Glossary of Terms
專業術語
See a full list of mortgage terms by clicking learn more below.
了解更多，查看完整的抵押貸款條款列表。
1003 Uniform Residential Loan Application. 統一住宅貸款申請
A & D LOAN Acquisition and development loan- a loan for the purchase of raw land for the purpose of development. 收購及開發貸款- 為發展目的購買未開發土地的貸款
Abstract Title A written history of the ownership of a parcel of land.
一塊土地所有權的書面歷史
Acceleration Clause Allows the lender to speed up the rate at which your loan comes due or even to demand immediate payment of the entire outstanding balance of the loan should you default on your loan.
允許貸方加快貸款到期的速度，甚至在您拖欠貸款時要求立即支付全部未償還貸款餘額
Acknowledgment A declaration by a notary, certifying, by way of personal knowledge or written identification, the identity of the signer.
公證人的聲明，通過個人知識或書面身份證明簽名人的身份
Adjustable Rate Mortgage (ARM) Is a mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Also sometimes known as the renegotiable rate mortgage, the variable rate mortgage or the Canadian rollover mortgage. (ARM) 是一種按預先選定的指數定期調整利率的抵押貸款。有時也稱為可再協商利率抵押貸款、可變利率抵押貸款或加拿大展期抵押貸款。
Adjustment Interval On an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, typically one, three or five years, depending on the index. 在可調利率抵押貸款中，利率變化和/或每月付款之間的時間間隔，通常為一年、三年或五年，具體取決於指數
Affidavit A sworn statement in writing. 書面宣誓書
American Land Title Association (ALTA) An organization of title companies specializing in Real Property Law which has standardized forms and coverage on a national basis. This is standardized coverage. 專門從事不動產法的產權公司組織，在全國范圍內具有標準化的形式和範圍。這是標準化的覆蓋範圍
Amortized / Amortization Amortization refers to the principal portion of the loan payment and is the loan payment by equal periodic payments calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance. A fully amortized loan will be completely paid off at the end of the loan term.攤銷是指貸款付款的本金部分，是按等額定期付款計算的貸款付款，用於在固定期限結束時償還債務，包括未償還餘額的應計利息。完全攤銷的貸款將在貸款期限結束時全部還清
Annual Percentage Rate (APR) An interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account points and other credit costs. The APR allows homebuyers to compare different types of mortgages based on the annual cost for each loan. 反映抵押貸款成本的年利率利率。該利率可能高於抵押貸款的規定票據利率或廣告利率，因為它考慮了積分和其他信貸成本。 APR 允許購房者根據每筆貸款的年度成本比較不同類型的抵押貸款
Appraisal An estimate of the value of real property, made by a qualified professional called an "appraiser." An appraisal will be needed to determine the value of your property. 對不動產價值的估計，由稱為“估價師”的合格專業人員進行。需要評估來確定您的財產的價值
Assumption The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. This must be approved by the lender and be allowed by the note, which was originally signed by the seller. 買方和賣方之間的協議，買方從賣方那裡接管現有抵押貸款的付款。這必須得到貸方的批准並得到最初由賣方簽署的票據的允許
Back End This refers to the debt-to-income ratio calculated using principal, interest, taxes, insurance and consumer credit obligations divided by gross monthly income. It is expressed as a percentage. 這是指使用本金、利息、稅收、保險和消費信貸義務除以每月總收入計算得出的債務收入比。它以百分比表示
Balloon Usually a short-term fixed-rate loan which involves small payments for a certain period of time and one large payment for the remaining amount of the principal at a time specified in the contract. 通常是一種短期固定利率貸款，涉及在一定時期內小額付款，並在合同規定的時間對本金的剩餘金額進行大額付款
Beneficiary The entity funding the loan. This is the entity to which the loan is owed. 為貸款提供資金的實體。這是欠貸款的實體
BK / Bankruptcy A reorganization or discharge of debts. Could also be referred to as Chapter 7, 11 or 13. 重組或免除債務。也可稱為第 7、11 或 13 章
Broker An individual in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money himself. Brokers usually charge a fee or receive a commission for their services. 從事協助為客戶安排資金或談判合同但自己不借錢的業務的個人。經紀人通常會收取費用或收取佣金
Buy Down When the lender and/or the home builder subsidizes the mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires. 當貸方和/或房屋建築商通過在貸款的前幾年降低利率來補貼抵押貸款時。雖然最初的付款很低，但在補貼到期時會增加
Cap The highest rate that an adjustable rate mortgage may reach. It can be expressed as the actual rate or as the amount of change allowed above the start rate. For example, a 7.99 % start rate with a 6% rate change cap would have a maximum interest rate cap of 13.99%. 可調利率抵押貸款可能達到的最高利率。它可以表示為實際速率或允許高於起始速率的變化量。例如，7.99% 的起始利率和 6% 的利率變化上限將具有 13.99% 的最高利率上限。
