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Negative Amortization is a situation in which the borrower is paying less interest than what is actually being charged for a mortgage loan. The unpaid interest is added to the loan's principal. The borrower may end up owing more than the original amount of the mortgage.

The Payment to Income ratio is the ratio of the borrower's total housing payment including the principal, interest, taxes, insurance, additional fees, special assessments, and subordinate financing divided by the borrower's income. It is used to measure the borrower's capacity to manage the housing expense. This is also known as the "Housing Debt to Income ratio."

A Simple Interest loan is a loan on which interest is calculated and charged on the actual balance each day, instead of on a monthly accrual basis where interest is charged from one scheduled payment due date to the next payment due date.This is without regard to the date on which the borrower actually pays it. The interest paid on Simple Interest loans will be more if the borrower's payments are made later than scheduled and lower if the borrower's payments are made earlier than scheduled.

A Wraparound mortgage is a additional junior mortgage taken back by the seller for the amount of the property's purchase price less the buyer's down payment. The existing loan is retained and combined with a new, bigger loan and the interest rate is set between the old rate and the current market rate. A typical wraparound is an interest only loan with a five year balloon or less.

Title insurance is a policy issued by a title insurance company insuring that the borrower has clear title to the property and that the lender has a valid mortgage subject only to potential liens, claims and exceptions disclosed in the title insurance policy.

Title insurance is a policy issued by a title insurance company insuring that the borrower has clear title to the property and that the lender has a valid mortgage subject only to potential liens, claims and exceptions disclosed in the title insurance policy.

The Certificate of Occupancy also referred to as the "CO" is a written authorization given by a municipality that allows a structure (house) to be inhabited. Many municipalities only require a Certificate of Occupancy for new construction or improvements. Some require a Certificate of Occupancy anytime title to the property changes.

Double Indemnity is a life insurance policy rider which pays double the face value amount of the policy, if the insured's death occurs as a result of an accident.

Guaranteed Insurability is a life insurance policy rider that allows additional insurance to be purchased at various times without submitting evidence of insurability.

An Incontestable Clause is a clause in a life insurance policy which gives the insurer the right to contest the validity of a policy due to such things as misstatements on the application It is usually issued within 2 years of issuance.