GLOSSARY OF MORTGAGE TERMSwarez games k700

A summary of the public records relating to the title to a particular piece of land. An attorney or title insurance company reviews an abstract of title to determine whether there are any title defects which must be cleared before a buyer can purchase clear, marketable, and insurable title.warez games k700

Acceleration Clausewarez games k700

Condition in a mortgage that may require the balance of the loan to become due immediately, if regular mortgage payments are not made or for breach of other conditions of the mortgage.warez games k700

Acceptancewarez games k700

An offeree’s consent to enter into a contract and be bound by the terms of the offer.warez games k700

Additional principal paymentwarez games k700

A payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.warez games k700

Adjustable Mortgage Loanwarez games k700

Any mortgage that does not have a fixed interest rate and a fixed payment for the term of the loan, or does not amortize to zero at the end of the set term, when required payments are made on time.warez games k700

Adjustable Rate Mortgagewarez games k700

A mortgage in which the interest rate is adjusted periodically according to the movement in a pre-selected index.warez games k700

Adjusted basiswarez games k700

The original cost of a property plus the value of any capital expenditures for improvements to the property minus any depreciation takenwarez games k700

Adjustment datewarez games k700

The date on which the interest rate changes for an adjustable-rate mortgage (ARM).warez games k700

Adjustment Intervalwarez games k700

For an adjustable rate mortgage, the time between changes in the interest rate charged. The most common adjustment intervals are one, three or five years.warez games k700

Adjustment periodwarez games k700

The period that elapses between the adjustment dates for an adjustable-rate mortgage (ARM).warez games k700

Administratorwarez games k700

A person appointed by a probate court to administer the estate of a person who died intestate.warez games k700

Agreement of Salewarez games k700

Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties.warez games k700

Amenitywarez games k700

A feature of real property that enhances its attractiveness and increases the occupant’s or user’s satisfaction although the feature is not essential to the property’s use. Natural amenities include a pleasant or desirable location near water, scenic views of the surrounding area, etc. Human-made amenities include swimming pools, tennis courts, community buildings, and other recreational facilities.warez games k700

Amortizationwarez games k700

A payment plan, which enables the borrower to reduce his debt gradually through monthly payments of principal.warez games k700

Amortization schedulewarez games k700

A timetable for payment of a mortgage loan. An amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made.warez games k700

Amortization termwarez games k700

The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months.warez games k700

Amortizewarez games k700

Reduce a debt by regular payments of both principal and interest.warez games k700

Amortization Schedule warez games k700

A timetable for payment of a mortgage showing the amount of each payment applied to interest and principal and the remaining balance.warez games k700

Annual Percentage Rate (APR) warez games k700

The total yearly cost of a mortgage stated as a percentage of the loan amount: includes the base interest rate, primary mortgage insurance, and loan origination fee (points)warez games k700

Annuitywarez games k700

An amount paid yearly or at other regular intervals, often on a guaranteed dollar basis.warez games k700

Applicationwarez games k700

A form used to apply for a mortgage loan and to record pertinent information concerning a prospective mortgagor and the proposed security.warez games k700

Application Feewarez games k700

The fee charged by the lender to the borrower for applying for a loan.warez games k700

Appraised valuewarez games k700

An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.warez games k700

Appraiserwarez games k700

A person qualified by education, training, and experience to estimate the value of real property and personal property.warez games k700

Appraisal warez games k700

A professional opinion of the market value of a property.warez games k700

Appreciation warez games k700

An increase in the value of a house due to changes in market conditions or other causes.warez games k700

Assessed Value warez games k700

The valuation placed upon property by a public tax assessor for purposes of taxation.warez games k700

Assessmentwarez games k700

The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a sewer assessment.warez games k700

Assessorwarez games k700

A public official who establishes the value of a property for taxation purposes.warez games k700

Assetwarez games k700

Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on).warez games k700

Assignmentwarez games k700

The transfer of a mortgage from one person to another.warez games k700

Assumable Loanwarez games k700

These loans may be passed on from a seller of a home to the buyer. The buyer "assumes" all outstanding payments.warez games k700

Assumption clausewarez games k700

A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.warez games k700

Assumption feewarez games k700

The fee paid to a lender (usually by the purchaser of real property) resulting from the assumption of an existing mortgage.warez games k700