Cash Out Any funds disbursed directly to the borrower. 任何直接支付給借款人的資金
Certificate of Occupancy A certificate issued by local city government to a builder, stating that the building is in proper condition to be occupied. 當地市政府頒發給建築商的證明，表明該建築處於可入住的適當狀態
Certified Copy A true copy, attested to be true by the officer holding the original. It should have a stamp and signature stating that it is a true copy. 一份真實的副本，由持有原件的官員證明是真實的。它應該有一個印章和簽名，說明它是一個真實的副本
Clear-to-close Loan is ready to be closed with no additional conditions.貸款已準備好關閉，無需附加條件
Closing The meeting between the buyer, seller and lender or their agents where the property and funds legally change hands. Also called settlement. 財產和資金合法易手的買方、賣方和貸方或其代理人之間的會議。也稱為結算
Closing Costs Usually include an origination fee, discount points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The costs of closing usually are about 3 percent to 6 percent of the total mortgage amount. Or any costs being charged to facilitate granting of the credit request. 通常包括發起費、折扣點、評估費、產權搜索和保險、調查、稅收、契約記錄費、信用報告費和結算時評估的其他費用。關閉的成本通常約為抵押貸款總額的 3% 至 6%。或為促進信貸請求的批准而收取的任何費用
Commitment An agreement, often in writing, between a lender and a borrower to loan money at a future date subject to the completion of paperwork or compliance with stated conditions. 貸款人和借款人之間的協議，通常是書面形式，在完成文書工作或符合規定條件的情況下，在未來日期貸款
Community Property Property owned in common by a husband and wife, which was not acquired as separate property. A classification of property peculiar to certain states. In community property states, assets may be owned in part by a spouse even if their name does not appear on the title. 夫妻共同擁有的財產，不作為單獨財產獲得。某些州特有的財產分類。在共同財產州，即使他們的名字沒有出現在產權上，資產也可能部分歸配偶所有
Comp. / Comparable A property with the same basic characteristics as the property you are attempting to find the value of (usually a real estate appraisal.) It should have been sold recently and be as similar as possible. 與您試圖尋找價值的房產（通常是房地產評估）具有相同基本特徵的房產。它應該是最近出售的，並且盡可能相似
Condominium A property owned as a group, with rights to occupy specific units of the structure. An overseeing board, often referred to as a Homeowners Association, governs the property. 作為一個群體擁有的財產，有權佔用結構的特定單元。監督委員會，通常被稱為房主協會，負責管理房產
Construction Loan A short term interim loan for financing the cost of construction. The lender advances funds to the builder at periodic intervals as the work progresses. 用於資助建設成本的短期臨時貸款。隨著工作的進行，貸方定期向建築商墊付資金
Consumer Credit Credit owed by the individual, not secured by real estate. 個人欠債，不受房地產擔保
Conventional Loan A mortgage not insured by FHA or guarantee by the VA or Farmers Home Administration (FMHA). 未由 FHA 投保或由 VA 或農民之家管理局 (FMHA) 擔保的抵押貸款。
Conversion Clause A provision in some ARMS, (Adjustable Rate Mortgage) that allows you to change the ARM to a fixed-rate loan at some point during the loan term. 某些 ARMS（可調整利率抵押貸款）中的一項規定，允許您在貸款期限內的某個時間點將 ARM 更改為固定利率貸款
Credit Ratio The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by his or her net effective income (FHA/VA loans) or gross monthly income (Conventional loans). 當借款人對長期債務的每月還款義務除以他或她的淨有效收入（FHA/VA 貸款）或每月總收入（傳統貸款）時得出的比率，以百分比表示
Credit Report History of buyers past credit performance. 買家過去信用表現的歷史記錄
Credit Score The score given to an individual to determine the credit worthiness. These scores come from TRW, Equifax and Trans Union. 給予個人以確定信用價值的分數。這些分數來自 TRW、Equifax 和 Trans Union
D.R. / Debt Ratio The customer's monthly obligations divided by their monthly gross income. See also Back End. 客戶的每月義務除以他們的每月總收入。另見後端
Deed Legal document which conveys the title to a property. 傳達財產所有權的法律文件
Deed of Trust A document used which pledges real property to secure a debt. In some cases a deed of trust can replace a mortgage. 用於抵押不動產以擔保債務的文件。在某些情況下，信託契約可以代替抵押貸款
Default Failure to meet legal obligations in a contract, specifically, failure to make the monthly payments on a mortgage. 未能履行合同中的法律義務，特別是未能按月支付抵押貸款
Deferred Interest See Negative Amortization 見負攤銷
Delinquency Failure to make payments on time. This can lead to foreclosure. 未能按時付款。這可能導致止贖。
Department of Veterans Affairs (VA) An independent agency of the federal government which guarantees long-term, low- or no-down payment mortgages to eligible veterans. 聯邦政府的一個獨立機構，為符合條件的退伍軍人提供長期、低首付或無首付的抵押貸款
