Texas Mortgage Calculator

Talk to other owners, real estate agents and professionals in the field of mortgages and will quickly realize that there is a language that is applied to the acquisition of a property. This glossary contains several terms that you should probably listen and learn while going through the stages of the process.

Acceptance: providing consent of the parties to conclude the contract and be bound under the terms of the offer.

Mortgagee: bank or lender that grants funds to the mortgagor.

Illiquid assets: all assets that can not be converted immediately into cash (eg property).

Realtor: person authorized to negotiate and carry out the sale of the property on behalf of the owner or seller.

Amortization: gradual cancellation of a mortgage made in installments.

Appraisal: Increase the value of the property.

Principal, interest, taxes and insurance (PITI, for its acronym in English): denomination of the total monthly payment required to pay off the mortgage in accordance with their terms, as well as monthly payments deposited in escrow for taxes and application insurance.

Capital: loan amount granted or default continues; Also, part of the monthly mortgage payment that reduces the outstanding balance of the mortgage.

Administrative or processing fee: amount charged by the lender to cover the administrative costs of processing a loan application.

Administrative Fee: amount charged by the lender to cover the administrative costs of processing the loan application (for example, expenses payable to the lender).

Late fees: penalty that the borrower must pay when payment is made after the due date.

Commitment Letter: A formal offer made by the lender in which the terms under which agrees to grant the loan to the borrower are indicated.

Certificate of Title: like the title of a vehicle, this is the document that reflects the ownership of the property.

Early settlement provision balance: available mortgage that gives the lender the right to demand the cancellation of the outstanding balance if you fail to comply with any payment.

Building Code: state or local building codes governing the design, construction and materials used in a building.

Cosigner: person signing the loan to another and assume equal responsibility.

Title company: company specializing in real estate securities insurance.

Mortgage commitment: written notice from the bank or other lender indicating that you will be given a specific amount under a mortgage for you to purchase housing.

Condominium between spouses: type of joint ownership available exclusively for spouses property. Condominium between owners of an undivided part: type of joint ownership of property that does not confer the right of accretion.

Condo: type of property that includes the individual domain of a unit in an apartment complex, and the undivided interest in the common areas and facilities that are used for all the housing project.