Assumption of Mortgagewarez games k700

An obligation undertaken by the purchaser of property to be personally liable for payment of an existing mortgage. In an assumption, the purchaser is substituted for the original mortgagor in the mortgage instrument and the original mortgagor is to be released from further liability in the assumption, the mortgagee's consent is usually required.warez games k700

Attorney-in-factwarez games k700

One who holds a power of attorney from another to execute documents on behalf of the grantor of the power. The original mortgagor should always obtain a written release from further liability if he desires to be fully released under the assumption. Failure to obtain such a release renders the original mortgagor liable if the person assuming the mortgage fails to make the monthly payments. An "Assumption of Mortgage" is often confused with "purchasing subject to a mortgage." When one purchases subject to a mortgage, the purchaser agrees to make the monthly mortgage payments on an existing mortgage, but the original mortgagor remains personally liable if the purchaser fails to make the monthly payments. Since the original mortgagor remains liable in the event of default, the mortgagee's consent is not required to a sale subject to a mortgage. Both "Assumption of Mortgage" and "Purchasing Subject to a Mortgage" are used to finance the sale of property. They may also be used when a mortgagor is in financial difficulty and desires to sell the property to avoid foreclosure.warez games k700

A financial statement that shows assets, liabilities, and net worth as of a specific date.warez games k700

Bankruptwarez games k700

A person, firm, or corporation that, through a court proceeding, is relieved from the payment of all debts after the surrender of all assets to a court-appointed trustee.warez games k700

Bankruptcywarez games k700

A proceeding in a federal court in which a debtor who owes more than his or her assets can relieve the debts by transferring his or her assets to a trustee.warez games k700

Before-tax incomewarez games k700

Income before taxes are deducted.warez games k700

Beneficiarywarez games k700

The person designated to receive the income from a trust, estate, or a deed of trust.warez games k700

Bill of salewarez games k700

A written document that transfers title to personal property.warez games k700

Binder or "Offer to Purchase"warez games k700

A preliminary agreement, secured by the payment of earnest money, between a buyer and seller as an offer to purchase real estate. A binder secures the right to purchase real estate upon agreed terms for a limited period of time. If the buyer changes his mind or is unable to purchase, the earnest money is forfeited unless the binder expressly provides that it is to be refunded. Broker (See Real Estate Broker)warez games k700

Blanket insurance policywarez games k700

A single policy that covers more than one piece of property (or more than one person).warez games k700

Bondwarez games k700

An interest-bearing certificate of debt with a maturity date. An obligation of a government or business corporation. A real estate bond is a written obligation usually secured by a mortgage or a deed of trust.warez games k700

Borrower warez games k700

One who receives funds with the expressed or implied intention of repaying the loan in full.warez games k700

Bridge loanwarez games k700

A form of second trust that is collateralized by the borrower's present home (which is usually for sale) in a manner that allows the proceeds to be used for closing on a new house before the present home is sold.warez games k700

Broker                warez games k700

An individual in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money himself. Brokers usually charge a fee or receive a commission for their services.warez games k700

Building codewarez games k700

Local regulations that control design, construction, and materials used in construction. Building codes are based on safety and health standards.warez games k700

Building Line or Setbackwarez games k700

Distances from the ends and/or sides of the lot beyond which construction may not extend. The building line may be established by a filed plat of subdivision, by restrictive covenants in deeds or leases, by building codes, or by zoning ordinances.warez games k700

Buy down warez games k700

Money advanced by an individual (seller, builder, etc.) to reduce monthly payments for a home mortgage either during the entire term or for an initial period of years.warez games k700

A provision in the mortgage that gives the mortgagee the right to call the mortgage due and payable at the end of a specified period for whatever reason.warez games k700

Capital expenditurewarez games k700

The cost of an improvement made to extend the useful life of a property or to add to its value.warez games k700

Capital improvementwarez games k700

Any structure or component erected as a permanent improvement to real property that adds to its value and useful life.warez games k700

Capwarez games k700

A provision of an ARM limiting how much the interest rate or mortgage payments may increase.warez games k700

Cash Outwarez games k700

A loan transaction in which the borrower receives funds at the time of closing.warez games k700

Cash-out refinancewarez games k700

A refinance transaction in which the amount of money received from the new loan exceeds the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.warez games k700

Certificate of depositwarez games k700

A document written by a bank or other financial institution that is evidence of a deposit, with the issuer’s promise to return the deposit plus earnings at a specified interest rate within a specified time period. Certificate of Eligibility A document issued by the federal government certifying a veteran’s eligibility for a Department of Veterans Affairs (VA) mortgage. Certificate of Reasonable Value (CRV) A document issued by the Department of Veterans Affairs (VA) that establishes the maximum value and loan amount for a VA mortgage.warez games k700