Derog Letter A letter written by the borrower giving an explanation for any derogatory credit. 借款人寫的對任何貶損信用作出解釋的信函
Derog This is short for derogatory and refers to negative credit items. 這是 derogatory 的縮寫，指的是負面信用項目
Discharge Following a completed bankruptcy proceeding, discharged debts are no longer owed or collectable. Lenders will require copies of the discharge papers on any prior bankruptcy filings. 在完成破產程序後，已解除的債務不再欠或可收回。貸方將需要任何先前破產申請的解除文件副本
Discount Points Prepaid interest assessed at closing by the lender. Each point is equal to 1 percent of the loan amount (e.g. two points on a $100,000 mortgage would cost $2,000). 貸款人在結束時評估的預付利息。每個點等於貸款金額的 1%（例如，100,000 美元的抵押貸款上的兩個點將花費 2,000 美元）
Dismissal If a bankruptcy is dropped without being completed, a Bankruptcy Dismissal document will be needed to proceed with the loan. Either the court or the debtor can prompt the dismissal. 如果破產在沒有完成的情況下被撤銷，則需要一份破產解除文件才能繼續貸款。法院或債務人均可提示駁回
Down Payment Money paid to make up the difference between the purchase price and mortgage amount. Down payments usually are 10 percent to 20 percent of the sales price on Conventional loans, and no money down up to 5 percent on FHA and VA loans. 支付的款項以彌補購買價格和抵押貸款金額之間的差額。首付款通常是傳統貸款銷售價格的 10% 到 20%，而 FHA 和 VA 貸款的首付款最高可達 5%
Due-On-Sale Clause A provision in a mortgage or deed of trust that allows the lender to demand immediate payment of the balance of the mortgage if the mortgage holder sells the home. 抵押或信託契約中的一項條款，允許貸方在抵押持有人出售房屋時要求立即支付抵押餘額
Earnest Money Money given by a buyer to a seller as part of the purchase price to bind a transaction or assure payment. 作為購買價格的一部分，買方給予賣方的款項，用於約束交易或確保付款
Easements An interest in property, owned by another that entitles the holder to a specific limited use or privilege, such as the right to cross or to build adjoining structures on the property. 財產中的權益，由他人擁有，賦予持有人特定的有限使用或特權，例如穿越或在財產上建造相鄰結構的權利
Encroachment A fixture of a piece of property which intrudes on another's property. 侵占他人財產的財產的固定裝置
Equal Credit Opportunity Act (ECOA) Is a federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. 是一項聯邦法律，要求貸方和其他債權人平等提供信貸，不受種族、膚色、宗教、國籍、年齡、性別、婚姻狀況或公共援助計劃收入的歧視
Equity The difference between the fair market value and current indebtedness, also referred to as the owner's interest. 公允市場價值與當前負債之間的差額，也稱為所有者權益
Escrow Instructions Instructions to the escrow agent giving the parameters and contingencies involved in the transaction and agreed upon by both parties. 給託管代理的指示，提供交易中涉及的參數和或有事項，並經雙方同意
Escrow Waiver Request for a borrower to pay their own taxes and insurance. Escrow wavers are rarely granted with less than a 25% equity position 要求借款人自行繳納稅款和保險。持有低於 25% 的股權的情況很少被授予託管波動
Escrow Refers to a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or "closing." Escrow may also refer to an account held by the lender into which the homebuyer pays money for tax or insurance payments. 是指中立的第三方，執行買賣雙方的指示，處理所有結算或“成交”文書工作。託管也可能是指貸款人持有的賬戶，購房者向該賬戶支付稅款或保險費
Farmers Home Administration (FMHA) Provides financing to farmers and other qualified borrowers who are unable to obtain loans elsewhere. 為無法在其他地方獲得貸款的農民和其他合格借款人提供融資。
Federal Home Loan Mortgage Corporation (FHLMC) Also called Freddie Mac, is a quasi-governmental agency that purchases conventional mortgages from insured depository institutions and HUD-approved mortgage bankers. 也稱為房地美 (Freddie Mac)，是一家準政府機構，從受保存款機構和 HUD 批准的抵押銀行家購買傳統抵押貸款
Federal Housing Administration (FHA) A division of the Department of Housing and Urban Development. Its main activity is the insuring of residential mortgage loans made by private lenders. FHA also sets standard for underwriting mortgages. 住房和城市發展部的一個部門。其主要業務是為私人貸款人提供的住宅抵押貸款提供保險。 FHA 還制定了承銷抵押貸款的標準
Federal National Mortgage Association (FNMA) Also known as Fannie Mae. A tax-paying corporation created by Congress that purchases and sells conventional residential mortgages as well as those insured by FHA or guaranteed by VA. This institution, which provides funds for one in seven mortgages, makes mortgage money more available and more affordable. 也被稱為房利美。由國會創建的一家納稅公司，購買和出售傳統住宅抵押貸款以及由 FHA 保險或由 VA 擔保的抵押貸款。該機構為七分之一的抵押貸款提供資金，使抵押貸款更容易獲得且更實惠
Fee Simple The most common form of ownership where the vestee owns both the land and the structures. 受權人同時擁有土地和建築物的最常見的所有權形式
