Bilingual dictionary
Bilingual housing and mortgage dictionary, English–Spanish
Got a paper in English and not sure what it says? Here are 302 words about homes, mortgages, renting and credit, explained in plain language with their Spanish names. Each one comes with an example and the official source it comes from.
- 302 words explained
- Based on what CFPB, Fannie Mae, HUD, IRS publish
- Reviewed October 2026
Words on your papers
English words you will see on your papers
These words show up on the papers of a purchase, a mortgage or a home you already own. Each one has its own page with what it means, its Spanish name, an example and the source. Start with the one in front of you.
- Escrow account Cuenta escrow An escrow account is an account set up by your mortgage lender to pay certain property-related expenses on your behalf…
- Closing Disclosure Declaración de Cierre The Closing Disclosure is a required five-page form with the final details of the mortgage you selected: the loan terms…
- Private mortgage insurance (PMI) Seguro hipotecario privado Private mortgage insurance (PMI) is a type of mortgage insurance you might be required to buy on a conventional loan when…
- Debt-to-income ratio Relación deuda-ingreso Your debt-to-income ratio (DTI) is all your monthly debt payments divided by your gross monthly income, that is, income…
- Earnest money Depósito de garantía Earnest money is a deposit the buyer pays when signing the purchase contract to show good faith that the offer is serious.
- Lien Gravamen A lien is a legal right a creditor holds in your property to make sure you repay a debt.
- Forbearance Indulgencia de pagos Forbearance is an agreement with your loan servicer to pause your mortgage payments, or make smaller payments, for a while…
- Quitclaim deed Escritura A deed is the legal document the seller uses to transfer ownership of the home to you.
Read your papers
Look up words by the paper in your hand
Every word in this dictionary says which papers it shows up on. Here they are grouped by paper, so you can read your Loan Estimate, your lease or your credit report with the dictionary beside it.
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Loan Estimate
Estimación de Préstamo
The Loan Estimate is a three-page form you receive from the lender within days of applying for a mortgage.
56 dictionary words show up here
- mortgage hipoteca
- FHA loan préstamo FHA
- conventional loan préstamo convencional
- VA loan préstamo VA
- USDA loan préstamo USDA
- FHA loan limit límite FHA
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Closing Disclosure
Declaración de Cierre
The Closing Disclosure is a required five-page form with the final details of the mortgage you selected: the loan terms, your monthly payment, every closing cost and how much cash you must bring on signing day.
38 dictionary words show up here
- mortgage hipoteca
- annual percentage rate tasa de porcentaje anual (APR)
- discount points puntos de descuento
- mortgage insurance seguro hipotecario
- down payment pago inicial (enganche)
- earnest money depósito de garantía
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Lease
Contrato de renta
A lease, or rental agreement, is the contract in which the owner or landlord gives you the right to live in and use a property for a set period of time in exchange for payment, usually rent.
10 dictionary words show up here
- security deposit depósito de seguridad
- sublet subarrendar
- move-in inspection inspección de entrada
- renters insurance seguro de inquilino
- month-to-month tenancy arrendamiento de mes a mes (month-to-month)
- late fee cargo por pago tardío
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Credit report
Informe de crédito
A credit report is a statement that has information about your credit activity and current credit situation: your loans and cards, the balances, whether you have paid on time, accounts in collection and who has checked your credit.
17 dictionary words show up here
- home equity line of credit línea de crédito sobre el valor de la vivienda (HELOC)
- second mortgage segunda hipoteca
- credit history historial de crédito
- credit utilization utilización de crédito
- secured credit card tarjeta de crédito asegurada
- credit-builder loan préstamo para construir crédito
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Tax return
Declaración de impuestos
A tax return is the yearly form you use to report your income to the IRS and figure the tax you owe, so you can pay what is due or get a refund.
10 dictionary words show up here
- Closing Disclosure Declaración de Cierre
- ITIN ITIN (número de identificación personal del contribuyente)
- Social Security number número de Seguro Social (SSN)
- Form W-2 Formulario W-2
- Form 1099 Formulario 1099
- Schedule C Anexo C (Formulario 1040)
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Deed
Escritura
A deed is the legal document the seller uses to transfer ownership of the home to you.
15 dictionary words show up here
- mortgage hipoteca
- deed of trust escritura de fideicomiso
- title título de propiedad
- deed in lieu of foreclosure escritura en lugar de ejecución hipotecaria
- notary public notario público
- co-borrower co-prestatario
From A to Z
Every word, from A to Z
They are sorted in English, with the Spanish name beside each one. To look words up from Spanish, switch the order: the list rearranges without leaving the page.
- A-Number (alien registration number) número AThe A-Number is the alien registration number.
- accessory dwelling unit (ADU) unidad de vivienda accesoria (ADU)An accessory dwelling unit (ADU) is a living space, separate from the main house, on the same lot.
- actual cash value (ACV) valor real en efectivoActual cash value (ACV) is a way a homeowners or renters insurance policy pays for damage: it gives you what it costs to…
- additional living expenses (ALE) gastos adicionales de vivienda (ALE)Additional living expenses (ALE) is a home insurance coverage that pays the extra you spend when you have to leave your home…
- adjustable-rate mortgage (ARM) hipoteca de tasa ajustable (ARM)An adjustable-rate mortgage (ARM) is a loan whose interest rate can change, usually in step with a market index.
- adverse action notice aviso de acción adversaAn adverse action notice is the notice you get when a company denies you credit or takes another action against you on your…
- affidavit of heirship declaración jurada de herederosAn affidavit of heirship is a document signed under oath before a notary in which someone who knows the family tells the…
- affiliated business arrangement arreglo de negocios afiliadosAn affiliated business arrangement is when someone who can refer you to a closing service, such as your real estate agent or…
- amortization amortizaciónAmortization means paying off a loan with regular payments over time, so that the amount you owe decreases with each payment.