Certificate of Titlewarez games k700

A certificate issued by a title company or a written opinion rendered by an attorney that the seller has good marketable and insurable title to the property, which he is offering for sale. A certificate of title offers no protection against any hidden defects in the title, which an examination of the records could not reveal. The issuer of a certificate of title is liable only for damages due to negligence. The protection offered a homeowner under a certificate of title is not as great as that offered in a title insurance policy.warez games k700

Chain of titlewarez games k700

The history of all of the documents that transfer title to a parcel of real property, starting with the earliest existing document and ending with the most recent.warez games k700

Change frequencywarez games k700

The frequency (in months) of payment and/or interest rate changes in an adjustable-rate mortgage (ARM).warez games k700

Chattelwarez games k700

Another name for personal property.warez games k700

Claimwarez games k700

An amount requested of an insurer, by a policyholder or a claimant, for an insured loss.warez games k700

Clear titlewarez games k700

A title that is free of liens or legal questions as to ownership of the propertywarez games k700

Closingwarez games k700

The occasion where a sale is finalized; the buyer signs the mortgage, and closing costs are paid. Also called "settlement."warez games k700

Closing Costswarez games k700

Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property. Also called "settlement costs."warez games k700

Closing cost itemwarez games k700

A fee or amount that a homebuyer must pay at closing for a single service, tax, or product.warez games k700

Closing Day                          warez games k700

The day on which the formalities of a real estate sale are concluded. The certificate of title, abstract, and deed are generally prepared for the closing by an attorney and this cost charged to the buyer. The buyer signs the mortgage, and closing costs are paid. The final closing merely confirms the original agreement reached in the agreement of sale.warez games k700

Cloud (On Title)warez games k700

An outstanding claim or encumbrance, which adversely affects the marketability of title.warez games k700

Co-Borrowerwarez games k700

An additional borrower on a loan. A co-borrower's obligation on a loan are the same as all other borrowers.warez games k700

Coinsurancewarez games k700

A sharing of insurance risk between the insurer and the insured. Coinsurance depends on the relationship between the amount of the policy and a specified percentage of the actual value of the property insured at the time of the loss.warez games k700

Coinsurance clausewarez games k700

A provision in a hazard insurance policy that states the amount of coverage that must be maintained -- as a percentage of the total value of the property -- for the insured to collect the full amount of a loss.warez games k700

Collateralwarez games k700

An asset (such as a car or a home) that guarantees the repayment of a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan contract.warez games k700

Collectionwarez games k700

The efforts used to bring a delinquent mortgage current and to file the necessary notices to proceed with foreclosure when necessary.warez games k700

Co-makerwarez games k700

A person who signs a promissory note along with the borrower. A co-maker's signature guarantees that the loan will be repaid, because the borrower and the co-maker are equally responsible for the repayment.warez games k700

Commissionwarez games k700

Money paid to a real estate agent or broker by the seller as compensation for finding a buyer and completing the sale.warez games k700

Commitment Letterwarez games k700

A formal offer by a lender stating the terms under which it agrees to loan money to a homebuyer.warez games k700

Common area assessmentswarez games k700

Levies against individual unit owners in a condominium or planned unit development (PUD) project for additional capital to defray homeowners' association costs and expenses and to repair, replace, maintain, improve, or operate the common areas of the project.warez games k700

Common areaswarez games k700

Those portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.warez games k700

Common lawwarez games k700

An unwritten body of law based on general custom in England and used to an extent in the United States.warez games k700

Community propertywarez games k700

In some western and southwestern states, a form of ownership under which property acquired during a marriage is presumed to be owned jointly unless acquired as separate property of either spouse.warez games k700

Comparableswarez games k700

A abbreviation for comparable properties used for comparative purposes in the appraisal process; facilities of reasonably the same size and location with similar amenities; properties which have been recently sold, which have characteristics similar to property under consideration, thereby indicating the approximate fair market value of the subject property.warez games k700

Compound interestwarez games k700

Interest paid on the original principal balance and on the accrued and unpaid interest.warez games k700

Condemnationwarez games k700

The taking of private property for public use by a government unit, against the will of the owner, but with payment of just compensation under the government's power of eminent domain. Condemnation may also be a determination by a governmental agency that a particular building is unsafe or unfit for use.warez games k700