FHA Loan A loan insured by the Federal Housing Administration open to all qualified home purchasers. While there are limits to the size of FHA loans, they are generous enough to handle moderate-priced homes almost anywhere in the country. 由聯邦住房管理局擔保的貸款向所有合格的購房者開放。雖然 FHA 貸款的規模有限制，但它們足夠慷慨，幾乎可以處理全國任何地方的中等價位房屋
FHA Mortgage Insurance Requires a small fee (up to 3 percent of the loan amount) paid at closing or a portion of this fee added to each monthly payment of an FHA loan to insure the loan with FHA. On a 9.5 percent $75,000 30-year fixed-rate FHA loan, this fee would amount to either $2,250 at closing or an extra $31 a month for the life of the loan. In addition, FHA mortgage insurance requires an annual fee of 0.5 percent of the current loan amount. 需要在交易結束時支付少量費用（最多為貸款金額的 3%），或者將一部分費用添加到 FHA 貸款的每個月付款中，以確保 FHA 的貸款。對於 9.5% 的 75,000 美元 30 年期固定利率 FHA 貸款，這筆費用在結束時為 2,250 美元，或在貸款期限內每月額外支付 31 美元。此外，FHA抵押貸款保險需要當前貸款金額的0.5%的年費
Fixed-Rate Mortgage A mortgage on which the interest rate is set for the term of the loan. 為貸款期限設定利率的抵押貸款
Flood Insurance A mandatory insurance for some homeowners whose property is built in a designated flood zone. 某些房屋建在指定洪水區的房主的強制性保險
Foreclosure A legal procedure in which property securing debt is sold by the lender to pay a defaulting borrower's debt. 貸款人出售擔保債務的財產以支付違約借款人債務的法律程序
Free and Clear This means the property is completely paid for and has no liens attached. 這意味著該財產已完全支付並且沒有附加留置權
Functional Obsolescence A detraction from the property value due to the design or material being less functional than the norm. 由於設計或材料的功能低於標準而導致的財產價值減損
GFE Good Faith Estimate of Buyers Loan Charges. 買家貸款費用的誠信估算
Government National Mortgage Association (GNMA) Also known as Ginnie Mae, provides sources of funds for residential mortgages, insured or guaranteed by FHA or VA. 也稱為 Ginnie Mae，為住宅抵押貸款提供資金來源，由 FHA 或 VA 承保或擔保
Graduated Payment Mortgage (GPM) A type of flexible-payment mortgage where the payments increase for a specified period of time and then level off. This type of mortgage has negative amortization built into it. 一種靈活支付抵押貸款，其中支付在指定的時間段內增加然後趨於平穩。這種類型的抵押貸款內置了負攤銷
Grant Deed A Grant Deed is the most common form of title transfer deed. A Grant Deed contains warranties against prior conveyances or encumbrances. 授予契約是最常見的產權轉讓契約形式。贈與契約包含對先前轉讓或產權負擔的保證
Gross Monthly Income The total amount the borrower earns per month, before any expenses are deducted. 在扣除任何費用之前借款人每月賺取的總金額
Guarantee A promise by one party to pay a debt or perform an obligation contracted by another if the original party fails to pay or perform according to a contract. 原當事人不按約定支付或者不履行的，一方當事人承諾支付債務或者履行另一方約定的義務
Hazard Insurance A form of insurance in which the insurance company protects the insured from specified losses, such as fire, windstorm and the like, it would not cover earthquake, riot, or flood damage. 一種由保險公司保護被保險人免受特定損失（如火災、風暴等）的保險，不承保地震、暴動或水災
Homestead The dwelling (house and contiguous land) of the head of the family. Some states grant statutory exemptions, protecting homestead property (usually to a set maximum amount) against the rights of the creditors. Property tax exemptions are also available in some states. 一家之主的住所（房屋和毗連土地）。一些州授予法定豁免，保護宅基地財產（通常是設定的最高金額）免受債權人的權利的影響。某些州也提供房產稅豁免
Housing Expenses-to-Income Ratio The ratio, expressed as a percentage, which results when a borrower's housing expenses are divided by his/her net effective income (FHA/VA loans) or gross monthly income (Conventional loans).當借款人的住房支出除以他/她的淨有效收入（FHA/VA 貸款）或每月總收入（傳統貸款）時得出的比率，以百分比表示
Impound That portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also known as reserves. 貸方或服務機構持有的借款人每月付款的一部分，用於支付稅款、危險保險、抵押保險、租賃付款和其他到期項目。也稱為儲備
Index A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as one- three-, and five-year U.S. Treasury Security yields, the monthly average interest rate on loans closed by savings and loan institutions, and the monthly average Costs-of-Funds incurred by savings and loans), which is then used to adjust the interest rate on an adjustable mortgage up or down. 一種公佈的利率，貸方根據該利率衡量可調整利率抵押貸款的當前利率與其他投資（例如一年期、三年期和五年期美國國債收益率、貸款的月平均利率）之間的差額由儲蓄和貸款機構關閉，以及儲蓄和貸款產生的每月平均資金成本），然後用於向上或向下調整可調整抵押貸款的利率