- annual percentage rate (APR) tasa de porcentaje anual (APR)The annual percentage rate (APR) is a broader measure of the cost of borrowing money than the interest rate.
- appraisal gap brecha de tasación (avalúo bajo)An appraisal gap is the difference between the price you agreed to pay for a home and an appraisal that comes in lower.
- appraisal review board junta de revisión de avalúosAn appraisal review board is the panel that hears property owners who disagree with the assessed value of their property or…
- area median income (AMI) ingreso medio del área (AMI)The area median income (AMI) is the median family income of an area, which HUD computes every year for each metropolitan…
- assessed value avalúo fiscalAssessed value, or assessment, is the value the local government's assessor gives your property to calculate property tax.
- authorized user usuario autorizadoAn authorized user is a person who has permission to use someone else's credit card account; that other person is the…
- average prime offer rate (APOR) tasa promedio de oferta preferencial (APOR)The average prime offer rate (APOR) is a benchmark annual percentage rate (APR).
- balloon payment pago global (balloon)A balloon payment is a large, one-time payment at the end of the loan term, higher than the payments before it and sometimes…
- bank statement estado de cuenta bancarioA bank statement is the summary your bank or credit union gives you of the activity in your account over a period: deposits…
- billing error notice aviso de error de facturaciónA billing error notice is a letter you send your credit card company to dispute a mistake on your statement.
- bridge loan préstamo puenteA bridge loan is a temporary, short-term loan.
- building permit permiso de construcciónA building permit is the approval a local government gives to start a construction project.
- buyer-broker agreement acuerdo de representación con el agente del compradorA buyer-broker agreement is a legal document you sign with the real estate agent who helps you buy, and it formalizes your…
- caller ID spoofing suplantación de númeroCaller ID spoofing is when someone makes your phone's caller ID show a fake number, for example a government office's or a…
- cash-out refinance refinanciamiento con retiro de efectivo (cash-out)In a cash-out refinance you take out a new mortgage for more than you still owe and receive the difference in cash.
- Certifying Acceptance Agent (CAA) agente tramitador certificado (CAA)A Certifying Acceptance Agent (CAA) is a person or entity authorized by the IRS to help you apply for or renew an ITIN.
- chattel loan préstamo chattel (préstamo de propiedad personal)A chattel loan is a personal property loan.
- checking account reporting company empresa de informes de cuentas de chequesA checking account reporting company, such as Chex Systems or Early Warning Services, is a specialty consumer reporting…
- closing cierreClosing, also called settlement, is the last step in buying and financing a home: the moment when you and the other parties…
- closing costs costos de cierreClosing costs are all of the costs you pay on closing day on top of the down payment: lender fees, the appraisal, the credit…
- Closing Disclosure Declaración de CierreThe Closing Disclosure is a required five-page form with the final details of the mortgage you selected: the loan terms…
- co-borrower co-prestatarioA co-borrower is a person who applies for the mortgage with you, signs the note and is responsible for the debt just as you…
- co-signer cosignatarioA co-signer is a person who signs another person's loan or credit account to back it up, and by doing so becomes responsible…
- COBRA continuation coverage COBRA (continuación del seguro médico)COBRA is a federal law that may let you keep your job-based health coverage for a limited time after your employment ends…
- collection account cuenta en cobranzaA collection account is a past-due debt that the original creditor (the company that gave you the loan or credit) handed to…
- colonia (border community) colonia (comunidad en la frontera)Under federal law, a colonia is a community in Arizona, California, New Mexico or Texas, in the U.S.-Mexico border region…
- community development district (CDD) distrito de desarrollo comunitario (CDD)In Florida, a community development district (CDD) is a local unit of special-purpose government, created under chapter 190…
- Community Development Financial Institution (CDFI) institución financiera de desarrollo comunitario (CDFI)A CDFI (Community Development Financial Institution) is an organization whose primary mission is community development.
- community of heirs (Puerto Rico) comunidad hereditaria (Puerto Rico)In Puerto Rico, a community of heirs (comunidad hereditaria) exists when several people inherit together and each one holds…
- community property bienes ganancialesCommunity property, in the states that use this system, means the property either spouse acquires during the marriage, such…
- conditional permanent residence residencia condicional (conditional residence)Conditional residence is lawful permanent residence granted with conditions.
- condominium (condo) condominio (condo)A condominium (condo) is a one-family home in a project where each owner owns their unit and shares ownership of the common…
- conforming loan limit límite de préstamo conformeThe conforming loan limit is the maximum mortgage amount Fannie Mae and Freddie Mac may buy from lenders.
- consular ID card matrícula consularA Matricula Consular is an official Mexican government ID document issued by Mexico's consulates in the United States.
- Consumer Financial Protection Bureau (CFPB) Oficina para la Protección Financiera del Consumidor (CFPB)The CFPB (Consumer Financial Protection Bureau) is the federal agency that implements and enforces federal consumer…
- contingency contingenciaA contingency is a condition you add to your offer or purchase contract to protect yourself: if it is not met, you can…
- contract for deed contrato por escrituraA contract for deed is a home purchase on an installment plan: you pay the seller in monthly installments instead of getting…
- conventional loan préstamo convencionalA conventional loan is any mortgage that is not insured or guaranteed by the federal government: it is not FHA, VA or USDA.
- credit card grace period período de gracia (grace period)On a credit card, the grace period is the time between the end of your billing cycle and the payment due date.
- credit history historial de créditoYour credit history is the record of your credit accounts and of whether you paid them on time, as shown in your credit…
- credit repair organization organización de reparación de créditoA credit repair organization is a company that, for money, offers to improve your credit history or score, or to advise you…
- credit report informe de créditoA credit report is a statement that has information about your credit activity and current credit situation: your loans and…
- credit report dispute disputa de créditoA credit report dispute is the complaint you make when your credit report has wrong or incomplete information.