Condominiumwarez games k700

Individual ownership of a dwelling unit and an individual interest in the common areas and facilities, which serve the multi-unit project.warez games k700

Condominium conversionwarez games k700

Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership.warez games k700

Condominium hotelwarez games k700

A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned.warez games k700

Construction Loanwarez games k700

A short-term loan for funding the cost of construction. The lender advances funds to the builder as the work progresses.warez games k700

Consumer reporting agency (or bureau)warez games k700

An organization that prepares reports that are used by lenders to determine a potential borrower's credit history. The agency obtains data for these reports from a credit repository as well as from other sources.warez games k700

Contingencywarez games k700

A condition that must be met before a contract is legally binding.warez games k700

Contractwarez games k700

An oral or written agreement to do or not to do a certain thing.warez games k700

Contractorwarez games k700

In the construction industry, a contractor is one who contracts to erect buildings or portions of them. There are also contractors for each phase of construction: heating, electrical, plumbing, air conditioning, road building, bridge and dam erection, and others.warez games k700

Conventional Mortgagewarez games k700

Any mortgage that is not insured or guaranteed by the federal government.warez games k700

Convertibility clausewarez games k700

A provision in some adjustable-rate mortgages (ARMs) that allows the borrower to change the ARM to a fixed-rate mortgage at specified time.warez games k700

Convertible Armwarez games k700

An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.warez games k700

Coveragewarez games k700

The amount of protection, usually expressed in a percentage of the total claim amount, an insured receives under a certificate.warez games k700

Cooperative (co-op)warez games k700

A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit.warez games k700

Cooperative Corporationwarez games k700

A business trust entity that holds title to a cooperative project and grants occupancy rights to particular apartments or units to shareholders through proprietary leases or similar arrangements.warez games k700

Cooperative Housingwarez games k700

An apartment building or a group of dwellings owned by a corporation, the stockholders of which are the residents of the dwellings. It is operated for their benefit by their elected board of directors. In a cooperative, the corporation or association owns title to the real estate. A resident purchases stock in the corporation, which entitles him to occupy a unit in the building or property owned by the cooperative. While the resident does not own his unit, he has an absolute right to occupy his unit for as long as he owns the stock.warez games k700

Cooperative mortgageswarez games k700

Mortgages related to a cooperative project.warez games k700

Cooperative projectwarez games k700

A residential or mixed-use building wherein a corporation or trust holds title to the property and sells shares of stock representing the value of a single apartment unit to individuals who, in turn, receive a proprietary lease as evidence of title.warez games k700

Corporate relocationwarez games k700

Arrangements under which an employer moves an employee to another area as part of the employer's normal course of business or under which it transfers a substantial part or all of its operations and employees to another area because it is relocating its headquarters or expanding its office capacity.warez games k700

Cost of funds index (COFI)warez games k700

An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It represents the weighted-average cost of savings, borrowings, and advances of the 11th District members of the Federal Home Loan Bank of San Francisco.warez games k700

Covenantwarez games k700

A clause in a mortgage that obligates or restricts the borrower and that, if violated, can result in foreclosure.warez games k700

Commitmentwarez games k700

A written letter of agreement detailing the terms and conditions by which the lender will lend and the borrower will borrow funds to finance a home.warez games k700

Credit historywarez games k700

A record of an individual's open and fully repaid debts. A credit history helps a lender to determine whether a potential borrower has a history of repaying debts in a timely manner.warez games k700

Credit life insurancewarez games k700

A type of insurance often bought by mortgagors because it will pay off the mortgage debt if the mortgagor dies while the policy is in force.warez games k700

Creditorwarez games k700

A person to whom money is owed.warez games k700

Credit Reportwarez games k700

A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.warez games k700

Credit repositorywarez games k700

An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.warez games k700

Curewarez games k700

A loan that is removed from a delinquency status with no loss to the insurer.warez games k700

The deposit money given to the seller or his agent by the potential buyer upon the signing of the agreement of sale to show that he is serious about buying the house. If the sale goes through, the earnest money is applied against the down payment. If the sale does not go through, the earnest money will be forfeited or lost unless the binder or offer to purchase expressly provides that it is refundable.warez games k700

Easement Rightswarez games k700

A right-of-way granted to a person or company authorizing access to or over the owner's land. An electric company obtaining a right-of-way across private property is a common example.warez games k700

