Here’s a fun headline: "HUD Ironing Out FHA-HAMP Incentive Payments. " Or how about: "Former GNMA CEO: Where is AARP? "

Trying to sort out the ever-evolving Dallas and U.S. housing market can sometimes seem about as easy as finding meaning in the message in a bowl of alphabet soup.

Fortunately, we provide you with clear and comprehensive glossary of mortgage-related terms . We make it simple — take a look:

3/1, 5/1, 7/1 and 10/1 ARMs : Adjustable rate mortgages in which rate is fixed for three year, five year, seven year and 10-year periods, respectively, but may adjust annually after that.

Acceleration : The right of the mortgagee (lender) to demand the immediate repayment of the mortgage loan balance upon the default of the mortgagor (borrower), or by using the right vested in the Due on Sale Clause.

Adjustable Rate Mortgage (ARM) : A mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Also sometimes known as a renegotiable rate mortgage, variable rate mortgage or Canadian rollover mortgage.

Adjusted Basis : The cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation taken.

Adjustment Date : The date that the interest rate changes on an adjustable rate mortgage (ARM).

And it goes on and on, from "A" to "Wraparound Mortgage" (if there’s a "Z" lending-related term out there somewhere, please let us know).

At TexasLending.com , we want all of our clients to make highly informed decisions about all aspects of home financing . As we’ve seen over the past couple of years, ill-informed homebuyers and ill-intentioned mortgage lenders can contribute to huge problems across the nation. We think that part of our success has stemmed from our full-hearted commitment to communication with our clients, and finding the best possible financing options for you — both now and for as long as you’ll own your home.

So the next time you see a headline like this — "Novel ECOA claims asserted against lenders & servicers regarding loan modification requests " — know that we’re here to help you out. We have all sorts of mortgage financing tools to help you better understand the information, or you can contact a TexasLending.com expert home loan consultant for more helpful tips and advice.

Tags: mortgage glossary, mortgage resources, mortgage tools

This entry was posted on Wednesday, March 17th, 2010 at 10:43 am and is filed under Home Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.