To help you locate a term, enter the first character or two of a term and press the 'Refresh' button. Or, just click on the handy alphabetical index to jump to that section of the glossary.

*Or, Click on a letter below*

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**gem**

**GEM (htm)**

Select to

calculate a growing equity mortgage, where the borrower increases payment

amounts over a specified number of years.

calculate a growing equity mortgage, where the borrower increases payment

amounts over a specified number of years.

**GEM Loan Screen (htm)**

Enter

the terms for a growing equity mortgage, where the borrower increases payment

amounts over a specified number of years. You must enter the interest rate,

periods per year, term, loan amount, prepaids, advance date, date of first

payment, graduation rate, and graduation period or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

the terms for a growing equity mortgage, where the borrower increases payment

amounts over a specified number of years. You must enter the interest rate,

periods per year, term, loan amount, prepaids, advance date, date of first

payment, graduation rate, and graduation period or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

**General Entries (htm)**

Displays

multiple stream identification number(s). When there are more than two streams,

ZMath® modifies this number automatically according to the first principal

payment date.

multiple stream identification number(s). When there are more than two streams,

ZMath® modifies this number automatically according to the first principal

payment date.

**good faith estimate**

A document provided at application that provides estimates for all charges which a borrower is likely to incur in connection with a loan closing.

**Government fees (htm)**

Enter

the recording fees for this loan, as charged by the County Recorder's Office to

enter the Deed, Mortgage, or Deed of Trust and, occasionally, additional

documents, requiring public notice.

the recording fees for this loan, as charged by the County Recorder's Office to

enter the Deed, Mortgage, or Deed of Trust and, occasionally, additional

documents, requiring public notice.

**government National Mortgage Association (GNMA)**

A government-owned corporation within the U. S. Department of Housing and UrbanDevelopment (HUD). Created by Congress on September 1, 1968. GNMA performs the samerole as Fannie Mae and Freddie Mac the assumed responsibility for the special assistance loan program formerly administered by Fannie Mae. Popularly known as Ginnie Mae.

**gparm**

A loan combining a Graduated Payment Mortgage with an Adjustable Rate Mortgage (ARM).

**GPARM (htm)**

Select to

calculate a mortgage that combines graduated payments with an adjustable rate

mortgage.

calculate a mortgage that combines graduated payments with an adjustable rate

mortgage.

**GPARM Loan Screen (htm)**

Enter

the terms for a graduated payment, adjustable rate mortgage. You must enter the

interest rate, periods per year, term, loan amount, prepaids, advance date, and

date of first payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

the terms for a graduated payment, adjustable rate mortgage. You must enter the

interest rate, periods per year, term, loan amount, prepaids, advance date, and

date of first payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

**GPM**

**GPM (htm)**

Select to

calculate a mortgage which has level payments for one year, at which time they

grow by a specified percentage amount (the graduation rate) for another year.

This continues for a specified number of years (the graduation period). At the

end of any particular year, the payment amount may be adjusted to pay off the

remaining balance over the number of years left to maturity.

calculate a mortgage which has level payments for one year, at which time they

grow by a specified percentage amount (the graduation rate) for another year.

This continues for a specified number of years (the graduation period). At the

end of any particular year, the payment amount may be adjusted to pay off the

remaining balance over the number of years left to maturity.

**GPM Loan Screen (htm)**

Enter

the terms for a graduated payment mortgage. You must enter the interest rate,

periods per year, term, loan amount, prepaids, advance date, and date of first

payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

the terms for a graduated payment mortgage. You must enter the interest rate,

periods per year, term, loan amount, prepaids, advance date, and date of first

payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

**grace Period**

A length of time (usually 15 days) after a mortgage payment is due in which the lender will not charge a late penalty or report the payment as late.

**graduated payment mortgage**

A type of mortgage where the monthly payments start low but increase by a fixed percentage at the end of each year for a specified number of years. At the end of this series of payments, the graduation period, the loan payments are in an amount large enough to to retire the loan at maturity. This means that the payments at the beginning are not sufficient to make the full principal payments and the outstanding balance actually increases.

**graduation period**

The number of periods (usually years) in a graduated payment loan that the payment will increase (by the graduation rate) until the loan ois recast.