Effective agewarez games k700

An appraiser’s estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age. Effective gross incomewarez games k700

Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.warez games k700

Eminent domainwarez games k700

The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings.warez games k700

Employer-assisted housingwarez games k700

A special Fannie Mae housing initiative that offers several different ways for employers to work with local lenders to develop plans to assist their employees in purchasing homes.warez games k700

Encroachmentwarez games k700

An obstruction, building, or part of a building that intrudes beyond a legal boundary onto neighboring private or public land, or a building extending beyond the building line.warez games k700

Encumbrancewarez games k700

A legal right or interest in land that affects a good or clear title, and diminishes the land's value. It can take numerous forms, such as zoning ordinances, easement rights, claims, mortgages, liens, charges, a pending legal action, unpaid taxes, or restrictive covenants. An encumbrance does not legally prevent transfer of the property to another. A title search is all that is usually done to reveal the existence of such encumbrances, and it is up to the buyer to determine whether he wants to purchase with the encumbrance, or what can be done to remove it.warez games k700

Endorserwarez games k700

A person who signs ownership interest over to another party. Contrast with co-maker.warez games k700

Equal Credit Opportunity Act (ECOA)warez games k700

A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.warez games k700

Equitywarez games k700

The difference between the market value of a property and the homeowner's outstanding mortgage balance.warez games k700

Equity Loanwarez games k700

A loan based on the borrower's equity in his or her home. Prior to closing; also, an account held by the lender into which a homeowner pays money for taxes and insurance.warez games k700

Escrow accountwarez games k700

A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.warez games k700

Fair-market-value                                                                                                           warez games k700

The highest price that a buyer, willing but not compelled to buy would pay, and the lowest a seller, willing but not compelled to sell, would accept.warez games k700

FDICwarez games k700

(Federal Deposit Insurance Corporation). Provides insurance of accounts for institutions whose deposits were formerly covered by the Federal Savings & Loan Insurance Corporation. (FSLIC).warez games k700

Fee simplewarez games k700

The greatest possible interest a person can have in real estate.warez games k700

Fee simple estatewarez games k700

An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property.warez games k700

FHAwarez games k700

(Federal Housing Administration). A division of the Department of Housing and Urban Development. The FHA's main activity is the insuring of residential mortgage loans made by private lenders. It sets standards for construction and underwriting. FHA neither lends money, nor plans, nor constructs housing.warez games k700

FHA Loanwarez games k700

Government loans are loans that are guaranteed or purchased by government organizations. Two of the most popular Government Loans are the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).warez games k700

FHFBwarez games k700

(Federal Housing Finance Board). It oversees the credit functions of the twelve regional Federal Home Loan Banks.warez games k700

FHLBBwarez games k700

(Federal Home Loan Bank Board). A regulatory and supervisory agency for federally charted savings institutions, which oversees the operations of the FSLIC and FHLMC. This agency was abolished by the Financial Institutions Reform, Recovery and Enforcement Act of 1989. (See FIRREA.)warez games k700

FHLMCwarez games k700

(Federal Home Loan Mortgage Corporation, Freddie Mac). A private corporation authorized by Congress, which became an independent, stockholder-owned government corporation with the passage of FIRREA. FHLMC promotes the flow of funds into the housing markets by purchasing conventional mortgages in the secondary market and selling securities backed by those mortgages in the capital market.warez games k700

Finance Charge                         warez games k700

The total dollar amount your loan will cost you. It includes all interest payments for the life of the loan, any interest paid at closing, your origination fee and any other charges paid to the lender and/or broker. Appraisal, credit report and title search fees are not included in the finance charge calculation.warez games k700

Finder's feewarez games k700

A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower.warez games k700

FIREwarez games k700

(Financial Institutions Reform, Recovery and Enforcement Act of 1989). An act signed into law in August 1989, by President Bush that restructured the thrift regulatory an insurance system.warez games k700

Firm commitmentwarez games k700

A lender’s agreement to make a loan to a specific borrower on a specific property. warez games k700

First Mortgagewarez games k700

The mortgage that has first claim in the event of default.warez games k700

Fixed installmentwarez games k700

The monthly payment due on a mortgage loan.warez games k700

Fixed-Rate Mortgagewarez games k700

(FRM) A mortgage in which the interest rate does not change during the entire term of the loan.warez games k700

