After-tax interest rate - An effective interest rate on your home loan for qualified interest expense deduction.

Aggressive qualification estimate - Many lenders lower their home loan qualification standard for borrowers during stronger economic conditions.

Appraisal value - The market value of a property assigned through an appraisal process by an appraiser (generally from a lender). Common method used involves recent sales comparables of neighborhood homes. Replacement cost may be used also when applicable.

Appreciation rate - The annual rate of increase (as a percentage) on the value of a property.

Charge for specific interest rate - Additional fee charged to a borrower in order to obtain a lower interest rate on a loan.

Conservative qualification estimate - Many lenders apply stricter/higher home loan qualification standard for borrowers during weaker economic conditions.

Cost-benefit analysis - Specific analysis used to compare different alternatives to determine if their benefits are better than the costs.

Daily interest charges - Amount of interest charged or paid in advance of a loan at closing of a transaction.

Depreciation rate - The annual rate of decrease (as a percentage) on the value of a property.

Down payment - The amount of earnest money a borrower deposits to purchase a home along with a specific loan financing program.

Equity - The value amount between the difference in the current market value versus the remaining balance of all loans on a particular home.

Escrow - Escrow service provides buyer and seller as a neutral party to minimize risk in a real estate transaction. It acts as escrow holder with duty to ensure all instructions have been carried to completion before any funds and/or property can exchange between buyer and seller so closing can take place.

Initial deposit for your escrow account - Payments made in advance to cover for home owner's insurance premium and property taxes.

Interest rate - The amount that a lender charges a borrower expressed as a percentage of loan principal.

Origination Charges - Service fees or compensation owed to the lender and/or broker who originates the loan.

Other settlement services - Additional service fees not related to loan origination owed to the lender and/or broker relating to your home purchase.

Private mortgage insurance (PMI) - Insurance policy paid by borrowers (who borrow more than 80% of market value) to protect lenders against loss in case of payment defaults.

Property insurance - Gives homeowners protection against liability and weather related damage claims on the property.

Property tax - Tax assessed by your local county based on the value of real estate that you owned.

Property Taxes and Homeowner's Insurance - These are part of the monthly loan payment which are the loan principal, interest, property taxes and insurance (PITI).

Required services selected by lender - Fees charged for required services selected by lender for getting your loan processed and funded to close your transaction.

Required services borrower can shop for - Fees charged for services selected by you for getting your loan processed and funded to close your transaction.

Savings interest rate - Annual percentage of interest earned from your savings.

Selling costs of a home - Compensation and fees you pay to the sales agent in selling your home.

Tax rate - The percentage amount of individual's income that is taxable by state and federal governments.

Tax savings - Amount of eligible tax deduction or tax credit based on your financial situation.

Term - Generally expressed in years (15 to 30 years) on home loans and can also be expressed by number monthly payments over those periods.