Interest Bearing A form of interest calculation where the loan is charged at a daily or monthly rate (1/365 or 1/12 of the annual interest rate) on the current outstanding balance. 一種利息計算形式，其中貸款按當前未償還餘額的每日或每月利率（年利率的 1/365 或 1/12）收取
Investor Money source for a lender. 貸方的資金來源
Joint Tenants A form of holding title where the owners have 100% rights of survivorship unless redirected by a will. 一種所有權形式，業主擁有 100% 的生存權，除非通過遺囑重新定向
Jumbo Loan A loan which is larger (more than $424,100) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate. 比聯邦國民抵押貸款協會和聯邦住房貸款抵押公司設定的限額更大（超過 424,100 美元）的貸款。由於巨額貸款無法由這兩個機構提供資金，因此它們的利率通常較高
Land Contract An agreement between the seller and the buyer where the title is withheld until a time where the required payments have been completed. 賣方和買方之間的協議，在完成所需付款之前保留所有權
Leasehold Estate A kind of real estate ownership where the lessor does not hold title to the property but has use of the property subject to the terms of the lease. 一種不動產所有權，出租人不持有該財產的所有權，但可以根據租賃條款使用該財產
Legal Description A method of geographically locating a piece or parcel of land, which is acceptable in a court of law. 一種在地理上定位一塊或一塊土地的方法，在法庭上是可以接受的
LIBOR London InterBank Offered Rate. LIBOR is the base interest rate paid on deposits between banks in the Eurodollar market. 倫敦銀行同業拆借利率。 LIBOR 是歐洲美元市場銀行間存款支付的基本利率
Lien A claim upon a piece of property for the payment or satisfaction of a debt or obligation. 對一項財產的支付或清償債務或義務的索賠
Loan Committee Generally the Underwriting process. 貸款委員會通常是承銷流程
Loan Risk The rate category assigned to the loan, which estimates the probable risk of delinquency and loss in the future. 分配給貸款的利率類別，用於估計未來拖欠和損失的可能風險
Loan-To-Value Ratio (LTV) The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage. 抵押貸款金額與房產評估價值之間的關係，以百分比表示
Margin The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment. 貸方在每次調整時為計算 ARM 利率而添加到指數利率的百分點數
Market Value The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time. 買方願意支付的最高價格和賣方願意接受的最低價格。市場價值可能不同於房產在給定時間實際可出售的價格
Mortgage Escrow Accounts The account set by the Lender to pay Taxes and Insurance on behalf of the Borrower. 貸款人設置的代表借款人支付稅款和保險的賬戶
Mortgage Insurance Money paid to insure the mortgage when the down payment is less than 20 percent. See Private Mortgage Insurance or FHA Mortgage Insurance. 首付低於 20% 時支付的用於為抵押貸款提供保險的資金。請參閱私人抵押貸款保險或 FHA 抵押貸款保險
Mortgagee The lender. 貸方
Mortgagor The borrower or homeowner. 借款人或房主。
Negative Amortization Amortization means that monthly payments are large enough to pay the interest and reduce the principal on a mortgage. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost that isn't covered is added to the unpaid principal balance. This means that even after making many payments, a borrower may owe more than was owed at the beginning of the loan. 攤銷意味著每月還款額足以支付利息並減少抵押貸款的本金。當每月還款未涵蓋所有利息成本時，就會發生負攤銷。未涵蓋的利息成本將添加到未付本金餘額中。這意味著，即使在多次還款之後，借款人的欠款仍可能超過貸款開始時的欠款
Net Effective Income The borrower's gross income minus federal income tax. 借款人的總收入減去聯邦所得稅
Non-Assumption Clause Statements in the mortgage contract forbidding the assumption of the mortgage without the prior approval of the lender. 禁止未經貸款人事先批准而承擔抵押貸款
Non-Owner Occupied A property not used as a residence by the owner of the property. 財產所有者未被用作住宅的財產
Notary Public A person, designated by the state, which can certify the identity of a person when signing various documents. 國家指定的人，可以在簽署各種文件時證明一個人的身份
Note Short for promissory note. This document gives the parameters of the loan and legally obligates the borrower to pay back the debt. 本票的簡稱。該文件給出了貸款的參數，並在法律上要求借款人償還債務
Obligations Any debt, or recurring payment the borrower is obligated to pay, including mortgage payments. 借款人有義務支付的任何債務或經常性付款，包括抵押付款
Origination Fee The fee charged by a lender to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of face value of the loan. 貸方為準備貸款文件、進行信用檢查、檢查和有時評估財產而收取的費用；通常按貸款面值的百分比計算
Owner Occupied Designation given to property used as the owner's residence. 指用作業主住所的財產。
Owners Policy A policy of the title insurance which protects the buyer against problems with the title. 產權保險的政策，可保護買方免受產權問題的影響
P & I Principal and Interest. This refers to the principal and interest portions of the monthly mortgage payment. 本金和利息。這是指每月按揭付款的本金和利息部分
