs for

closings with

and credit damage

fees for buying a home vs.

fees with

HELOCs vs.

Home Affordable Refinance Program

interest rate reduction loans

and interest rates

loan payoff with

paying extra each month vs.

points with

rate-and-term

reasons for

recission period with

and recovery of closing costs

reducing interest rate and loan term with

and renovation loans

on 1003

with VA eligibility

reissue

renovation loan

rental properties

renting a home

advantages of

before buying

buying a home vs.

on lease-purchase agreement

rent survey

rent-to-own, see lease-purchase agreement

reserves

in automatic underwriting

cash

and debt ratios

on 1003

Residential Mortgage Credit Report (RMCR)

retail banks

retirement accounts

reverse mortgages

amounts received from

cash-out refinances vs.

closing costs with

and current mortgage

interest rates with

qualifying for

web site explaining

revolving account

risk elements, see also individual elements, e.g.: credit

sale of loans

sales contracts

savings accounts

searching for a house

secondary market

second homes

second mortgages

for cash-out

to cover part of down payment

home improvement loans

refinancing with

seller financing for

Secure and Fair Enforcement for Mortgage Licensing Act (SAFE)

seller

seller-assisted down payment

seller-assisted DPAP

seller financing

settlement agent

settlement statement

soft costs

soft prepayment penalty

sole proprietors

special commitments

spouse’s credit

stated loans

subprime loans

survey

tax, intangible

tax benefits

for business owners

of home ownership

income tax deductions

tax payments

temporary buydowns

1003 form

incorrect information on

lenders’ processing of

lying about identity on

and online applications

sections of

term (time span) of loans

choice in

and debt ratio

with refinancing

terms of loan

30-year loans, see term (time span) of loans

3/1 hybrid loans

TILA-RESPA Integrated Disclosure (TRID)

time-shares

title

fee simple

leasehold

reviewing chain of

on 1003

title exam/title search

title insurance

title ownership

title report

following offer

names on

in preapproval process

reissue of

total debt ratio

total loan-to-value (TLTV)

transaction management systems (TMS)

TransUnion

Treasury bonds

Trulia

Truth in Lending laws

two-time close loan

underwriter, see loan underwriter

underwriting

and available credit

for FHA loans

payment shock in

process following offer

see also Automated Underwriting System (AUS)

unmarried partners, loans to

USDA mortgage program

vacation homes

VA loans

DE approval for lenders

eligibility for

entitlements

home improvement funds with

and income documentation

and minimum credit score

refinancing, with bad credit

and state programs

streamline finance with

website for

as zero-money-down

value of home

VA No-No

Vantage Score

verification of application

verification of deposit (VOD)

verification process, in AUS

warrantable condos

W-2 forms

willingness to pay

wraparound mortgage

yield spread premium (YSP)

zero-money-down loans

Zillow