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Terms pertaining to US mortgages include: Main two types Origination and Re-Financing Origination: starting from the scrap, Ex, A person want to buy a home and go to the bank for the same will get loan of 80% of their LTV. Re-finance: defaulted borrower can apply for the same refinancing procedure to re modify the loan term,interest rate. ==Mortgage types== *Adjustable rate mortgage or ARM - A mortgage where the interest rate adjusts relative to a specified index + margin. E.g. COFI, LIBOR etc. * Hybrid ARM - An adjustable rate mortgage where the initial 'start' rate is fixed for some portion of time (3,5,7, or 10 years) thereafter the interest rate adjusts (yearly or bi-annually) based on the sum of a specified index + margin. E.g. 2/28 Arm, 3/1 Arm, 5/1 Arm, 7/1 Arm, 10/1 Arm, 3/6month arm, etc... *Fixed rate mortgage or FRM - A mortgage where the interest rate and payment are fixed for the term of the loan. *Negative amortization mortgage - where the payment may be less than the monthly accrued interest, and the outstanding interest is capitalized monthly into the loan balance. *Balloon payment mortgage - A mortgage most commonly used in commercial real estate. The Balloon payment mortgage does not fully amortize over the term of the note, which leaves a balance due at maturity, known as a "balloon payment." *Interest only mortgage - A type of mortgage where the borrower pays only the accruing interest on the principal balance. These payments on interest leave the principal balance unchanged. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Glossary of US mortgage terminology」の詳細全文を読む スポンサード リンク
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