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Welcome to the DFWCityhomes glossary!

We created this glossary with the help of the Federal Trade Commission (FTC) to help you get familiar with common terms you’ll see. If you can’t find your answer, please feel free to contact us.

Annual Percentage Rate (APR)
Annuity:
Application Fee
Appraisal
Appraiser
Appreciation
Arbitration
Asbestos
Assessed Value
Assessor
Asset
Assignment of Mortgage
Assumable Mortgage
Assumption
Assumption Fee
Automated Underwriting
Balance Sheet
Balloon Mortgage
Balloon Payment
Bankruptcy
Before-tax Income
Biweekly Payment Mortgage
Bona fide
Bridge Loan
Broker
Building Code
Buydown
Buydown Account
Buyer Agent
Buyer Agent Commission
Buyer Rebate
Buyer’s Broker Commission
Cap
Capacity
Cash-out Refinance
Certificate of Deposit
Certificate of Eligibility
Chain of Title
Change Orders
Civil Rights Act of 1968 (Fair Housing Act)
Clear Title
Closing
Closing Activities
Closing Agent
Closing Costs
Closing Date
Closing Statement
Co-borrower
Collateral
Commission
Commitment Letter
Common Areas
Comparables
Comparative Market Analysis (CMA)
Competitive Listings
Concession
Conditional Qualification Letter
Condominium
Construction Loan
Contingency
Conventional Mortgage
Conversion Option
Convertible ARM
Cooperative (Co-op) Project
Cost of Funds Index (COFI)
Counter-offer
Credit
Credit Bureau
Credit History
Credit Life Insurance
Credit Report
Credit Score
Creditor
Creditworthy
Debt
Debt-to-Income Ratio
Deed
Deed of Trust
Default
Delinquency
Depreciation
Discount Point
Down Payment
Due-on-Sale Clause
Earnest Money Deposit
Easement
Education and assistance
Electronic Signature
Employer-Assisted Housing
Encroachment
Encumbrance
Equal Credit Opportunity Act (ECOA)
Equity
Escrow
Escrow Account
Escrow Analysis
Eviction
Exclusive Agency Listing
Exclusive Right-to-Sell Listing
Executor
Fair Credit Reporting Act (FCRA)
Fair Market Value
Fannie Mae
Fannie Mae-Seller/Servicer
Fannie Mae/Freddie Mac Loan Limit
Federal Housing Administration (FHA)
First Mortgage
First-Time Home Buyer
Fixed-Period Adjustable-Rate Mortgage
Fixed-Rate Mortgage
Flood Certification Fee
Flood Insurance
For Sale By Owner (FSBO)
For sale flyer
Foreclosure
Forfeiture
Full representation
Fully Amortized Mortgage
General Contractor
Gift Letter
Good-Faith Estimate
Government Mortgage
Government National Mortgage Association (Ginnie Mae)
Gross Monthly Income
Ground Rent
Growing-Equity Mortgage (GEM)
Hazard Insurance
Home Equity Conversion Mortgage (HECM)
Home Equity Line of Credit (HELOC)
Home Inspection
Homeowner’s Insurance
Homeowner’s Warranty (HOW)
Homeowners’ Association
Housing Expense Ratio
Hybrid Loan
Income Property
Index
Individual Retirement Account (IRA)
Inflation
Initial Interest Rate
Inquiry
Installment
Installment Debt
Interest
Interest Accrual Rate
Interest Rate Cap
Interest Rate Ceiling
Interest Rate Floor
Investment Property
Judgment Lien
Jumbo Loan
Junior Mortgage
Keogh Funds
Late Charge
Lease-Purchase Option
Liabilities
Liability Insurance
LIBOR-Index
Lien
Lifetime Cap
Liquid Asset
listing
Loan Origination
Loan Origination Fees
Loan-To-Value (LTV) Ratio
Lock-In Rate
Low-Down-Payment Feature
Manufactured Housing
Margin
Market Value
Maturity Date
Merged Credit Report
Modification
Money Market Account
Mortgage
Mortgage Broker
Mortgage Insurance (MI)
Mortgage Insurance Premium (MIP)
Mortgage Lender
Mortgage Life Insurance
Mortgage Rate
Mortgagee
Mortgagor
Multifamily Mortgage
Multifamily Properties
Multiple Listing Service (MLS)
Mutual Funds
Negative Amortization
Net Monthly Income
Net Worth
Non Realty Items
Non-Liquid Asset
Note
Note Rate
Offer
Open House
Option Fee
Option Period
Original Principal Balance
Origination Fee
Owner Financing
Owner-Occupied Property
Partial Payment
Payment Cap
Payment Change Date
Personal Property
PITI
PITI Reserves
Planned Unit Development (PUD)
Point
Power of Attorney
Pre-Approval
Pre-Approval Letter
Pre-Qualification
Pre-Qualification Letter
Predatory Lending
Prepayment
Prepayment Penalty
Principal
Private Mortgage Insurance
Promissory Note
Property Appreciation
Purchase and Sale Agreement
Purchase Money Mortgage
Qualifying Guidelines
Qualifying Ratios
Quality Control
Radon
Rate Cap
Rate Lock
Ratified Sales Contract
Real Estate Agent
Real Estate Professional
Real Estate Settlement Procedures Act (RESPA)
Real Property
Realtor®
Recorder
Recording
Refinance
Rehabilitation Mortgage
Remaining Term
Remote Close
Repayment Plan
Replacement Cost
Rescission
Revolving Debt
Right of First Refusal
Rural Housing Service (RHS)
Sale-Leaseback
Second Mortgage
Secondary Mortgage Market
Secured Loan
Securities
Securities
Security
Seller Take-Back
Servicemembers Civil Relief Act
Servicer
Servicing
Settlement
Settlement Statement
Settlement Statement
ShowingTime
Signage
Single-Family Properties
Soft Second Loan
Subordinate Financing
Survey
Sweat Equity
Taxes and Insurance
Termite Inspection
Third-Party Origination
Title
Title Insurance
Title Insurance
Title Search
Trade Equity
Transaction
Transfer Tax
Treasury Index
Truth-In-Lending Act (TILA)
Two- to Four- Family Property
Underwriting
Uniform Residential Loan Application
VA Guaranteed Loan
Veterans Affairs (U.S. Department of Veterans Affairs)
Walk-Through
Warranties

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