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Appraisal In real estate, an estimate of the quality or value of property; the process by which conclusions of the value of property are obtained; also refers to the report setting forth the estimate of value together with the basis for such conclusions.
Debt ratio or Debt-to-Income Ratio The ratio, expressed as a percentage, is calculated by dividing the monthly payment of long-term debts by gross monthly income.
Fixed-Rated Mortgage A mortgage on which the interest rate is set for the term of the loan.
Revolving Loan A loan with a maximum credit limit that provides the borrower with the ability to disburse funds up to the maximum credit line as needed. The line of credit can be accessed repeatedly as the balance is paid down. A revolving loan functions similar to a credit card and may be accessed by writing a check or a using a debit card.