P & L / Profit and Loss A statement of a businesses gross income, cost of goods, operating costs and net profit or loss. 企業總收入、商品成本、運營成本和淨利潤或虧損的報表
P.I.T.I. Principal, interest, taxes and insurance. The complete monthly cost associated with financing a property. 本金、利息、稅金和保險。與資產融資相關的每月完整成本
P.U.D. Planned Unit Development. Property owned as a group, where individuals own the specific piece of land and structure they occupy, but also have a divided interest in a common area. A board, often referred to as a Homeowners Association, will govern the development. 計劃單位發展。作為一個群體擁有的財產，個人擁有他們佔據的特定土地和結構，但在公共區域也有不同的利益。一個委員會，通常被稱為房主協會，將管理開發
Piggy Back Loan Financing obtained, subordinate to the first mortgage, to facilitate closing the first mortgage. Also known as a Secondary Financing. 獲得的附帶貸款融資，從屬於第一抵押，以促進完成第一抵押。也稱為二次融資
Points A point is equal to one percent of the principal amount of a mortgage, see also Discount Points. 點子等於抵押貸款本金金額的 1%，另請參閱折扣積分
Power of Attorney An authority by which one person enables another to act on his or her behalf. Power of attorney can be limited to specific areas or be general in some cases. 一個人授權另一人代表他或她行事的權力。授權書可以僅限於特定領域或在某些情況下是通用的
Pre-Approval The Buyer has actually begun the application process and an underwriter has approved their income, funds and credit. Beware of any conditions on the approval. 買方實際上已經開始申請流程，承銷商已經批准了他們的收入、資金和信貸。當心批准的任何條件
Prelim. / Preliminary Title Report The title report generated at the beginning of the application process. It tells the mortgage company what liens are on the property and gives advice as to what will need to be done to gain clear title prior to recording the trust deed. 在申請流程開始時生成的產權報告。它告訴抵押貸款公司對財產的留置權，並就在記錄信託契約之前需要做什麼來獲得明確的所有權提供建議
Prepaid Interest The portion of interest, collected at loan closing, which covers the time period between funding and the beginning of the first 30-day period covered by the first payment. For example, if the loan closed on 2/15, the first payment due on 4/1 would pay interest from 3/1 to 4/1. The prepaid interest would cover the period from 2/15 to 2/28. 貸款結束時收取的利息部分，涵蓋從融資到第一筆付款涵蓋的第一個 30 天期限開始之間的時間段。例如，如果貸款在 2/15 關閉，則在 4/1 到期的第一筆付款將支付 3/1 到 4/1 的利息。預付利息將涵蓋 2/15 至 2/28 期間。
Prepaids Expenses necessary to create an escrow account or to adjust the seller's existing escrow account. Can include taxes, hazard insurance, private mortgage insurance and special assessments. 預付創建託管賬戶或調整賣家現有託管賬戶所需的費用。可以包括稅收、危險保險、私人抵押保險和特殊評估
Prepayment Penalty Money charged for an early repayment of debt. Prepayment penalties are allowed in some form (but not necessarily imposed) in 36 states and the District of Columbia. 為提前償還債務而收取的罰款。 36 個州和哥倫比亞特區允許以某種形式（但不一定強加）預付罰款
Prepayment A privilege in a mortgage permitting the borrower to make payments in advance of their due date. 抵押貸款中的一種特權，允許借款人在到期日之前付款
Pre-Qualified Buyer has discussed their financial situation with a loan expert. No attempt has been made to verify the validity of any of the borrowers information. PRE-Qualification is only an indication of what the buyer should qualify for. 資格預審買家與貸款專家討論了他們的財務狀況。沒有嘗試驗證任何借款人信息的有效性。資格預審僅表明買方應具備的資格
Principal The amount of debt, not counting interest, left on a loan. 貸款剩餘的債務金額，不包括利息
Private Mortgage Insurance (PMI) In the event that you do not have a 20 percent down payments, lenders will allow a smaller down payment, as low as 5 percent in some cases. With the smaller down payments loans, however, borrowers are usually required to carry private mortgage insurance. Private mortgage insurance will require an initial premium payment of 1.0 percent to 5.0 percent of your mortgage amount and may require an additional monthly fee depending on your loan's structure. On a $75,000 house with a 10 percent down payments, this would mean either an initial premium payment of $2,025 to $3,375, or an initial premium of $675 to $1,130 combined with a monthly payment of $25 to $30. 私人抵押貸款保險 (PMI) 如果您沒有 20% 的首付，貸方將允許較小的首付，在某些情況下低至 5%。然而，由於首付貸款較少，借款人通常需要購買私人抵押貸款保險。私人抵押貸款保險將需要您的抵押貸款金額的 1.0% 至 5.0% 的初始保費支付，並且可能需要額外的月費，具體取決於您的貸款結構。對於 75,000 美元且首付 10% 的房屋，這意味著要么首付 2,025 美元至 3,375 美元，要么首付 675 美元至 1,130 美元加上每月支付 25 美元至 30 美元