- credit reporting agency agencia de informes de créditoA credit reporting agency, also called a credit bureau or credit reporting company, is a company that gathers information…
- credit score puntaje de créditoA credit score is a number that predicts how likely you are to pay back a loan on time.
- credit union cooperativa de créditoA credit union is a not-for-profit financial institution that, like a bank, accepts deposits, makes loans and offers other…
- credit utilization utilización de créditoCredit utilization is how much of your credit limits you are using: it compares what you owe on your cards with your total…
- credit-builder loan préstamo para construir créditoA credit-builder loan helps you create or improve your credit history and save at the same time.
- DACA (Deferred Action for Childhood Arrivals) DACA (Acción Diferida para los Llegados en la Infancia)DACA (Deferred Action for Childhood Arrivals) is a Department of Homeland Security (DHS) policy set out in federal…
- debt management plan plan de manejo de deudasA debt management plan is a payment plan that a credit counseling organization, usually a nonprofit, sets up with you.
- debt validation notice aviso de validación (validation notice)A debt validation notice is the letter or electronic message in which a debt collector gives you the basic information about…
- debt-to-income ratio (DTI) relación deuda-ingreso (DTI)Your debt-to-income ratio (DTI) is all your monthly debt payments divided by your gross monthly income, that is, income…
- declaration of heirs (Puerto Rico) declaratoria de herederos (Puerto Rico)In Puerto Rico, a declaration of heirs (declaratoria de herederos) is the document that states who the heirs are of a person…
- deductible deducibleA deductible is the part of an insurance claim you pay yourself.
- deed escrituraA deed is the legal document the seller uses to transfer ownership of the home to you.
- deed in lieu of foreclosure escritura en lugar de ejecución hipotecariaA deed in lieu of foreclosure is an arrangement in which you voluntarily turn over ownership of your home to the lender to…
- deed of trust escritura de fideicomisoThe deed of trust is, along with the "mortgage," one of the most common names for the security instrument you sign at…
- default judgment sentencia en rebeldíaA default judgment is a decision a court makes in favor of the person suing when the person being sued does not respond to…
- Department of Housing and Urban Development (HUD) Departamento de Vivienda y Desarrollo Urbano (HUD)HUD (the U.S. Department of Housing and Urban Development) is the federal department that runs housing and community…
- discount points puntos de descuentoDiscount points are a payment you make to the lender at closing in exchange for a lower interest rate over the life of the…
- DOJ-accredited representative representante acreditado por el Departamento de JusticiaAn accredited representative is a non-attorney whom the U.S. Department of Justice, through its Recognition and…
- down payment pago inicial (enganche)The down payment is the part of the home's price you pay out of your own pocket when you buy; the loan covers the rest.
- down payment assistance (DPA) ayuda para el pago inicial (DPA)Down payment assistance (DPA) is money a public or nonprofit program contributes toward your down payment and sometimes your…
- dual agency agencia dualDual agency is when the same real estate broker represents both the buyer and the seller in the same sale.
- due-on-sale clause cláusula de pago inmediato por venta (due-on-sale)A due-on-sale clause is a part of the mortgage contract that lets the lender demand the full balance if you sell or transfer…
- earnest money depósito de garantíaEarnest money is a deposit the buyer pays when signing the purchase contract to show good faith that the offer is serious.
- earthquake deductible deducible de terremotoAn earthquake deductible is the deductible on an earthquake insurance policy: the part of a covered loss you pay yourself.
- easement servidumbreAn easement is a person's or company's right to use or control land owned by someone else, or the space above or below it…
- effective property tax rate tasa efectiva del impuesto a la propiedadThe effective property tax rate is the relationship between the tax actually paid on a property in a year and its market…
- elevation certificate certificado de elevaciónAn elevation certificate is a document that shows how high a building is compared with how high local floodwaters are…
- emergency fund fondo de emergenciaAn emergency fund is cash you set aside only for unplanned expenses or emergencies, such as car or home repairs, medical…
- Employment Authorization Document (EAD) permiso de trabajo (EAD)The Employment Authorization Document (EAD, Form I-766) is a photo document issued by the federal government to show that a…
- escrow account cuenta de depósito en garantía (escrow)An escrow account is an account set up by your mortgage lender to pay certain property-related expenses on your behalf…
- escrow cushion colchón de escrowAn escrow cushion is, under Regulation X, extra money your loan servicer can require you to keep in your escrow account to…
- escrow shortage faltante de escrowAn escrow shortage is, under Regulation X, the amount by which your escrow account falls short of the balance it should have…
- eviction desalojoEviction is the legal process a landlord uses to get back a rented home when the tenant does not want to leave.
- eviction notice aviso de desalojo (notice to quit)An eviction notice, also called a notice to quit or notice to vacate, is the written letter in which the landlord demands…
- Fair Housing Act Ley de Vivienda JustaThe Fair Housing Act is the federal law that makes it illegal to refuse to sell or rent a dwelling, or to discriminate in…
- fair market rent (FMR) renta justa de mercado (FMR)The fair market rent (FMR) is the rent HUD estimates every year for each area and each unit size, including the cost of…
- FAIR Plan FAIR PlanA FAIR Plan is a home insurance option for people who cannot get coverage from a regular insurance company.
- familial status situación familiarFamilial status is one of the characteristics the Fair Housing Act protects.
- Fannie Mae and Freddie Mac Fannie Mae y Freddie MacFannie Mae and Freddie Mac are two companies created by Congress that buy mortgages from lenders.
