DearbornHomes.com - Home buying terms and definitions!  If you plan to buy a home, you need to know the these commonly used terms! Home buyer tips and information
Steve Hatfield - Dearborn Michigan Realtor - Century21 Curran and Christie - DearbornHomes.com Steve Hatfield, Realtor, ABR, CRS, e-PRO
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Buying GuideBuying GuideBuying Guide
Terms and Definitions
FactDuring your home search and purchase you will undoubtedly encounter terminology which is specifically related to your home buying and mortgage process. To understand options which may be presented to you or that you may be interested in as well as the process in general, the first place to start is to understand the terminology that will be used by your Realtor® and/or Mortgage Lender.

For example, you may have the option to choose from a fixed rate mortgage, adjustable rate, and/or balloon mortgage. Knowing the difference between these can aid you in your short and long term financial planning.

The following is a detailed list of the most commonly used words and terms that you will encounter. Click on a term below to view its definition:

Acceleration.
Adjustable Rate Mort..
Amortization.
Appraisal.
Assumption.
Balloon Payment.
Basis Point.
Buydown.
Bridge Loan.
Cash Flow.
Certificate of Eligibility.
Closing.
Commitment.
Commitment Fee.
Conventional Loan.
Conversion Option.
Current Index.
Debt Ratio.
Default.
Discount Buydown.
Discount Points.
Equity.
Escrow Account.
FHA.
Firm Commitment.
Fixed Rate Mortgage.
Foreclosure.
Gross Margin.
Hazard Insurance.
Income Ratio.
Index.
Interest Cap.
Interest Rate Buydown.
Lien.
Loan To Value.
Market Value.
Mort. Insur. Premium.
Mortgagee.
Mortgagor.
Negative Amortization.
Note.
Origination Fee.
Overall Interest Cap.
Payment Adjust. Period.
Points.
Prepayment Privilege.
Principal.
Private Mort. Insurance.
Quit Claim Deed.
Refinance.
Satisfaction of Mortgage.
Second Mortgage.
Sweat Equity.
Title Insurance.
VA Loan.
Warehouse Fee.
Yield.

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Steve Hatfield .
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REALTOR® ABR, CRS, e-PRO Certified
CENTURY 21 Curran & Christie.
25636 Ford Road
Dearborn Heights, MI 48127
Office: (313) 274-7200
Contact Steve Now
Michigan Real Estate Salesperson #6501221773.
Licensed Realtor® Since 1987
REALTOR Accredited Buyer Representative Certified Residential Specialist e-PRO

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Steve Hatfield, Realtor® provides real estate / home buying and selling services in Dearborn Michigan, Dearborn Heights Michigan, the Wayne County MI (Southeast Michigan) communities of Redford, Westland, Garden City, Livonia, Canton, Plymouth, Northville and the Oakland County cities of Farmington / Farmington Hills and Novi Michigan.

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In accordance with the law, the properties, real estate services and homes for sale featured on this web site are offered without respect to race, religion, color, creed, national origin, sex, physical limitations / disabilities or familiar status.


REALTOR® is a registered collective membership trademark that identifies a real estate agent / professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict code of ethics.

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