**Graduation Period (Years) (htm)**

Enter the number of periods that the payment will increase by the

graduation rate before the loan is recast.

graduation rate before the loan is recast.

**graduation rate**

The rate per year that the interest rate on a graduated payment loan will increase.

**Graduation Rate (htm)**

Enter

the amount by which the payments will be increased for the year. For example,

entering 20 will mean that the payments will increase by 20% for each year

during the graduation period.

the amount by which the payments will be increased for the year. For example,

entering 20 will mean that the payments will increase by 20% for each year

during the graduation period.

**grantee**

The party to whom title to real property is deeded.

**grantee**

The person to whom an interest in real property is conveyed.

**grantor**

The person conveying (or deeding) title to real property to another.

**gross income**

Total income before any expenses are deducted.

**gross monthly income**

The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan. growing-equity mortgage (GEM)A fixed-rate mortgage that provides for payments which increase by a specified percent at the end of each year for a specified number of years. The increasing monthly payment amounts reduce the balance of the mortgage resulting in its being repaid sooner.

**Growth**

Check this box to select the deposit/withdrawal growth rate (linear or exponential).

**Growth (Deposits) (htm)**

Check

this box to select the deposit growth rate (linear or exponential).

this box to select the deposit growth rate (linear or exponential).

**Growth (Withdrawals) (htm)**

Check

this box to select the withdrawal growth rate (linear or exponential).

this box to select the withdrawal growth rate (linear or exponential).

**Growth Rate (htm)**

The

growth rate for accounts where the deposits or withdrawals will graduate at a

constant rate.

growth rate for accounts where the deposits or withdrawals will graduate at a

constant rate.

**guaranteed mortgage**

A mortgage, the payment of which, is guaranteed by a third party.

**guaranty**

Amount of money VA will reimburse a lender upon default of a VA mortgage. Also referred to as the amount of entitlement or eligibility.

**hazard insurance**

Insurance against physical damage to property from fire, wind, vandalism, and other hazards.

**Hazard Insurance**

This is the annual premium for insurance against losses from risks such as fire, wind, hail, flood etc. If you will have homeowners insurance you will want to include that portion of the premium allocable to the real estate. (Exclude that part covering vehicles etc.)

**Header Text (htm)**

Enter

the desired header text (up to three lines) for the amortization schedule.

the desired header text (up to three lines) for the amortization schedule.

**HECM 2013 File dated 9/30/2013**

Note: Multiple runs of the calculator may be required based on the results and choices made by the borrower.

**HECM File dated 9/30/2013 - 8/3/2014**

Note: Multiple runs of the calculator may be required based on the results and choices made by the borrower.

**HECM File post 8/4/2014**

Note: Multiple runs of the calculator may be required based on the results and choices made by the borrower.

**HECM Rates**

Select 'Yes' to use Pre- October 1, 2009 rates.

Select 'No' to choose the latest rates.

Select 'No' to choose the latest rates.

**HECM/FNMA Flag**

This flag tells the engine whether it is calculating a HECM or a FNMA HomeKeeper program.

**Help (icon) (htm)**

Click

to display the ZMath® Help file.

to display the ZMath® Help file.

**Help (QS) (htm)**

Click

to display online Help for the Quick Solver.

to display online Help for the Quick Solver.

**Help Button (htm)**

Click

to display the online Help topic for the Fees and Charges Worksheet tabs.

to display the online Help topic for the Fees and Charges Worksheet tabs.

**holdback**

That portion of a loan commitment not funded until some additional requirement such as rental or completion is attained. (2) In construction or interim lending, a percentage of the contractor's draw which is held back.

**home equity conversion mortgage (HECM) or reverse annuity loan**

A type of mortgage that enables home owners to convert their equity in their homes into cash, usually in the form of monthly payments. The value of the property is the prime consideration for the lender since the borrower may have reduced income due to retirement etc. The loan is typically repaid after borrower no longer occupies the property or the equity is depleted.

**Home Value**

The value of the home at closing.

**homekeeperSM**

Fannie Mae's adjustable-rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value. Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible.

**homeowner's insurance**

An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents.

