Glossary of US mortgage terminology

Terms pertaining to American mortgages include: Main two types Origination and Re-Financing Origination: starting from the scrap, Ex, A person wants to buy a home and goes to the bank for the same will get loan of 80% of their LTV. Re-finance: defaulted borrower can apply for the same refinancing procedure to re modify the loan term, interest rate. == Mortgage types == Adjustable rate mortgage or ARM - A mortgage where the interest rate adjusts relative to a specified index + margin.

Source: Wikipedia — Glossary of US mortgage terminology (CC BY-SA 4.0)