http://www.badcredithomeloansmortgage.com/glossary/ An alphabetical list of of loan, mortgage, real estate, and credit related terms and their quick and simple explanations. http://www.badcredithomeloansmortgage.com/glossary-home-equity-loan.htm A home equity loan is a loan for the difference between the market value of a house and the amount of principal that is left in a current mortgage. Sun, 18 Nov 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-home-equity-loan.htm http://www.badcredithomeloansmortgage.com/glossary-closing-costs.htm Closing costs may include application fees; title examination, abstract of title, title insurance, and property survey fees; fees for preparing deeds, mortgages, and settlement documents; attorneys Mon, 02 Jul 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-closing-costs.htm http://www.badcredithomeloansmortgage.com/glossary-lockin.htm Lock-in refers to a written agreement guaranteeing a home buyer a specific interest rate on a home loan provided that the loan is closed within a certain period of time. Mon, 02 Jul 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-lockin.htm http://www.badcredithomeloansmortgage.com/glossary-private-mortgage-insurance.htm Private mortgage insurance (PMI) protects the lender against a loss if a borrower defaults on the loan. Mon, 02 Jul 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-private-mortgage-insurance.htm http://www.badcredithomeloansmortgage.com/glossary-points.htm Points are fees paid to the lender for the loan. Mon, 02 Jul 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-points.htm http://www.badcredithomeloansmortgage.com/glossary-overages.htm Overages are the difference between the lowest available price and any higher price that the home buyer agrees to pay for the loan. Mon, 02 Jul 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-overages.htm http://www.badcredithomeloansmortgage.com/glossary-fixed-rate-mortgage.htm The monthly principal and interest payments remain the same throughout the life of the loan in FRM loans. The most common mortgage terms are 30 and 15 years. Mon, 02 Jul 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-fixed-rate-mortgage.htm http://www.badcredithomeloansmortgage.com/glossary-conventional-loans.htm Conventional loans are mortgage loans other than those insured or guaranteed by a government agency such as the FHA (Federal Housing Administration), the VA (Veterans Administration), or the Rural Development Services (formerly know as Farmers Home Administration, or FmHA). Mon, 02 Jul 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-conventional-loans.htm http://www.badcredithomeloansmortgage.com/glossary-annual-percentage-rate.htm Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fees, and certain other credit charges that the borrower is required to pay. Mon, 02 Jul 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-annual-percentage-rate.htm http://www.badcredithomeloansmortgage.com/glossary-adjustable-rate-mortgage.htm The interest rate fluctuates over the life of the loan based on market conditions, but the loan agreement generally sets maximum and minimum rates. Mon, 02 Jul 2007 08:00:00 EST http://www.badcredithomeloansmortgage.com/glossary-adjustable-rate-mortgage.htm