**housing expense**

Principal, interest, real estate taxes and hazard insurance (PITI) and mortgage insurance premiums and/or homeowners association/condo fee, when applicable.

**housing ratio**

Housing expense/effective gross income. Also called Payment-to-Income Ratio or Front-End Ratio.

**HUD**

The U. S. Department of Housing and Urban Development, established by the Housing andUrban Development Act of 1965 to supersede the Housing and Home Finance Agency. It is responsible for the implementation and administration of government housing and urban development programs. Housing Ratio

**HUD median income**

Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD).

**ID Number**

Enter the loan identification number. This number will appear on the 1/6 Aggregate Escrow Deposit Statement.

**ID Number (htm)**

Optional

field that can be used to assign a identifying number to this loan information

for future reference. When saving loan information, you must enter either a

customer name, ID Number, or both.

field that can be used to assign a identifying number to this loan information

for future reference. When saving loan information, you must enter either a

customer name, ID Number, or both.

**If declining balance, then average balance (htm)**

Select if the declining balance for PMI renewal

calculations should be based on the average balance for the year.

calculations should be based on the average balance for the year.

**If declining balance, then beginning balance (htm)**

Select if the declining balance for PMI renewal

calculations should be based on the beginning balance for the year.

calculations should be based on the beginning balance for the year.

**If declining balance, then ending balance (htm)**

Select if the declining balance should be based on the

ending balance for the year.

ending balance for the year.

**impound**

That portion of a mortgagor's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Known as escrows or reserves in some states.

**income property**

Real estate developed or improved to produce income.

**index**

A published interest rate not controlled by the lender to which the interest rate on an Adjustable Rate Mortgage (ARM) or GPARM loan is tied. Some commonly used indices include 1YTB One Year Treasury Bill Yield, 3YTB Three Year Treasury Note Yield, 5YTB FiveYear Treasury Note Yield, 10YTB Ten Year Treasury Bond Yield, 30YTB Thirty Year TreasuryBond Yield, 6mTB Six Month Treasury Bill Yield, 6mCD Six Month CD Rate, 6mLIB Six MonthLIBOR, 1LIB One Year LIBOR, Prime Interest Rate. A margin is added to the index to determine the fully indexed rate, or ithat will be charged on the ARM or GPARM for the period.

**Index Rate**

The value of the interest rate index at the time of origination.

**Initial Draw**

The amount ($ or %) of any initial draw requested by the borrower. If the number is 1.0 or less, it is treated as a percentage. If there is no initial draw, this variable should equal

0.

0.

**initial interest rate**

The original interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage (ARM). Sometimes known as "start rate" or "teaser. "

**Initial Payment Amount**

Initial Payment Amount

**Initial Payment Periods**

The number of periods before the first payment change.

**Initial Rate**

Initial Rate

**Initial rate periods**

some stuff

**installment**

The regular periodic payment that a borrower agrees to make to a lender.

**installment debt**

Borrowed money that is repaid in several successive payments(installments).

**Insurance No (htm)**

Select

if there will be no mortgage insurance or credit life/A&H insurance written

on this loan.

if there will be no mortgage insurance or credit life/A&H insurance written

on this loan.

**Insurance Rate 1, 2 (htm)**

Enter

the appropriate renewal rates for mortgage insurance payments when there is an

up-front premium.

the appropriate renewal rates for mortgage insurance payments when there is an

up-front premium.

**Insurance Yes (htm)**

Select

if either mortgage insurance or credit life/A&H insurance will be written

on this loan.

if either mortgage insurance or credit life/A&H insurance will be written

on this loan.

**insured mortgage**

A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

**Interest (G) (htm)**

Select

to display the interest portion of the payment in the Excel spreadsheet.

to display the interest portion of the payment in the Excel spreadsheet.

**Interest Accrue (htm)**

Select

to accumulate and amortize the interest over the term of the loan. No interest

payments will be made during the loan.

to accumulate and amortize the interest over the term of the loan. No interest

payments will be made during the loan.

**Interest Only Interest rate**

Enter the interest rate which will be charged during the period when only interest payments will be made on this loan. Only the interest is paid during this period.