- Federal Emergency Management Agency (FEMA) Agencia Federal para el Manejo de Emergencias (FEMA)FEMA (the Federal Emergency Management Agency) is the federal agency that supports people and emergency personnel to prepare…
- Federal Housing Finance Agency (FHFA) Agencia Federal de Financiamiento de la Vivienda (FHFA)The FHFA (Federal Housing Finance Agency) is an independent federal agency that supervises and regulates Fannie Mae, Freddie…
- federal mortgage subsidy recapture tax impuesto de recaptura (recapture tax)The recapture tax is a federal tax you may owe if you sell or transfer a home you bought with a federal mortgage subsidy…
- FHA 203(k) loan préstamo FHA 203(k)The FHA 203(k) loan is an FHA-insured mortgage that combines, in a single loan, the purchase of a home (or the refinance of…
- FHA loan préstamo FHAAn FHA loan is a mortgage made by a private lender and insured by the Federal Housing Administration (FHA), an agency of the…
- FHA loan limit límite FHAThe FHA loan limit is the maximum mortgage amount the Federal Housing Administration can insure in a county or metropolitan…
- FHA minimum required investment (MRI) inversión mínima requerida (MRI) de la FHAThe minimum required investment (MRI) is the cash, or its equivalent, that you must put in yourself when you buy with an FHA…
- FHA mortgage insurance premium (MIP) prima de seguro hipotecario de la FHA (MIP)The FHA mortgage insurance premium (MIP) is what you pay for the insurance the FHA requires on all of its loans.
- FICO score puntaje FICOFICO is a brand of credit score: a number that helps lenders gauge how likely you are to pay back a loan.
- field of membership campo de afiliaciónA field of membership is the rule that says who can join a credit union.
- final walk-through recorrido finalThe final walk-through is your last visit to the home you are buying, shortly before closing and before you sign the…
- first-time homebuyer comprador de vivienda por primera vezUnder the definition HUD uses, a first-time homebuyer is a person, and his or her spouse, who has not owned a home during…
- fixed-rate mortgage hipoteca de tasa fijaA fixed-rate mortgage is a home loan whose interest rate is set when you take out the loan and does not change over its…
- flood insurance seguro contra inundacionesFlood insurance is a separate policy that can cover a building, its contents, or both, when flood water causes damage.
- forbearance indulgencia de pagosForbearance is an agreement with your loan servicer to pause your mortgage payments, or make smaller payments, for a while…
- force-placed insurance seguro impuesto por el prestamista (force-placed)Force-placed insurance is hazard insurance your loan servicer buys for your home when you do not have the homeowners…
- foreclosure ejecución hipotecariaForeclosure is the process by which the lender or servicer takes back the property after the homeowner fails to make…
- forgivable second mortgage segunda hipoteca perdonableA forgivable second mortgage is a loan for your down payment from a government, a housing finance agency or a nonprofit…
- Form 1098 Formulario 1098Form 1098, Mortgage Interest Statement, is the IRS form on which whoever collects your mortgage interest, usually your…
- Form 1099 Formulario 1099Form 1099 is a family of IRS information returns that report income other than employee wages.
- Form 4506-C Formulario 4506-CForm 4506-C (IVES Request for Transcript of Tax Return) is the authorization you sign so the IRS can send your lender a…
- Form W-2 Formulario W-2Form W-2 (Wage and Tax Statement) is the document your employer must prepare for each employee.
- Form W-7 Formulario W-7Form W-7 is the IRS's official application to get an ITIN, or to renew one that has expired or is about to.
- fraud alert alerta de fraudeA fraud alert is a note in your credit file that requires creditors who check your report to verify your identity before…
- FTC Cooling-Off Rule Regla de Enfriamiento (Cooling-Off Rule)The Cooling-Off Rule is a federal FTC rule that gives you the right to cancel certain sales a seller makes to you in person…
- gift letter carta de regaloA gift letter is a document signed by the person who gives you money to buy a home, stating that the money is a gift and not…
- gift of equity regalo de capitalA gift of equity is when the person selling you the home, usually a relative, gives you part of the equity they have in it…
- gross income ingreso brutoGross income is the total you earn before taxes and other deductions are taken out.
- gross rent renta brutaGross rent is the contract rent plus the estimated average monthly cost of utilities (electricity, gas, water and sewer) and…
- hard inquiry consulta duraA hard inquiry happens when a lender checks your credit report because you applied for a loan or a card, to decide whether…
- Health Insurance Marketplace Mercado de Seguros MédicosThe Health Insurance Marketplace is a service that helps you shop for and enroll in health insurance.
- heirs' property propiedad de herederosHeirs' property is, according to the Department of Agriculture (USDA), family land owned jointly by the descendants of…
- high-balance loan préstamo de saldo alto (high-balance)A high-balance loan is Fannie Mae's name for a conventional loan in a high-cost area that is subject to the higher loan…
- high-cost mortgage (HOEPA) hipoteca de alto costo (HOEPA)A high-cost mortgage is a loan secured by the home you live in whose annual percentage rate (APR), or points and fees, go…
- home appraisal avalúoAn appraisal is a written document that gives a professional appraiser's opinion of how much a property is worth.
- home appreciation plusvalía (apreciación)Home appreciation is the increase in your home's value over time.
- home equity patrimonio en la viviendaHome equity (or equity) is what your home is worth today minus what you still owe on the mortgages on it.