Purchase Agreement The agreement made between the buyer and seller of a property, containing the purchase price and contingencies of the sale. 買賣雙方之間達成的協議，其中包含購買價格和銷售的或有事項
Quit Claim A deed operating as a release; intended to pass any title, interest or claim, which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor. 退出索賠作為釋放的契約；旨在傳遞設保人可能在該財產中擁有的任何所有權、權益或索賠，但不包含對設保人的有效權益或所有權的任何保證
Rate Float Assuming market risk on an interest rate in the hopes that it will go lower prior to closing. 利率浮動假設利率存在市場風險，希望它在收盤前會走低
Rate Lock Choosing to have no change to a rate for a specific length of time. 鎖定選擇在特定時間段內不更改費率
Ratios How a buyers housing expense and debt picture relates to their income. 買家的住房費用和債務狀況與其收入的關係
Real Estate Settlement Procedures Act (RESPA) RESPA is a federal law that allows consumers to review information on known or estimated settlement costs once after application and once prior to or at settlement. The law requires lenders to furnish information after application only. 房地產結算程序法 (RESPA) RESPA 是一項聯邦法律，允許消費者在申請後和結算前或結算時查看有關已知或估計結算成本的信息。法律要求貸方僅在申請後提供信息
Realtor A real estate broker or an associate holding active membership in a local real estate board affiliated with the National Association of Realtors. 房地產經紀人或在隸屬於全國房地產經紀人協會的當地房地產委員會中擁有積極會員資格的合夥人
Rescission The cancellation of a contract. With respect to mortgage refinancing, the law that gives the homeowner three days to cancel a contract in some cases once it is signed if the transaction uses equity in the home as security. 取消合同。關於抵押貸款再融資，如果交易使用房屋中的股權作為擔保，則在某些情況下，一旦簽訂合同，法律會給予房主三天的時間取消合同
Recon / Reconveyance A release of lien filed with the county recorder by the trustee. 受託人向縣記錄員提交的留置權釋放
Recording Fees Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records. 支付給貸方的款項，用於在地方當局記錄房屋銷售，從而使其成為公共記錄的一部分
REFI Slang for refinance, or a new mortgage on a property that does not change ownership. 俚語用於再融資，或對不改變所有權的財產進行新的抵押
Request for Reconveyance Verification given by the beneficiary to the trustee that the conditions of the lien have been fulfilled and request that the lien be canceled. 受益人向受託人提供留置權條件已滿足的驗證，並要求取消留置權
Reverse Annuity Mortgage (RAM) A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as security. 一種抵押貸款形式，貸方使用借款人在房屋中的資產作為擔保定期向借款人付款
S.I. / Statement of Information The form the customer fills out for the title company giving further identification of the customer. This allows the title company to eliminate debts and liens owed by people with similar names. 信息聲明 客戶為產權公司填寫的表格，以進一步識別客戶。這使得產權公司可以消除名字相似的人所欠的債務和留置權
Second Mortgage A mortgage which is entered after the primary loan. Called a second due to it being in second lien position to the first mortgage. See also Secondary Financing. 在初級貸款之後進入的抵押。由於它處於第一抵押貸款的第二留置權位置，因此稱為第二個。另見二次融資
Secondary Financing Financing obtained, subordinate to the first mortgage, to facilitate closing the first mortgage. Also known as a "piggyback" loan. 獲得的融資，附屬於第一抵押，以促進完成第一抵押。也稱為“捎帶”貸款
Servicing All the steps and operations a lender perform to keep a loan in good standing, such as collection of payments, payment of taxes, insurance, property inspections and the like. 貸方為使貸款保持良好信譽而執行的所有步驟和操作，例如收款、繳納稅款、保險、財產檢查等
Settlement Costs See Closing Costs. 見結算成本
Settlement See Closing. 見收盤。
Shared Appreciation Mortgage (SAM) A mortgage in which a borrower receives a below-market interest rate in return for which a lender (or another investor such as a family member or other partner) receives a portion of the future appreciation in the value of the property. May also apply to mortgages where the borrower shares the monthly principal and interest payments with another party in exchange for a part of the appreciation. 一種抵押貸款，其中藉款人獲得低於市場的利率，作為回報，貸方（或其他投資者，如家庭成員或其他合作夥伴）獲得未來價值增值的一部分財產。也可能適用於借款人與另一方分享每月本金和利息以換取部分升值的抵押貸款
Submission This refers to a complete loan application package submitted for approval to the underwriting department. 這是指提交給承銷部門審批的完整貸款申請包
Subordination Agreement The agreement detailing the contingencies of subordination, filed with the county recorder. If a lien holder agrees to accept a lien position after that of a later recorded lien. 該協議詳細說明了從屬的意外情況，已提交給縣記錄員。如果留置權持有人同意在後來記錄的留置權之後接受留置權位置
Substitution of Trustee A document, filed by the beneficiary, which changes the trustee on a particular trust deed. 受益人提交的文件，用於更改特定信託契約的受託人
