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Mortgage Loan Glossary

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0-9 | MORTGAGE LOAN TERMS
MORTGAGE LOAN COLLECTION

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0% Down
See 100% Financing
1% Interest Rate
In terms of real estate, it typically refers to an advertised interest rate that is actually an introductory interest rate or the interest rate for the minimum payment of a pay option adjustable rate mortgage loan program.
RELATED MORTGAGE TERMS: Pay Option Adjustable Rate Mortgage
12 Month Moving Treasury Average (MTA)
Interest rate index that is affected by monthly averages for the value of one year Treasury Bills that is commonly used to determine rate changed for an adjustable rate mortgage loan.
100% CLTV
The total of all mortgage loans acquired that equal 100% of the value of a property. Formally known as 100% combined loan to value, a property with a 100% CLTV has more than one mortgage lien on its title, but usually does not have more than three.
RELATED MORTGAGE TERMS: Combined Loan to Value (CLTV)|Lien|Loan to Value (LTV)|Second Mortgage|Third Mortgage|100% LTV|80/10/10 and 80/15/5 Loans
MORTGAGE LOAN EXAMPLES: 100% CLTV
100% Financing
In terms of a mortgage loan, it is a loan program that finances the entire cost or value of a real estate property. If one loan program is not used to finance the entire amount, combinations of loan programs are used to accomplish this type of financing.
RELATED MORTGAGE TERMS: Home Equity Line of Credit (HELOC)|Piggyback Loan|Second Mortgage|Third Mortgage|100% LTV80/20 Mortgage Loan|80/10/10 and 80/15/5 Loans
100% LTV
A single mortgage loan that is acquired for the entire cost or value of a property. Loan programs of this type are known to have a 100% loan to value (LTV) ratio and place only one mortgage lien against the title of property.
RELATED MORTGAGE TERMS: Combined Loan to Value (CLTV)|Lien|Loan to Value (LTV)|100% CLTV|100% Financing|80/20 Mortgage Loan
MORTGAGE LOAN EXAMPLES: 100% LTV
125% Mortgage Loan
Mortgage loan that is acquired for an amount that equals 125% of the value for a property. Such loan programs typically carry a slightly higher than normal interest rate, but permit an individual to acquire cash from the loan amount.
MORTGAGE LOAN EXAMPLES: 125% Mortgage Loan
1003
See Uniform Residental Loan Application (1003)
2 Year Prepay
In terms of a mortgage loan, this refers to a prepayment penalty fee that is charged if a mortgage is refinanced before two years have passed since the loan was acquired.
RELATED MORTGAGE TERMS: Prepayment Penalty
2/28 Interest Only Loan
Mortgage loan program where for the first two years interest only monthly payments are made, then PITI monthly payments are made for the remaining term of the loan.
RELATED MORTGAGE TERMS: Interest Only Loan Program|PITI
MORTGAGE LOAN EXAMPLES: 2/28 Interest Only Mortgage Loan
2/28 Loan Program
Mortgage loan program in which the first two years of the loan program carry a fixed interest rate and then carry an adjustable interest rate for the remaining 28 years of a 30 year mortgage.
RELATED MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)|Fixed Rate Mortgage (FRM)
MORTGAGE LOAN EXAMPLES: 2/28 Mortgage Loan
2nd Home
See Second Home
2nd Mortgage
See Second Mortgage
3 Day Right of Rescission
See Right of Rescission
3/27 Loan Program
Mortgage loan program where the first three years carry a fixed interest rate then carry an adjustable interest rate for the remaining 27 years of a 30 year mortgage.
RELATED MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)|Fixed Rate Mortgage (FRM)
MORTGAGE LOAN EXAMPLES: 3/27 Mortgage Loan
3rd Mortgage
See Third Mortgage
30 Year Fixed
Mortgage loan program where PITI monthly payments are made for the entire term of the loan at a fixed interest rate.
See Fixed Rate Mortgage (FRM)
RELATED MORTGAGE TERMS: PITI
MORTGAGE LOAN EXAMPLES: 30 Year Fixed Mortgage Loan
40 Year Mortgage
Mortgage loan program that is offered over a forty year term where PITI monthly payments are made at either a fixed or adjustable rate.
SIMILAR MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)|Fixed Rate Mortgage (FRM)
RELATED MORTGAGE TERMS: PITI
MORTGAGE LOAN EXAMPLES: 40 Year Mortgage Loan
5/1 Interest Only Jumbo
Jumbo mortgage loan program where for the first five years interest only monthly payments are made, then PITI monthly payments are made for the remaining term of the loan.
RELATED MORTGAGE TERMS: Interest Only Loan Program|PITI|Jumbo Loan
MORTGAGE LOAN EXAMPLES: 5/1 Interest Only Jumbo Mortgage Loan
5/1 Jumbo Loan Program
Jumbo mortgage loan program where the first five years carry a fixed interest rate then carry an adjustable interest rate that changes once each year for the remaining term of the loan.
RELATED MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)|Fixed Rate Mortgage (FRM)|Jumbo Loan
MORTGAGE LOAN EXAMPLES: 5/1 Jumbo Mortgage Loan
5/25 Loan Program
Mortgage loan program where the first five years carry a fixed interest rate then carry an adjustable interest rate for the remaining 25 years of a 30 year mortgage. PITI monthly payments are made for the rest of the loan's term.
RELATED MORTGAGE TERMS: Adjustable Rate Mortgage (ARM)|Fixed Rate Mortgage (FRM)|Interest Only Loan Program|PITI
MORTGAGE LOAN EXAMPLES: 5/25 Mortgage Loan
7/1 Interest Only Loan
Mortgage loan program where for the first seven years interest only monthly payments are made, then PITI monthly payments are made for the remaining term of the loan.
RELATED MORTGAGE TERMS: Interest Only Loan Program|PITI
MORTGAGE LOAN EXAMPLES: 7/1 Interest Only Mortgage Loan
7/1 Loan Program
Adjustable rate mortgage loan program where the first seven years carry a fixed interest rate then carry an adjustable interest rate that changes once each year for the remaining term of the loan.
MORTGAGE LOAN EXAMPLES: 7/1 Mortgage Loan
80/20 Mortgage Loan
Mortgage loans that finance the total cost or value of a property. By this method one loan program is used to finance 80% of the loan amount and a second mortgage is acquired simultaneously to finance the remaining twenty percent.
RELATED MORTGAGE TERMS: Piggyback Loan|Second Mortgage|Silent Second|100% CLTV|100% Financing
MORTGAGE LOAN EXAMPLES: 80/20 Mortgage Loan
80/10/10 and 80/15/5 Loans
Mortgage loans that finance the total cost or value of a property. By this method one loan program is used to finance 80% of the loan amount and the remaining 20% is financed with a second and third mortgage loan.
RELATED MORTGAGE TERMS: Piggyback Loan|Second Mortgage|Third Mortgage|100% CLTV
MORTGAGE LOAN EXAMPLES: Combo Mortgage Loan

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