FNMAwarez games k700

(Federal National Mortgage Association, Fannie Mae). A government-sponsored corporation, owned solely by private investors, created to provide support to the secondary market for FHA and VA mortgages and conventional mortgages.warez games k700

Fixturewarez games k700

Personal property that becomes real property when attached in a permanent manner to real estate.warez games k700

Flood insurancewarez games k700

Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas.warez games k700

Forfeiture                 warez games k700

The loss of money, property, rights, or privileges due to a breach of legal obligation.warez games k700

Foreclosurewarez games k700

The process by which a mortgage property may be sold when a mortgage is in default.warez games k700

Fully amortized ARMwarez games k700

An adjustable-rate mortgage (ARM) with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term.warez games k700

Full Recastingwarez games k700

Setting the P&I payments to the level that will fully amortize the loan's outstanding balance over the remaining term using the fully indexed accrual rate at the recasting point.warez games k700

Fully Indexed Accrual Ratewarez games k700

The interest (accrual) rate resulting from the index at closing (or at another point in the loan) plus the lender's full spread, rounded as prescribed in the loan documents (often to the nearest 1/8th of 1%).warez games k700

 warez games k700

A deed which conveys not only all the grantor's interests in and title to the property to the grantee, but also warrants that if the title is defective or has a "cloud" on it (such as mortgage claims, tax liens, title claims, judgments, or mechanic's liens against it) the grantee may hold the grantor liable.warez games k700

Good Faith Estimatewarez games k700

An estimate of charges, which a borrower is likely to incur in connection with a loan closing.warez games k700

Graduated Payment Mortgagewarez games k700

(GPM) A mortgage where the payments are scheduled to increase, usually annually, for a set number of years, and then level off. GPM can be used with either a fixed or adjustable interest rate, and usually has a 30-year term.warez games k700

Granteewarez games k700

That party in the deed who is the buyer or recipient.warez games k700

Grantor                                                                               warez games k700

That party in the deed who is the seller or giver.warez games k700

Gross Monthly Incomewarez games k700

The total amount the borrower earns per month, not counting any taxes or expenses. Often used in calculations to determine whether a borrower qualifies for a particular loan.warez games k700

Growing Equity Mortgagewarez games k700

(GEM) A fixed rate, graduated payment mortgage with small initial payments that increase each year so that the loan pays off in a shortened term, usually 15 years.warez games k700

Insurance to protect the homeowner and the lender against physical damage to a property from fire, wind, vandalism, or other hazards.warez games k700

Homeowner's Insurancewarez games k700

An insurance policy that combines liability coverage and hazard insurance.warez games k700

Homeowner's Warrantywarez games k700

A type of insurance that covers repairs to specified parts of a house for a specific period of time.warez games k700

Housing Ratiowarez games k700

The ratio of the monthly housing payment to total gross monthly income. Also called Payment-to-Income Ratio or Front-End Ratio.warez games k700

HUDwarez games k700

(Department of Housing and Urban Development). A cabinet department responsible for the implementation and administration of government housing and urban development programs.warez games k700

Real estate developed or improved to produce income.warez games k700

Indexwarez games k700

(Also called "Rate Index"). A regularly published rate, independent of the lending institution, that measures the prevailing cost of funds, and is used periodically with the margin to set AML accrual rates.warez games k700

Initial Borrower Interest Ratewarez games k700

The rate on which the borrower's first payment is calculated.warez games k700

Initial Borrower Payment Ratewarez games k700

The annual interest rate used to calculate the borrower's initial cash payment.warez games k700

Inflationwarez games k700

An increase in the amount of money or credit available in relation to the amount of goods or services available, which causes an increase in the general price level of goods and services. Over time, inflation reduces the purchasing power of a dollar, making it worth less.warez games k700

Initial interest ratewarez games k700

The original interest rate of the mortgage at the time of closing.warez games k700

Installmentwarez games k700

The regular periodic payment that a borrower agrees to make to a lender.warez games k700

Installment loanwarez games k700

Borrowed money that is repaid in equal payments, known as installments. A furniture loan is often paid for as an installment loan.warez games k700

Insurable titlewarez games k700

A property title that a title insurance company agrees to insure against defects and disputes.warez games k700

Insurancewarez games k700

A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.warez games k700

Insurance binderwarez games k700

A document that states that insurance is temporarily in effect. Because the coverage will expire by a specified date, a permanent policy must be obtained before the expiration date.warez games k700

Insured mortgagewarez games k700

A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (MI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amountwarez games k700

