Welcome to the DFWCityhomes glossary!

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
• Promulgated
• 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