Atlanta Mortgage
loanSouth mortgage Glossary
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| 100% loan |
| A loan with no down payment. The loan amount equals the property value.... |
| 3/2 Downpayment |
| Programs offered by some lenders under which a borrower who is able to secure a ... |
| 80/10/10, 80/15/5, and 80/20/0 loan plans |
| Combination first mortgages for 80% of sale price or value and second mortgages ... |
| A-Credit |
| A consumer with the best credit rating, deserving of the lowest prices that lend... |
| Acceleration clause |
| A contractual provision that gives the lender the right to demand repayment of t... |
| Accrued interest |
| Interest that is earned but not paid, adding to the amount owed. Same as Negati... |
| Adjustable rate mortgage (ARM) |
| A mortgage on which the interest rate, after an initial period, can be changed b... |
| Adjustment interval |
| On an ARM, the time between changes in the interest rate or monthly payment. The... |
| Affordability |
| A consumer's capacity to afford a house. Affordability is usually expressed in... |
| Alternative documentation |
| Expedited and simpler documentation requirements designed to speed up the loan a... |
| Amortization |
| The repayment of principal from scheduled mortgage payments that exceed the inte... |
| Amount financed |
| On the Truth in Lending form, the loan amount less "prepaid finance charges", wh... |
| Application |
| A request for a loan that includes the information about the potential borrower,... |
| Application fee |
| A fee that some lenders charge to accept an application. It may or may not cover... |
| Appraisal |
| A written estimate of a property's current market value prepared by an appraiser... |
| Appraiser |
| A professional with knowledge of real estate markets and skilled in the practice... |
| Approval |
| Acceptance of the borrower's loan application. Approval means that the borrower ... |
| APR |
| The Annual Percentage Rate, which must be reported by lenders under Truth in Len... |
| Assumable mortgage |
| A mortgage contract that allows, or does not prohibit, a creditworthy buyer from... |
| Automated underwriting |
| A computer-driven process for informing the loan applicant very quickly, sometim... |
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LoanSouth Products
- © 2013 All Rights Reserved
- 990 Hammond Drive
- Suite 210
- Atlanta, Georgia 30328
- Toll Free: 866.780.3720
- Local: 678.551.7120
- Fax: 678.252.5597
BankSouth Mortgage Company, LLC. D/B/A LoanSouth Mortgage | NMLS #690971