Interestwarez games k700

The fee charged for borrowing money.warez games k700

Interest accrual ratewarez games k700

The percentage rate at which interest accrues on the mortgage. In most cases, it is also the rate used to calculate the monthly payments, although it is not used for an adjustable-rate mortgage (ARM) with payment change limitations.warez games k700

Interest Ratewarez games k700

The percentage of an amount of money, which is paid for its use for a specified time.warez games k700

Interest Rate Capwarez games k700

A provision of an ARM limiting how much interest rates may increase per adjustment period.warez games k700

Interest rate ceilingwarez games k700

For an adjustable-rate mortgage (ARM), the maximum interest rate, as specified in the mortgage note.warez games k700

Interest rate floorwarez games k700

For an adjustable-rate mortgage (ARM), the minimum interest rate, as specified in the mortgage note.warez games k700

Investment propertywarez games k700

A property that is not occupied by the owner.warez games k700

IRA (Individual Retirement Account)warez games k700

A retirement account that allows individuals to make tax-deferred contributions to a personal retirement fund. Individuals can place IRA funds in bank accounts or in other forms of investment such as stocks, bonds, or mutual funds.warez games k700

A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship.warez games k700

Judgmentwarez games k700

A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.warez games k700

Judgment lienwarez games k700

A lien on the property of a debtor resulting from the decree of a court.warez games k700

Judicial foreclosurewarez games k700

A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court.warez games k700

Jumbo Loanswarez games k700

Jumbo, or non-conforming, is a term used to describe a loan that does not conform to Fannie Mae or Freddie Mac guidelines. The typical Jumbo loan exceeds the maximum loan amounts described above.warez games k700

The penalty a borrower must pay when a payment is made a stated number of days (usually 15) after the due date.warez games k700

Leasewarez games k700

A written agreement between the property owner and a tenant that stipulates the conditions under which the tenant may possess the real estate for a specified period of time and rent.warez games k700

Leasehold estatewarez games k700

A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.warez games k700

Legal descriptionwarez games k700

A property description, recognized by law that is sufficient to locate and identify the property without oral testimony.warez games k700

Lenderwarez games k700

An institution that makes loans to borrowers on real estate.warez games k700

Liabilitieswarez games k700

A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.warez games k700

Liability insurancewarez games k700

Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party.warez games k700

Lienwarez games k700

A legal claim against a property that must be paid when the property is sold.warez games k700

Lifetime Capwarez games k700

A provision of an ARM that limits the total increase in interest rates over the life of the loan.warez games k700

Lifetime payment capwarez games k700

For an adjustable-rate mortgage (ARM), a limit on the amount that payments can increase or decrease over the life of the mortgage.warez games k700

Line of creditwarez games k700

An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower.warez games k700

Liquid assetwarez games k700

A cash asset or an asset that is easily converted into cash.warez games k700

Loanwarez games k700

A sum of borrowed money (principal) that is generally repaid with interest.warez games k700

Loan Commitmentwarez games k700

Formal offer by a lender stating the terms under which it agrees to loan money to a homebuyer.warez games k700

Loan originationwarez games k700

The process by which a mortgage lender brings into existence a mortgage secured by real property.warez games k700

Loan Servicingwarez games k700

The collection of mortgage payments from borrowers and related responsibilities of a loan servicer.warez games k700

Loan -To-Valuewarez games k700

(LTV). The loan-to-value ratio (LTV) is the original loan amount divided by the lower of the sales price or the appraised value.warez games k700

Lockwarez games k700

The period, expressed in days, during which a lender will guarantee a rate.warez games k700

Lock-in periodwarez games k700

The time period during which the lender has guaranteed an interest rate to a borrower.warez games k700

A title that is free and clear of objectionable liens, clouds, or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection.warez games k700

Master associationwarez games k700

A homeowners' association in a large condominium or planned unit development (PUD) project that is made up of representatives from associations covering specific areas within the project. In effect, it is a "second-level" association that handles matters affecting the entire development, while the "first-level" associations handle matters affecting their particular portions of the project.warez games k700

Maturitywarez games k700

The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.warez games k700

Merged credit reportwarez games k700

A credit report that contains information from three credit repositories. When the report is created, the information is compared for duplicate entries. Any duplicates are combined to provide a summary of a your credit.warez games k700

Modificationwarez games k700

Marginwarez games k700

(Also called "Spread"). The amount the lender adds to the index to determine the Fully Indexed Accrual Rate.warez games k700

