Discover published sets by community

Annual Percentage Rate, the annual rate that is charged for borrowing, which represents the actual yearly cost of funds over the term of a loan.

Fair Market Value, the estimated value of a property based on what a knowledgeable, willing, and unpressured buyer would likely pay to a knowledgeable, willing, and unpressured seller in the market.

Heating, Ventilation, and Air Conditioning, systems used for moving air between indoor and outdoor areas, along with heating and cooling both residential and commercial buildings.

Real Estate Settlement Procedures Act, a federal law that deals with the procedures of real estate closings and sets forth specific disclosure requirements in the settlement process.

Good Faith Estimate, an estimate of the fees due at closing for a mortgage loan that lenders must provide to borrowers within three days of submitting a loan application.

Comprehensive Loss Underwriting Exchange, a database used by insurance companies to track claims history of property.

Loan to Value ratio, a financial term used by lenders to express the ratio of a loan to the value of an asset purchased.

Private Mortgage Insurance, a type of insurance that protects the lender if the homebuyer does not pay the mortgage.

For Sale By Owner, a method of selling property without the representation of a real estate broker or real estate agent.

Federal Housing Administration, a United States government agency that provides mortgage insurance on loans made by FHA-approved lenders.

Department of Housing and Urban Development, a Cabinet department in the U.S. government that administers federal programs dealing with better housing and urban renewal.

Homeowner's Association, an organization in a subdivision, planned community, or condominium that makes and enforces rules for the properties and its residents.

Adjustable-Rate Mortgage, a type of home loan with an interest rate that can change periodically.

Internal Rate of Return, the discount rate that makes the net present value (NPV) of a project zero; used to evaluate the profitability of a projected investment or project.

Real Estate Investment Trust, a company that owns, operates, or finances income-generating real estate.

Mortgage Insurance Premium, the fee charged for FHA mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan.

Covenants, Conditions, and Restrictions, rules and limitations that define what a homeowner can or cannot do with their property.

National Association of Realtors, America's largest trade association representing over 1.3 million members involved in residential and commercial real estate.

Truth in Lending Act, a federal law designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost.

Multiple Listing Service, a suite of services that real estate brokers use to establish contractual offers of compensation and accumulation of property listings.

Principal, Interest, Taxes, and Insurance, the four elements of a monthly mortgage payment.

Home Equity Line of Credit, a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower's equity in their house.

Debt-to-Income Ratio, a personal finance measure that compares an individual's debt payments to the income he or she generates.

Net Operating Income, a calculation used to analyze real estate investments that generate income; NOI equals all revenue from the property minus all reasonably necessary operating expenses.