Homeownership glossary

Plain-language definitions of terms you will encounter when buying, owning, insuring, or selling a home.

• Affordability Index
• Amortization
• Appraisal
• Assessed Value
• Census ACS
• Closing Costs
• Contingency
• Cost of Living
• Deed
• Down Payment
• Dwelling Coverage
• Earnest Money
• Equity
• Escrow
• Fair Market Rent
• FEMA
• FHFA
• Flood Zone
• HOA (Homeowners Association)
• Home Inspection
• Home Warranty
• Homeownership Rate
• Homestead Exemption
• Mortgage
• PMI (Private Mortgage Insurance)
• Pre-Approval
• Property Tax
• Replacement Cost
• Title Insurance
• Underwriting