- home equity line of credit (HELOC) línea de crédito sobre el valor de la vivienda (HELOC)A home equity line of credit (HELOC) lets you borrow again and again against the equity in your home: what the home is worth…
- home inspection inspección de la casaA home inspection is a review of the property's physical condition by an inspector before you finish buying: roof…
- home value (typical home value) valor de la vivienda (valor típico de una casa)The home value we show as the "typical home value" is the median value of owner-occupied housing units according to the…
- home warranty garantía de la casaA home warranty is a contract with a company that promises to repair or replace parts of the home's systems, such as…
- homebuyer education course curso para compradores de viviendaA homebuyer education course is a class with a set curriculum that covers the homebuying process, how to maintain a home…
- homeowners association (HOA) asociación de propietarios (HOA)A homeowners association (HOA) is the organization formed in many subdivisions and condominium buildings to manage shared…
- homeowners insurance seguro de viviendaHomeowners insurance pays for losses and damage to your property if something unexpected happens, like a fire or a burglary…
- homestead exemption exención homesteadA homestead exemption is a legal protection for the home where you and your family live.
- house price index (HPI) índice de precios de vivienda (HPI)The Federal Housing Finance Agency (FHFA) House Price Index (HPI) measures how single-family home prices move.
- Housing Choice Voucher (Section 8) vale de elección de vivienda (Sección 8)The Housing Choice Voucher, the program almost everyone calls Section 8, is the country's largest federal rental assistance.
- HUD-approved housing counselor consejero de vivienda aprobado por HUDA HUD-approved housing counselor works at an agency HUD has approved to provide housing counseling: independent, expert…
- hurricane deductible deducible de huracánA hurricane deductible is a special deductible some home insurance policies apply when the damage is caused by wind…
- identity theft robo de identidadIdentity theft happens when someone uses your personal information without your permission to commit fraud: for example…
- illegal lockout cambio ilegal de cerraduras (lockout)An illegal lockout happens when the landlord shuts you out of your home by changing the locks without a court order.
- insurance premium prima de seguro (premium)An insurance premium is what you pay the insurance company in exchange for your policy's protection.
- interest rate tasa de interésThe interest rate on a mortgage is what you pay each year to borrow the money, expressed as a percentage of the loan balance.
- interest-only mortgage hipoteca de solo interesesAn interest-only mortgage has scheduled payments that, for a set period, cover only the interest.
- interested party contributions (IPCs) contribuciones de partes interesadas (IPC)Interested party contributions (IPCs) are money put in by someone who benefits from the sale to pay costs that are normally…
- IRS Identity Protection PIN IP PIN (PIN de protección de identidad)The IP PIN (Identity Protection PIN) is a six-digit number from the IRS that keeps anyone else from filing a tax return with…
- IRS notice CP565 aviso CP565Notice CP565 is the IRS letter telling you it has assigned you an Individual Taxpayer Identification Number (ITIN).
- IRS tax transcript transcripción de impuestosAn IRS tax transcript is a free official summary of the information on your tax returns and tax account.
- ITIN (Individual Taxpayer Identification Number) ITIN (número de identificación personal del contribuyente)An ITIN is a nine-digit number the IRS, the federal tax agency, issues to people who need a U.S. taxpayer identification…
- joint tenancy with right of survivorship tenencia conjunta con derecho de supervivenciaJoint tenancy with right of survivorship is a way for two or more people to own property, each with an equal, undivided…
- jumbo loan préstamo jumboA jumbo loan is a mortgage whose amount is above the conforming loan limit.
- landlord retaliation represalia del arrendador (retaliation)Landlord retaliation happens when the landlord punishes you for using a legal right.
- late fee cargo por pago tardíoA late fee is what you are charged when your payment arrives after the due date or after the grace period your contract…
- lead-based paint disclosure divulgación de pintura con plomoThe lead-based paint disclosure is the information federal law requires you to get before you sign to buy or rent most homes…
- lease contrato de rentaA lease, or rental agreement, is the contract in which the owner or landlord gives you the right to live in and use a…
- legal aid asistencia legal gratuitaLegal aid is the free civil legal help that nonprofit organizations and their lawyers provide to low-income people in civil…
- lender prestamistaThe lender is the financial institution that lends you the money for your mortgage.
- letter of guarantee (utility deposit) carta de garantíaA letter of guarantee is a written promise that can replace the cash deposit an electric company asks for when you cannot…
- lien gravamenA lien is a legal right a creditor holds in your property to make sure you repay a debt.
- lien waiver renuncia de gravamenA lien waiver is a document in which a contractor, subcontractor or materials supplier states that it has been paid and…
- Lifeline (phone and internet discount) Lifeline (descuento en teléfono o internet)Lifeline is a federal program that lowers the monthly cost of your phone service, internet service or both together.
- LIHEAP (Low Income Home Energy Assistance Program) LIHEAP (ayuda para pagar la energía)LIHEAP (the Low Income Home Energy Assistance Program) is a federally funded program that helps with home energy costs, such…
- limited cash-out refinance refinanciamiento con retiro limitado de efectivo (limited cash-out)A limited cash-out refinance is Fannie Mae's name for a new loan on the same home that pays off your current first mortgage.
- Loan Estimate Estimación de PréstamoThe Loan Estimate is a three-page form you receive from the lender within days of applying for a mortgage.
- loan modification modificación del préstamoA loan modification is a change in the terms of your mortgage that you agree on with your loan servicer when you have…
- loan originator originador de préstamosA loan originator is the person or company that, for pay, takes your mortgage application, offers or negotiates the loan…
- loan servicer administrador del préstamoThe loan servicer is the company that sends you your mortgage statements and handles the day-to-day tasks of the loan: it…
- loan term plazo del préstamoThe loan term is how long you have to repay the whole loan.
- loan-level price adjustment (LLPA) ajuste de precio a nivel de préstamo (LLPA)A loan-level price adjustment (LLPA) is an upfront fee Fannie Mae charges the lender on the loans it buys, based on each…
- loan-to-value ratio (LTV) relación préstamo-valor (LTV)The loan-to-value ratio (LTV) compares the amount of your mortgage with the appraised value of the property.
