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Glosario Hipotecario

Una guia completa de A a Z de terminos hipotecarios y definiciones. Entienda el lenguaje de los prestamos para el hogar con explicaciones claras de expertos.

A

Acceleration Clause

A provision allowing the lender to demand full repayment

Addendum

An addition or change to a standard contract

Adjustable Rate Mortgage (ARM)

A mortgage with an interest rate that changes periodically

Affidavit

A written statement confirmed by oath for legal purposes

Amortization

The process of paying off a loan through regular payments over time

Amortization Schedule

A table showing each mortgage payment over the life of the loan

Annual Cap

The maximum interest rate increase per year on an ARM

Annual Percentage Rate (APR)

The total annual cost of borrowing including interest and fees

Appraisal

A professional assessment of a property market value

Assignment

The transfer of a mortgage from one party to another

Assumption

Taking over another person existing mortgage

Automated Underwriting

Computer-based evaluation of a mortgage application

B

Back-End Ratio

Total monthly debts divided by gross monthly income

Balloon Payment

A large final payment due at the end of a loan term

Basis Points

A unit of measure for interest rates equal to 0.01 percent

Blanket Mortgage

A single mortgage covering multiple properties

Bridge Loan

A short-term loan used to bridge the gap between buying and selling

Buydown

A financing technique to reduce the mortgage interest rate

C

Cap Rate

The rate of return on a real estate investment property

Cash Reserves

Liquid assets available after closing on a mortgage

Cash-Out Refinance

A refinance that replaces your mortgage with a larger one to access equity

Certificate of Occupancy

A document certifying a building meets building codes

Chain of Title

The historical record of property ownership transfers

Clear Title

Property ownership free of liens or legal disputes

Closing Costs

Fees and expenses paid at the closing of a real estate transaction

Closing Disclosure

A form that provides final details about your mortgage loan

Cloud on Title

An unresolved claim or issue affecting property title

Co-Signer

A person who signs a loan agreement with the primary borrower

Combined Loan-to-Value (CLTV)

The ratio of all loans on a property to its value

Commitment Letter

A formal offer from a lender to provide a mortgage

Comparables (Comps)

Similar properties used to estimate a home market value

Conforming Loan

A mortgage that meets the guidelines set by Fannie Mae and Freddie Mac

Construction Loan

A short-term loan for building a new home

Contingency

A condition that must be met for a real estate contract to proceed

Conventional Loan

A mortgage not insured or guaranteed by a government agency

Cost of Funds Index (COFI)

An index used to determine ARM rate adjustments

Covenant

A promise or agreement in a mortgage contract

Credit Report

A detailed record of an individual credit history

Credit Score

A number representing your creditworthiness based on credit history

Credit Utilization

The percentage of available credit currently in use

Cross-Collateralization

Using one property as collateral for multiple loans

D

Debt Service Coverage Ratio (DSCR)

Net operating income divided by total debt service

Debt-to-Income Ratio (DTI)

The percentage of monthly income that goes toward debt payments

Deed of Trust

A document that secures a loan using real property as collateral

Default

Failure to meet the legal obligations of a loan

Deficiency Judgment

A court order requiring payment of remaining debt after foreclosure

Delinquency

Failure to make a mortgage payment on time

Depreciation

A decrease in property value over time

Discount Points

Fees paid to the lender at closing to reduce the interest rate

Down Payment

The initial payment made when buying a home

Due-on-Sale Clause

A provision requiring full loan repayment upon property sale

E

Earnest Money

A deposit made to show serious intent to purchase a property

Encumbrance

A claim or liability attached to a property

Equity

The difference between your home value and what you owe

Escrow

An account held by a third party for taxes and insurance payments

F

Fannie Mae

A government-sponsored enterprise that buys and guarantees mortgages

Federal Housing Administration (FHA)

A government agency that insures mortgage loans

FHA Loan

A mortgage insured by the Federal Housing Administration

FICO Score

The most widely used credit scoring model

First Mortgage

The primary loan secured by a property

Fixed-Rate Mortgage

A mortgage with an interest rate that stays the same

Flood Insurance

Insurance protecting against flood damage to property

Forbearance

A temporary reduction or suspension of mortgage payments

Freddie Mac

A government-sponsored enterprise that buys and securitizes mortgages

Front-End Ratio

Housing expenses divided by gross monthly income

G

Ginnie Mae

A government corporation that guarantees mortgage-backed securities

Good Faith Estimate

An estimate of settlement charges from a mortgage lender

Government-Sponsored Enterprise (GSE)

Federally chartered entities supporting the mortgage market

Graduated Payment Mortgage

A mortgage with payments that increase over time

Gross Income

Total income before taxes and deductions

H

Hazard Insurance

Insurance protecting against physical damage to property

Home Equity Line of Credit (HELOC)

A revolving credit line secured by your home equity

Home Equity Loan

A loan that uses your home equity as collateral

Home Inspection

A thorough examination of a property physical condition

Homeowners Association (HOA)