Surety Bond A bond which insures against harm to a party (usually the lender or owner) by a lien still attached to the property. This is usually used when the original deed was lost or the beneficiary cannot be located. 一種擔保債券，它可以確保財產上的留置權不會對一方（通常是貸方或所有者）造成損害。這通常用於原始契約丟失或無法找到受益人的情況
Survey A measurement of land prepared by a registered land surveyor showing the location of the land with reference to known points, its dimensions, and the location and dimensions of any building. 由註冊土地測量師準備的土地測量值，顯示參考已知點的土地位置、其尺寸以及任何建築物的位置和尺寸
Suspended The underwriter cannot yet approve or deny the loan. More information is required. 承銷商尚未批准或拒絕貸款。需要更多信息
Tenants in Common A percentage interest in a property by two or more individuals without rights of survivorship. 兩個或兩個以上沒有生存權的個人對財產的百分比權益
Term Mortgage See Balloon Payment Mortgage. 請參閱氣球付款抵押貸款
Title Insurance The insurance policy insuring the lender and/or the buyer that the liens are as stated in the title report. Any claim arising from a lien other than that disclosed is payable by the title insurance company. 向貸方和/或買方保證留置權如產權報告中所述的保險單。由未披露的留置權引起的任何索賠均由產權保險公司支付
Title Search An examination of municipal records to determine the legal ownership of property. Usually is performed by a title company. 對市政記錄的檢查，以確定財產的合法所有權。通常由產權公司執行。
Title A document that gives evidence of an individual's ownership of property. 提供個人財產所有權證據的文件
Trust Deed The Trust Deed attaches the note as a lien on the property. This is the document which conveys the ability to collect from the proceeds of the property. 信託契約信託契約附有票據作為財產的留置權。該文件傳達了從財產收益中收取的能力
Truth-in-Lending A federal law requiring disclosure of the Annual Percentage Rate to homebuyers shortly after they apply for the loan. Also known as a TIL. 貸款真相是一項聯邦法律，要求在購房者申請貸款後不久向他們披露年利率。也稱為 TIL
Two-Step Mortgage A mortgage in which the borrower receives a below-market interest rate for a specified number of years (most often seven or 10 years), and then receives a new interest rate adjusted (within certain limits) to market conditions at that time. The lender sometimes has the option to call the loan, due within 30 days notice at the end of seven or 10 years. Also called "Super Seven" or "Premier" mortgage. 兩步抵押貸款 借款人在指定年限（通常為 7 年或 10 年）內獲得低於市場利率的抵押貸款，然後獲得根據當時市場條件調整（在一定範圍內）的新利率時間。貸款人有時可以選擇收回貸款，在七年或十年結束時提前 30 天通知到期。也稱為“超級七”或“高級”抵押貸款
Underwriting The decision whether to make a loan to a potential homebuyers based on credit, employment, assets, and other factors and the matching of this risk to an appropriate rate and term or loan amount. 承保根據信用、就業、資產和其他因素以及此風險與適當利率和期限或貸款金額的匹配決定是否向潛在購房者提供貸款
VA VETERANS ADMINISTRATION 退伍軍人管理局
VA Loan A long-term, low-or no-down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements. 退伍軍人事務部擔保的長期、低首付或無首付貸款。僅限於具有服兵役資格或其他權利的個人
VA Mortgage Funding Fee A premium of up to 2 percent (depending on the size of the down payment) paid on a VA-backed loan. On a $75,000, 30-year fixed-rate mortgage with no down payment, this would amount to $1,406 either paid at closing or added to the amount financed. VA 支持的貸款支付的最高 2% 的溢價（取決於首付的大小）。對於 75,000 美元的 30 年期固定利率抵押貸款，沒有首付，這將是 1,406 美元，要么在結束時支付，要么增加到融資金額
Variable Rate Mortgage (VRM) See Adjustable Rate Mortgage. 可變利率抵押貸款 (VRM) 請參閱可調利率抵押貸款
Verification of Deposit (VOD) A document signed by the borrower's financial institution verifying the status and balance of his/her financial accounts. 存款證明 (VOD) 由借款人的金融機構簽署的文件，用於驗證其金融賬戶的狀態和余額
Verification of Employment (VOE) A document signed by the borrower's employer verifying his/her position and salary. 就業證明 (VOE) 由借款人的雇主簽署的證明其職位和工資的文件
Wraparound Results when an existing assumable loan is combined with a new loan, resulting in an interest rate somewhere between the old rate and the current market rate. The payments are made to a second lender or the previous homeowner, who then forwards the payments to the first lender after taking the additional amount off the top. 當現有的可承擔貸款與新貸款相結合時，導致利率介於舊利率和當前市場利率之間的結果。付款將支付給第二個貸方或以前的房主，然後他們在從頂部扣除額外金額後將付款轉發給第一個貸方
Zoning The division of a city or county into areas (zones) specifying the uses allowable for the real property in these areas. 將城市或縣劃分為區域（區域），指定這些區域中的不動產允許的用途。