The Loan Process
Below is a list of commonly used terms in the Mortgage industry.

 

Select A Term Below
1003
Annual Percentage Rate (APR)
Appraisal
Balloon Mortgage
Balloon Payment
Cash-out Refinance
Closing
Closing Cost Item
Community Property
Effective Gross Income
Foreclosure
Home Equity Loan
HUD

Balloon Mortgage

A mortgage that has level monthly payments that will amortize it over a stated term but that provides for a lump sum payment to be due at the end of an earlier specified term.