- lodger huéspedA lodger is a person who lives in a room in a house where the owner also lives.
- Low Income Taxpayer Clinic (LITC) clínica para contribuyentes de bajos ingresos (LITC)A Low Income Taxpayer Clinic (LITC) is an organization that helps low-income people who have a dispute with the IRS, such as…
- manual underwriting suscripción manualManual underwriting is when the lender evaluates your mortgage application by reviewing your credit, income, savings and…
- manufactured home casa prefabricadaA manufactured home is a home built in a factory and moved in one or more sections, on its own chassis, to the site.
- median (typical value) mediana (valor típico)The median is the value in the middle when you sort all the data from smallest to largest: half of the cases fall below it…
- medical certificate (utility shutoff) certificado médico (para evitar un corte de servicio)A medical certificate, for services like electricity or gas, is a statement from a doctor or other health professional…
- minority depository institution (MDI) banco de minorías (MDI)A minority depository institution (MDI) is a federally insured bank or other depository institution where minority…
- mixed credit file expediente mezclado (mixed file)A mixed file is a credit report that combines two different people's information in a single file.
- month-to-month tenancy arrendamiento de mes a mes (month-to-month)A month-to-month tenancy is a rental arrangement with no end date: it continues month after month as long as you pay the…
- mortgage hipotecaA mortgage is an agreement between you and a lender (a bank, a credit union or a mortgage company) that gives the lender the…
- mortgage assistance relief services servicios de alivio hipotecarioMortgage assistance relief services are services a company offers you, for a fee, to stop or delay a foreclosure, or to get…
- mortgage commitment letter carta de compromiso del préstamoA mortgage commitment letter is a letter from your lender saying it is willing to give you the mortgage and on what terms…
- mortgage credit certificate (MCC) certificado de crédito hipotecario (MCC)A mortgage credit certificate (MCC) is a document issued by a state or local housing agency that entitles you to a credit on…
- mortgage insurance seguro hipotecarioMortgage insurance protects the lender, not you, if you fall behind on your loan payments.
- move-in inspection inspección de entradaA move-in inspection is the walk-through of the home done before you move in to record in writing the condition of the unit…
- multiple listing service MLS (servicio de listado múltiple)A multiple listing service (MLS) is a database that cooperating real estate brokers create and use to share information…
- national origin origen nacionalNational origin is one of the characteristics the Fair Housing Act protects.
- net income ingreso netoNet income is the money you actually receive in your paycheck or deposit after taxes and other deductions are taken out; it…
- NMLS ID número NMLSThe NMLS (Nationwide Multistate Licensing System) is the official system state regulators use to license and register…
- non-QM loan préstamo non-QMA non-QM loan is a mortgage that does not meet the requirements of a Qualified Mortgage (QM).
- nontraditional credit crédito alternativoNontraditional credit, sometimes called alternative credit, is a way to show you pay on time when you have no credit score…
- nontraditional mortgage credit report (NTMCR) reporte de crédito hipotecario no tradicional (NTMCR)A nontraditional mortgage credit report (NTMCR) is, according to HUD, a type of credit report designed to show the history…
- notary public notario públicoIn the United States, a notary public is a person authorized by law to administer oaths and witness signatures on legal…
- origination charges cargo por originaciónThe origination fee is what the lender charges you for making the mortgage loan.
- overdraft sobregiroAn overdraft happens when you do not have enough money in your account to cover a payment, but the bank or credit union pays…
- PACE loan préstamo PACEA PACE loan is financing for home repairs or improvements, such as energy-efficiency upgrades, that you repay through your…
- parole (immigration) parole (permiso de permanencia temporal)In immigration, parole is permission to enter or stay in the United States temporarily.
- pay stub talón de pagoA pay stub is the statement that comes with your pay and shows how much you earned before deductions (gross pay), what was…
- payday alternative loan (PAL) préstamo alternativo al de día de pago (PAL)A payday alternative loan (PAL) is a small loan that federal credit unions can offer their members instead of a payday loan…
- payday loan préstamo de día de pagoA payday loan is, according to the CFPB, a small, short-term, high-cost loan that is usually due on your next payday.
- Permanent Resident Card (green card) tarjeta de residente permanente (green card)The Permanent Resident Card (Form I-551, known as a green card) is the document that shows a person is a lawful permanent…
- personal liability coverage seguro de responsabilidad civil (liability)Personal liability coverage is the part of your homeowners insurance that pays when you are legally responsible for someone…
- power of attorney (POA) poder notarialA power of attorney (POA) is a legal document that lets someone else act on your behalf.
- preapproval letter carta de preaprobaciónA preapproval or prequalification letter is a document from a lender saying it is generally willing to lend you up to a…
- prepaids prepagadosPrepaids are amounts you pay in advance at closing, before your first monthly payment.
- prepayment penalty penalidad por pago anticipadoA prepayment penalty is a fee some lenders charge if you pay off all or part of your mortgage early.
- prequalification precalificaciónPrequalification is an early review in which a lender tells you how much it might be willing to lend you to buy a home…
- principal principal (capital)The principal is the amount of money you borrowed and have to pay back, not counting the interest.
- principal residence residencia principalYour principal residence is the home where you live permanently and spend most of the year.
- private mortgage insurance (PMI) seguro hipotecario privado (PMI)Private mortgage insurance (PMI) is a type of mortgage insurance you might be required to buy on a conventional loan when…
- private savings club club de ahorro privadoA private savings club is, under FHA rules, a nontraditional way of saving in which members deposit money into a pool they…
- probate proceso de sucesiónProbate is the legal process for transferring or inheriting a person's property after they die.
- promissory note pagaréThe promissory note (or simply the note) is the document you sign at closing to promise you will repay the loan to the…
- proof of loss prueba de pérdidaA proof of loss is your signed, sworn statement of how much money you are claiming from your insurance for a loss.
