Common home buying terms and what they mean

When buying a home, it’s not unusual to come across a term you don’t understand. This glossary provides a list of terms you’ll likely hear as you look for a new home.

  • Additional Principal Payment
  • Adjustable-Rate Mortgage (ARM) - See also Hybrid ARM
  • Adjustment Date
  • Adjustment Period
  • Affordability Analysis
  • Amortization
  • Amortization Term
  • Annual Percentage Rate (APR)
  • Appraisal
  • Appraised Value
  • Asset
  • Assignment
  • Assumability
  • Assumption Fee
  • Balance Sheet
  • Balloon Mortgage
  • Balloon Payment
  • Before-tax Income
  • Biweekly Payment Mortgage
  • Bridge Loan
  • Buydown
  • Cap
  • Certificate of Eligibility
  • Certificate of Reasonable Value (CRV)
  • Change Frequency
  • Closing
  • Closing Costs
  • Consumer Reporting Agency (or Bureau)
  • Credit Report
  • Credit Risk Score
  • Default
  • Delinquency
  • Deposit
  • Discount
  • Down Payment
  • Earnest Money
  • Effective Gross Income
  • Equity
  • Escrow
  • Escrow Disbursements
  • Escrow Payment
  • Fannie Mae
  • FHA Mortgage
  • FICO Score
  • First Mortgage
  • Fixed Installment
  • Fixed-Rate Mortgage (FRM)
  • Fully Amortized ARM
  • GNMA
  • Housing Expense Ratio
  • HUD-1 statement
  • Hybrid Adjustable Rate Mortgage
  • Index
  • Installment
  • Insured Mortgage
  • Interest
  • Interest Accrual Rate
  • Interest Rate Ceiling
  • Interest Rate Floor
  • Late Charge
  • Liabilities
  • Lifetime Payment Cap
  • Lifetime Rate Cap
  • Line of Credit
  • Liquid Asset
  • Loan
  • Loan-to-Value (LTV) Percentage
  • Lock-In Period
  • Margin
  • Maturity
  • Monthly Fixed Installment
  • Mortgage
  • Mortgage Insurance
  • Mortgage Insurance Premium (MIP)
  • Mortgage Life Insurance
  • Mortgagor
  • Net Worth
  • Non-liquid Asset
  • Note
  • Origination Fee
  • Owner Financing
  • Payment Change Date
  • Periodic Payment Cap
  • Periodic Rate Cap
  • PITI Reserves
  • Points
  • Pre-Approval
  • Prepayment Penalty
  • Principal
  • Principal Balance
  • Principal, Interest, Taxes, and Insurance (PITI)
  • Private Mortgage Insurance (PMI)
  • Qualifying Ratios
  • Rate Lock
  • Real Estate Settlement Procedures Act (RESPA)
  • Recording
  • Refinance
  • Revolving Liability
  • Secondary Mortgage Market
  • Security
  • Servicer
  • Standard Payment Calculation
  • Step-Rate Mortgage
  • Third-party Origination
  • Total Expense Ratio
  • Treasury Index
  • Truth-in-Lending Law
  • Underwriting
  • VA Mortgage

Starion News

Starion’s Hetland, Hoffman Graduate from Banking School

Dale Hetland and Brandon Hoffman of Starion Financial recently graduated from the Dakota School of Banking. Hetland is business banking officer/VP in Fargo. Hoffman is mortgage banking manager/VP and based out of the downtown Bismarck location.

Mon. Jul 13 4:07 PM Read more...

Starion Financial’s Heck joins Risk Management

Jenny Heck has taken a new role at Starion Financial as a compliance specialist in the risk management department.

Wed. Jul 01 3:07 PM Read more...

Starion Financial promotes, hires in Mandan

Starion Financial has promoted three employees and hired two, all at the Mandan branch.

Wed. Jul 01 3:07 PM Read more...

More News >>

Need Help?

We're here to help.

Do you need help choosing an account or applying for a loan?
Contact your Starion Personal Banker today.

Have another question? Chat with us.

Our Customer Service Team is available to chat when the “Start Chat” button appears below. Click to begin a chat. If a "Chat Closed," button appears you can leave us a message and we’ll be back to you.

Start Chat

Contact Us

1.888.258.6050

- or -

Find a local branch.