First Time Home Buyer Program
Mortgage loans with special qualifying terms for those who have never owned real estate, or who have not owned real estate in the previous 3 years. Although the programs and terms vary by state, they often offer down payment and closing cost assistance.

Impound/Escrow Account
That portion of a borrower's monthly payments held by the lender or servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due.

Index
A published interest rate against which lenders measure the difference between the current interest rate on an adjustable rate mortgage and that earned by other investments (such as varying US Treasury Security yields and varying London Interbank Offered Rate [LIBOR] yields) which is then used to adjust the interest rate on an adjustable rate mortgage (ARM) up or down.

Loan Level Price Adjustments (LLPAs)
Loan-Level Price Adjustments are automatic, cumulative fees based on credit scores, occupancy, property type, down-payment and various other factors. They have nothing to do with the mortgage company or its various products and cannot be negotiated away.

Margin
The amount a lender adds to the index on an adjustable rate mortgage to establish the adjusted interest rate.