mortgage		a property or right ownde, tangible or intangible, that has monetary value.
application		A legal document evidencing a person's right to or ownership of a property.
title		a payment plan that enables you to reduce your debt gradually through monthly payments.
appreciation		When a borrower falls behind, the lender contacts them in an effort to bring the loan current.
asset		The form used to apply for a mortgage loan, containing information about a borrower's income, savings, assets, debts, and more
interest		A legal document that pledges a property to the lender as security for payment of a debt.
depreciation		What does the I stand for in PITI?
lender		interest earned from the period of time since interest was last paid
Arrears		a mtg loan which allows the lender to adjust the interest rate.
deed		A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
taxes		The term applied when a buyer assumes the seller's mortgage.
balloon		A legal claim against a property that must be paid off when the property is sold.
impound		A homeowner's financial interest in a property.
ARM		agreement that a person will borrow money and repay it to the lender over time.
appraisal		The legal document conveying title to a property.
cap		limit on how much that payment can change each year (think ARM)
principal		____mtg is when the balance of mtg is due in a lump sum at a specified date.
collection		escrow account known in Cali as an _____ account
bankruptcy		A decline in the value of property.
lien		What does the P stand for in PITI?
Amortization		court proceedings to relieve the debts of an individual or business.
assumption		the institution making the loan or to the individual
insurance		The difference between the interest rate and the index on an adjustable rate mortgage.
accrued		the Interest is paid in the _______ on regular monthly mtg payments
equity		What does the T stand for in PITI?
margin		What does the I stand for in PITI?
Credit		The increase in the value of a property due to changes in market conditions, inflation, or other causes.