An organization governing a community with shared amenities

Homeowners Insurance

Insurance protecting your home against damage and liability

HUD-1 Settlement Statement

A document listing all costs in a real estate transaction

I

Index Rate

A benchmark rate used to calculate ARM interest rates

Initial Rate

The starting interest rate on an adjustable-rate mortgage

Interest Rate

The percentage charged for borrowing money

Interest-Only Loan

A loan where only interest is paid for a set period

Investment Property

Real estate purchased to generate income or profit

J

Jumbo Loan

A mortgage that exceeds conforming loan limits

L

Lien

A legal claim against a property as security for a debt

Lis Pendens

A legal notice that a lawsuit involving property has been filed

Loan Estimate

A standardized form showing key loan terms and estimated costs

Loan Officer

A professional who helps borrowers through the mortgage process

Loan Origination Fee

A fee charged by the lender for processing the loan

Loan-to-Value Ratio (LTV)

The ratio of the loan amount to the appraised property value

Lock-In Period

The time during which an interest rate is guaranteed

M

Margin

The percentage added to an index rate to determine ARM rate

Market Value

The estimated price a property would sell for

Maturity Date

The date when the final mortgage payment is due

Mortgage Broker

A professional who connects borrowers with mortgage lenders

Mortgage Insurance

Insurance protecting the lender if the borrower defaults

N

Negative Amortization

When loan payments are less than interest owed increasing the balance

Net Worth

Total assets minus total liabilities

Non-Conforming Loan

A mortgage that does not meet Fannie Mae or Freddie Mac guidelines

Non-QM Loan

A mortgage that does not meet qualified mortgage standards

Note Rate

The interest rate stated on a mortgage note

O

Origination Fee

A fee charged for creating a new loan

Owner-Occupied

A property used as the borrower primary residence

P

Par Rate

An interest rate with no discount points or lender credits

Payment Shock

A significant increase in monthly mortgage payments

Penalty Clause

A provision imposing fees for specific actions

Per Diem Interest

Daily interest charged on a mortgage loan

Piggyback Loan

A second mortgage taken simultaneously with the first

PITI

Principal interest taxes and insurance combined monthly payment

Planned Unit Development (PUD)

A community with shared spaces and amenities

Pledged Asset

An asset used as collateral instead of a cash down payment

Power of Attorney

Legal authorization to act on someone behalf

Pre-Approval

A conditional commitment from a lender for a specific loan amount

Pre-Qualification

An informal estimate of how much you may be able to borrow

Prepayment Penalty

A fee for paying off a mortgage early

Primary Residence

The main home where a borrower lives

Principal

The original amount of money borrowed in a loan

Private Mortgage Insurance (PMI)

Insurance required for conventional loans with less than 20% down

Purchase Money Mortgage

A mortgage used to buy the property securing the loan

Q

Qualification Rate

The interest rate used to determine borrower eligibility

Quit-Claim Deed

A deed transferring property rights without guarantees

R

Rate Adjustment

A change in interest rate on an adjustable-rate mortgage

Rate Lock

An agreement guaranteeing an interest rate for a set period

Real Estate Owned (REO)

Property owned by a lender after foreclosure

Recasting

Recalculating mortgage payments after a large principal payment

Reconveyance

The transfer of property title back to the borrower after loan payoff

Recording Fees

Government fees for recording real estate documents

Refinance

The process of replacing an existing mortgage with a new one

Reverse Mortgage

A loan allowing homeowners 62+ to convert equity to cash

Right of First Refusal

The right to match any offer before property is sold to others

S

Second Mortgage

An additional loan taken against home equity

Seller Concession

A contribution from the seller toward buyer closing costs

Servicing

The administration of a mortgage loan after closing

Short Sale

Selling a property for less than the outstanding mortgage balance

Subordination

An agreement changing the priority of liens on a property

Survey

A measurement of property boundaries and features

Sweat Equity

Value added to a property through the owner labor

T

Tax Lien

A government claim against property for unpaid taxes

Title Insurance

Insurance protecting against problems with property ownership

Title Search

An examination of public records to verify property ownership

Transfer Tax

A tax imposed when property ownership changes hands

Truth in Lending (TILA)

Federal law requiring lenders to disclose loan terms and costs

U

Underwriting

The process of evaluating a loan application for risk

USDA Loan

A mortgage backed by the US Department of Agriculture

V

VA Loan

A mortgage guaranteed by the Department of Veterans Affairs

Verification of Employment

Documentation confirming employment status and income

Verification of Income

Documentation confirming income sources and amounts

W

Warehouse Lending

Short-term funding used by mortgage lenders

Wraparound Mortgage

A mortgage that includes the balance of an existing mortgage

Y

Yield Spread Premium

A fee paid to a broker for delivering a higher interest rate

Z

Zero Closing Cost

A mortgage where closing costs are rolled into the loan