**interest only loan**

n/a

**Interest Only Loan (htm)**

Select

to calculate a loan where only the interest is repaid during term. The entire

principal balance is due in one payment at maturity.

to calculate a loan where only the interest is repaid during term. The entire

principal balance is due in one payment at maturity.

**Interest Only Period / Repayment Loan (ARM)**

Enter the terms for an interest only period / adjustable rate loan and click Calculate. You must enter the interest rate, periods per year, term, loan amount, prepaids, advance date, and date of first payment along with the ARM terms or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

**Interest Only Period / Repayment Loan (Level)**

Enter the terms for an interest only / level payment loan (one that has equal

payments for the life of the loan) and click Calculate. You must enter the

interest rate, periods per year, term, loan amount, prepaids, advance date, and

date of first payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

payments for the life of the loan) and click Calculate. You must enter the

interest rate, periods per year, term, loan amount, prepaids, advance date, and

date of first payment or error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

The fields on the screen change as you click different

options. For example, if you click Multi-Streams, the Level Payment Installment

Loan (multiple screens) fields display at the bottom of the screen. Also, if

you select any options and variations, these fields display for data entry.

**Interest Only Periods per Year**

Enter the number of periods per year during the interest only repayment period. Interest only is paid during this period with the repayment occuring after the interest only period.

**Interest Only Term**

Enter the total number of interest only payments during the interest only payment period.

**Interest Periods Deferred**

The number of interest periods deferred for a deferred payment annuity.

**Interest Periods per year (htm)**

per year.

**Interest Periods Deferred (htm)**

The number of interest periods deferred for a deferred payment

annuity.

annuity.

**Interest portion of pmt (F) (htm)**

Select to insert a column to display the interest portion of the

payment.

payment.

**Interest Rate**

Enter the interest rate in full percent. For example, 8.375 or 5.5. The program will convert it to decimal form.

**Interest Rate**

The interest rate you expect to be charged by your lending institution.

**Interest Rate (CON) (htm)**

Enter the interest rate for the construction loan.

**Interest Rate (CS) (htm)**

Include a column showing the interest rate for the period.

**Interest Rate (htm)**

Enter

the interest rate in full percent. For example, 8. 375 or 5. 5. The program will

convert it to decimal form.

the interest rate in full percent. For example, 8. 375 or 5. 5. The program will

convert it to decimal form.

**Interest Rate (M) (htm)**

Enter the interest rate for this payment stream

**Interest Rate (QS) (htm)**

This

is a required field in Quick Solver. Enter the rate in full percent (for

example, 8. 375).

is a required field in Quick Solver. Enter the rate in full percent (for

example, 8. 375).

**interest rate buydown plan**

An arrangement wherein the property seller (or any other party) deposits money to an account so that it can be released each month to reduce the mortgagor's monthly payments during the early years of a mortgage. During the specified period, the mortgagor's effective interest rate is "bought down" below the actual interest rate.

**interest rate cap**

A limit on interest rate increases and/or decreases during each interest rate adjustment(adjustment period cap) or over the term (life cap) of the mortgage.

**interest rate ceiling**

For an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note.

**interest rate floor**

For an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage note.

**Interest Rate for Draw Period (htm)**

Enter the interest rate for this draw period.

**Interest term (htm)**

Enter

the total number of interest payments for this payment stream.

the total number of interest payments for this payment stream.

**Interest term when principal and interest are being amortized differently.**

This is the Term of the interest portion of a loan where the principal and interest are being amortized differently. The left panel entry box applies to the principal and this entry box applies to the interest payments.

**Interest type (htm)**

Displays the appropriate interest types for the selected loan. Simple is the most common interest type. Discount is available with Single Payment Loans only. Add-on is available with Level Payment Loans only.

**Interest Bill (htm)**

Select to have the borrower pay the interest amounts as they come due.

**Interest-only Loan Screen (htm)**

Enter the terms for the interest-only loan (where principal is due

at maturity). You must enter the interest rate, number of interest periods per

year, term, loan amount, prepaids, advance date, and date of first payment or

error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

at maturity). You must enter the interest rate, number of interest periods per

year, term, loan amount, prepaids, advance date, and date of first payment or

error messages display.

Click the Options and Variations button on the toolbar to

enter any variations.

More glossary items are available....

Please use the index or Click here to view the next set of items.

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