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Offers a Mortgage and Real Estate glossary for real estate and mortgage terms and definitions for home buyers, home sellers, and real estate consumers. Find expanded definitions of important real estate and mortgage home loan terms.
Glossary Search: (List is provided for reference only.)
Please select the first letter of the mortgage or real estate word you are looking for and then scroll the listing below to find that word.
11th District Cost of Funds - A monthly cost-of-funds index (COFI) reflecting the weighted-average interest rate paid by 11th Federal Home Loan Bank District savings institutions for savings and checking accounts. The 11th district covers Arizona, California and Nevada. The index is published on the last day of the month and reflects the cost of funds for the prior month.
203(b) - FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount.
203(k) - this FHA mortgage insurance program enables homebuyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.
401(k)/403(b) - An investment plan sponsored by employers that allows individuals to set aside tax-deferred income for retirement or emergency purposes. A 401(k) applies to private corporations, while a 403(b) applies to non-profit organizations.
401(k)/403(b) Loan - A loan that can be taken against the amount accumulated in the 401(k)/403(b) plans, if so allowed by the plan administrator. Loans against these plans are an acceptable source of down payment for most types of other loans.