Credit Limit—the largest amount you may borrow according to home equity plan. 
Debt Service—the combined total of credit card, car, mortgage or other debt according to which you should pay.
Discount Points—the total paid to uphold or decrease the interest rate charged.
Down Payment—the difference between the buying price and that part of the buying price being paid. Almost all lenders oblige the down payment to be financed from the purchaser’s own money. Donations from associated parties are in some cases possible and should be revealed to the lender.
Encumbrance—a suit against a property by another party that frequently influences the capability to pass on the ownership of the property.
Equity—the difference between the assessed value of the house and your remaining mortgage balance.
First Mortgage—a mortgage that is in first lien position, being superior over all other liens.
Good Faith Estimate—a written estimation of additional charges that a lender should present you during three days of submitting an application.
Home Equity Loan—a set or variable rate loan got for a range of goals, protected by the equity in
your house.
Hazard Insurance—an agreement between a buyer and an insurer to recompense the insured for loss of property resulting form different jeopardizes.
Index—an amount, normally a percentage, according to which prospect interest rates for flexible rate mortgages are based.
Interest Rate—the recurrent fee, usually a percentage, for usage of credits.
Lock or Lock In—an obligation you receive from the lender assure guaranteeing you a specific interest rate or characteristic for a certain period of time.
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