Fifth Third Bank

Mortgage Glossary

Words to Know

During your home-buying experience, you may come across terms that you’re not that familiar with. It’s a good idea to have a basic knowledge of these words because it could help your understanding of the process and make you feel less intimidated.

Amortization
Application Fee
Appraisal
Assumption
Closing
Closing Costs
Construction Permanent Financing
Deed in Lieu
Discount Points
Earnest Money
Financial Index
Forbearance
Foreclosure
Home Affordable Modification Program (HAMP)
Home Affordable Refinance Program (HARP)
Home Affordability and Stability Plan (HASP)
Initial Interest Rate
Interest Rate Cap
Loan-to-Value (LTV)
Modification
Mortgage Pre-Approval Service
Mortgage Pre-Qualification Service
Origination Fee
Partial Claim/Claim Advance
PITI
Private Mortgage Insurance (PMI)
Refinance
Repayment Plan
Short-Sale
Term
Title
Title Insurance
Title Search
Underwriting
Warranty Deed