- property report (Interstate Land Sales Act) informe de la propiedadA property report is a printed document that the Interstate Land Sales Full Disclosure Act (ILSA) requires from a developer…
- property survey levantamiento del terreno (survey)A property survey is a drawing of your property that shows where the lot, the house and any other structures are, along with…
- property tax impuesto a la propiedadProperty tax is the tax the county, city, school district and other local bodies charge real property owners every year to…
- property tax appeal apelación del avalúo fiscalA property tax appeal is the formal process to ask that the value the local government gave your property be changed, if you…
- prorated assistance asistencia prorrateadaProrated assistance is the reduced housing assistance mixed families receive in HUD programs such as Section 8 and public…
- proration prorrateoProration is the split, as of the closing date, of home expenses that cover a period of time, such as property taxes…
- public adjuster ajustador públicoA public adjuster is a licensed person you can hire to represent you in your claim with your insurance company.
- public charge carga públicaPublic charge is a term in immigration law.
- public housing vivienda públicaPublic housing is a program of rental homes for low-income families, older adults and people with disabilities.
- public housing agency (PHA) autoridad de vivienda pública (PHA)A public housing agency (PHA) is a state, county, municipal or other governmental entity or public body authorized to…
- Puerto Rico notary (notario) notario en Puerto RicoIn Puerto Rico, a notary (notario) is a lawyer authorized by the Supreme Court who performs a public function: the notary…
- purchase agreement contrato de compraventaA purchase agreement is the written contract between you and the seller that is final once the seller accepts your offer and…
- purchase offer oferta de compraA purchase offer is the formal proposal you make to a seller to buy their home.
- qualified alien extranjero calificado"Qualified alien" is a term in a federal law, 8 U.S.C. 1641, used to decide who may apply for or receive certain federal…
- qualified mortgage (QM) hipoteca calificada (QM)A qualified mortgage (QM) is, according to the CFPB, a loan with less risky features and protections that make it more…
- radon radónRadon is a natural radioactive gas that comes from the breakdown of uranium in soil, rock and water.
- rate lock bloqueo de tasaA rate lock (or lock-in) means your interest rate will not change between the offer and closing, as long as you close within…
- real estate agent agente de bienes raícesA real estate agent (often called a realtor) is the professional who helps you buy or sell a home.
- REAL ID REAL ID (licencia o identificación federal)A REAL ID is a driver's license or state ID card that meets the security standards of the federal REAL ID Act.
- reconsideration of value (ROV) reconsideración del valor (ROV)A reconsideration of value (ROV) is a request for the appraiser to take another look at a home's appraisal when there is…
- recording fees cargos de registroRecording fees are what state and local government agencies charge to officially record your deed, your mortgage and other…
- refinance refinanciamientoTo refinance is to take out a new mortgage loan to pay off and replace the one you have.
- remittance transfer remesaA remittance transfer is an electronic money transfer you send from the United States to a person or company in another…
- renovation mortgage préstamo de renovaciónA renovation mortgage is a home loan that combines, in one loan with one closing, the money to buy or refinance a home and…
- rent burden carga de rentaRent burden measures how much of a household's income goes to gross rent.
- rent credit crédito de rentaA rent credit is the part of the rent you paid under a rent-to-own agreement that counts toward your down payment when you…
- rent-to-own agreement renta con opción a compra (rent-to-own)A rent-to-own (or lease-to-own) agreement lets you rent a home with the option to buy it later.
- renters insurance seguro de inquilinoRenters insurance, also called tenants insurance, protects your belongings and protects you when you rent.
- replacement cost costo de reposiciónReplacement cost is a way a home insurance policy pays for damage: it gives you the money to repair or rebuild your home, or…
- reserves reservasReserves are the cash and other easy-to-cash assets you still have available after the mortgage closes.
- residential property tax exoneration (Puerto Rico) exoneración residencial (CRIM)In Puerto Rico, the residential exoneration (exoneración residencial) is the Municipal Code benefit that exempts you from…
- residual income ingreso residualResidual income is the money you have left each month for your family's living expenses after paying your housing costs and…
- reverse mortgage hipoteca inversaA reverse mortgage is a loan secured by your home for older homeowners.
- right of rescission derecho de rescisiónThe right of rescission lets you cancel certain loans that use your home as collateral, such as a refinance or a home equity…
- Schedule C (Form 1040) Anexo C (Formulario 1040)Schedule C is the form attached to Form 1040 to report the profit or loss from a business you operated or a profession you…
- second chance account cuenta de segunda oportunidadA second chance account is a bank account with fewer services and lower fees, meant for people who cannot open a regular…
- second mortgage segunda hipotecaA second mortgage (or junior lien) is a loan you take out using your home as collateral while you still have another loan…
- secured credit card tarjeta de crédito aseguradaA secured credit card is a card that helps you start or rebuild your credit history.
- security deposit depósito de seguridadA security deposit is money you pay the landlord when you start renting as security that you will follow the lease: pay the…
- security freeze congelamiento de créditoA security freeze, also called a credit freeze, keeps new creditors from seeing your credit file, which helps stop an…
- self-employed trabajador por cuenta propiaFor the IRS, you are self-employed if you run a business as a sole proprietor or work as an independent contractor, if you…
- settlement agent agente de cierreThe settlement agent (also called a closing agent) is the person or company that coordinates the closing so that everything…
- short sale venta cortaA short sale is selling your home for less than what you still owe on the mortgage, with your lender's or servicer's…
- small claims court corte de reclamos menores (small claims)Small claims court is a state court for money cases that stay under a limit each state sets.
- Social Security number (SSN) número de Seguro Social (SSN)A Social Security number (SSN) is the nine-digit number on a Social Security card.
