Home Loan Checklist

Commonly Used Loan Terms

Acceleration Clause

Provision in a mortgage that allows the lender to demand payment of the entire principal balance if a monthly payment is missed or some other default occurs.

Additional Principal Payment
Adjustable-Rate Mortgage (ARM)
Adjusted Basis
Adjustment Date
Adjustment Period
Amortization
Annual Percentage Rate (APR)
Appraisal
Appraised Value
Asset
Assignment
Balloon Mortgage
Before-tax Income
Biweekly Payment Mortgage
Broker
Buydown
Cap
Change Frequency
Closing Costs
Compound Interest
Credit Report
Credit Risk Score
Default
Delinquency
Down Payment
Equity
Escrow
Escrow Payment
Fannie Mae
FHA Mortgage
Fixed Installment
Fixed-Rate Mortgage (FRM)
Index
Installment
Insured Mortgage

A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI).

Interest
Interest Accrual Rate
Interest Rate Ceiling
Interest Rate Floor
Late Charge
Liabilities
Line of Credit
Liquid Asset
Loan
Lock-In Period
Maturity
Monthly Fixed Installment
Mortgage
Mortgage Banker
Mortgage Insurance
Mortgage Insurance Premium (MIP)
Mortgagor
Net Worth
Origination Fee
Prepayment Penalty
Pre-Approval
Principal
Principal Balance
Principal, Interest, Taxes, and Insurance (PITI)
Private Mortgage Insurance (PMI)
Rate Lock
Real Estate Agent
Refinance
Revolving Liability
Security
Servicer
Two-step Mortgage
Underwriting
VA Mortgage

Address:

6879 N Oracle Rd.
Suite #125,
Tucson AZ 85704

Office:

(520) 467-7150

Hours of Operation:

M-F: 8:00am - 5:00pm

Customer Service Info:

Complaints may be directed to:
(877) 699-0353 or Email us: customerservice@fairwaymc.com

Follow Us

Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800.
All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity. (http://nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2289)
Licensed In: AZ, CA, HI, ND