- soft inquiry consulta suaveA soft inquiry is a review of your credit file that does not affect your score.
- special assessment cuota especialA special assessment is a charge, separate from regular dues, that a homeowners association, a city, a county or a special…
- Special Enrollment Period (SEP) periodo especial de inscripción (SEP)A Special Enrollment Period (SEP) is a time outside the yearly Open Enrollment when you can sign up for health insurance or…
- special flood hazard area (SFHA) zona especial de riesgo de inundación (SFHA)A special flood hazard area (SFHA) is an area FEMA identifies on its maps as being at high risk of flooding.
- specialty consumer reporting agency agencia de informes especializadaA specialty consumer reporting agency is a company that gathers and shares information about one part of your history rather…
- state housing finance agency (HFA) agencia estatal de financiamiento de vivienda (HFA)A state housing finance agency (HFA) is a public body created by an act of a state legislature, or by a local government…
- sublet subarrendarTo sublet, or sublease, is to rent all or part of the home you rent to another person, for a shorter time than your own…
- successor in interest sucesor en interésA successor in interest is, under Regulation X, a person who receives ownership of a mortgaged home from the borrower in…
- summons citación judicialA summons is a court document that tells you that you are being sued or must appear before the judge.
- tax return declaración de impuestosA tax return is the yearly form you use to report your income to the IRS and figure the tax you owe, so you can pay what is…
- temporary buydown reducción temporal de tasa (buydown)A temporary buydown makes your monthly payment lower for a limited time at the start of the loan, in exchange for an upfront…
- tenancy in common tenencia en comúnTenancy in common is a way for several people to own property, each with their own share, which can be of different sizes.
- tenant screening report reporte de selección de inquilinosA tenant screening report is a report many landlords use to decide whether to rent to you and how much to charge for the…
- time-barred debt deuda prescritaA time-barred debt is a debt whose statute of limitations has run out; that is the period the law allows for suing you over…
- title título de propiedadTitle is your legal right to own and possess a property.
- title company compañía de títuloA title company is a company, or its authorized agent, that is qualified to issue title insurance.
- title insurance seguro de títuloTitle is the legal right of ownership of the home, and title insurance protects you if, after closing, someone claims a…
- title search búsqueda de títuloA title search is a review of public records to find defects or encumbrances in a property's chain of title, such as someone…
- total interest percentage (TIP) porcentaje total de intereses (TIP)The total interest percentage (TIP) is a figure on the Loan Estimate and the Closing Disclosure that tells you how much…
- townhouse casa adosadaA townhouse is a home joined to the homes next to it by walls.
- TPS (Temporary Protected Status) TPS (Estatus de Protección Temporal)Temporary Protected Status (TPS) is a status created by a federal law, 8 U.S.C. 1254a.
- transfer on death deed (TOD deed) escritura de transferencia al morir (TOD deed)A transfer on death (TOD) deed is a deed in which an owner names one or more people to receive the home when the owner dies.
- transfer tax impuesto de transferenciaA transfer tax is a state or local government charge on a home sale or a mortgage that is based on the sale price or the…
- unauthorized transaction transacción no autorizadaAn unauthorized transaction is a charge or withdrawal from your account that you did not make or allow.
- unemployment insurance seguro de desempleoUnemployment insurance pays you money for a while if you lose your job through no fault of your own and meet your state's…
- USDA conditional commitment compromiso condicional USDA (conditional commitment)The conditional commitment is the notice in which USDA Rural Development tells the lender it will guarantee a loan under its…
- USDA guarantee fee cargo de garantía USDA (guarantee fee)The USDA guarantee fee is what the U.S. Department of Agriculture (USDA) charges to guarantee a home loan under its…
- USDA loan préstamo USDAA USDA loan is a mortgage from the Rural Housing Service, part of the U.S. Department of Agriculture (USDA).
- VA Certificate of Eligibility (COE) Certificado de Elegibilidad (COE) del VAThe Certificate of Eligibility (COE) is the VA document that confirms to your lender that you can use the VA home loan…
- VA funding fee comisión de financiamiento VAThe VA funding fee is a one-time payment the Veteran, service member or surviving spouse makes on a VA loan.
- VA interest rate reduction refinance loan (IRRRL) refinanciamiento VA para reducir la tasa (IRRRL)The IRRRL (interest rate reduction refinance loan) is a VA refinance, often called a “streamline,” for people who already…
- VA loan préstamo VAA VA loan is a mortgage program offered by the U.S. Department of Veterans Affairs (VA) to help servicemembers, veterans and…
- VantageScore VantageScoreVantageScore is a credit scoring model separate from FICO.
- verification of employment (VOE) verificación de empleo (VOE)Verification of employment (VOE) is when the lender confirms that you work where your mortgage application says and that you…
- VITA (free tax preparation) VITA (preparación gratuita de impuestos)VITA (Volunteer Income Tax Assistance) and TCE (Tax Counseling for the Elderly) are IRS programs that offer free basic tax…
- wage garnishment embargo de salarioA wage garnishment is an order that lets a creditor take part of your pay to collect a debt; it can also reach certain…
- waiting list (public housing and Section 8) lista de espera (vivienda pública y Sección 8)The waiting list is where a public housing agency (PHA) places families who qualify for public housing or a Section 8…
- warranty of habitability garantía de habitabilidadThe warranty of habitability is a tenant's right to a livable, safe and sanitary home.
- weatherization climatizaciónWeatherization means improvements that make your home more energy efficient, such as sealing doors and windows or making the…
- wire fraud at closing fraude de transferencia electrónica en el cierreThis is a scam aimed at people about to close on a home.
- writ of reentry orden de reingresoIn Texas, a writ of reentry is an order from a justice of the peace that lets a tenant immediately return to the home after…
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