Money market accountwarez games k700

A savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions apply to the withdrawal of funds from a money market account.warez games k700

Money market fundwarez games k700

A mutual fund that allows individuals to participate in managed investments in short-term debt securities, such as certificates of deposit and Treasury bills.warez games k700

Monthly Housing Expensewarez games k700

Total principal, interest, taxes, and insurance paid by the borrower on a monthly basis. Used with gross income to determine affordability.warez games k700

Monthly payment mortgagewarez games k700

A mortgage that requires payments to reduce the debt once a month.warez games k700

Mortgagewarez games k700

A legal document that pledges a property to the lender as security for a payment of a debt.warez games k700

Mortgage Bankerwarez games k700

A company that originates mortgages exclusively for resale in the secondary market.warez games k700

Mortgage Brokerwarez games k700

A company that for a fee matches borrowers with lenders.warez games k700

Mortgage Insurance Premiumwarez games k700

(MIP). The fee paid to FHA or a private insurer for mortgage insurance.warez games k700

Mortgageewarez games k700

The lender in a mortgage agreement.warez games k700

Mortgage Commitmentwarez games k700

A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.warez games k700

Mortgage Insurance Premiumwarez games k700

The payment made by a borrower to the lender for transmittal to HUD to help defray the cost of the FHA mortgage insurance program and to provide a reserve fund to protect lenders against loss in insured mortgage transactions. In FHA insured mortgages this represents an annual rate of one-half of one percent paid by the mortgagor on a monthly basis.warez games k700

Mortgage life insurancewarez games k700

A type of term life insurance often bought by mortgagors. The amount of coverage decreases as the principal balance declines. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds.warez games k700

Mortgage Notewarez games k700

A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.warez games k700

Mortgagorwarez games k700

The borrower in a mortgage agreement.warez games k700

Multidwelling unitswarez games k700

Properties that provide separate housing units for more than one family, although they secure only a single mortgage.warez games k700

Multifamily mortgagewarez games k700

A residential mortgage on a dwelling that is designed to house more than four families, such as a high-rise apartment complex.warez games k700

(Also called "Deferred Interest"). If the payments are too small to cover the interest due on a loan, the remaining interest owed is added to the outstanding loan balance, causing negative amortization.warez games k700

Net cash flowwarez games k700

The income that remains for an investment property after the monthly operating income is reduced by the monthly housing expense, which includes principal, interest, taxes, and insurance (PITI) for the mortgage, homeowners' association dues, leasehold payments, and subordinate financing payments.warez games k700

Net Effective Incomewarez games k700

Gross income less federal income tax.warez games k700

Negative amortizationwarez games k700

A gradual increase in mortgage debt that occurs when the monthly payment is not large enough to cover the entire principal and interest due. The amount of the shortfall is added to the remaining balance to create "negative" amortizationwarez games k700

Net Worthwarez games k700

The value of all assets, including cash, less total liabilities.warez games k700

No cash-out refinancewarez games k700

A refinance transaction in which the new mortgage amount is limited to the sum of the remaining balance of the existing first mortgage, closing costs (including prepaid items), points, the amount required to satisfy any mortgage liens that are more than one year old (if the borrower chooses to satisfy them), and other funds for the borrower's use (as long as the amount does not exceed 1 percent of the principal amount of the new mortgage).warez games k700

Non-liquid assetwarez games k700

An asset that cannot easily be converted into cash.warez games k700

Notewarez games k700

A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.warez games k700

Note ratewarez games k700

The interest rate stated on a mortgage note.warez games k700

Notice of Defaultwarez games k700

A formal written notice to a borrower that a default has occurred and that legal action may be taken.warez games k700

The total amount of principal owed on a mortgage before any payments are made.warez games k700

Origination Feewarez games k700

A fee paid to a lender for processing a loan Application.warez games k700

OTCwarez games k700

(The Office of Thrift Supervision). Charters federal thrifts, serves as the primary federal examiner and regulator of federal and state-chartered savings associations, and administers laws governing savings and loan holding companies.warez games k700

Owner financingwarez games k700

A property purchase transaction in which the property seller provides all or part of the financing.warez games k700

Owner Occupiedwarez games k700

"Owner Occupied" means the property is the owner's primary residence.warez games k700

The length of time (typically a year) between changes to the AML borrower's P&I payment.warez games k700

Payment Buy downwarez games k700

Payment buy downs occur when a third party, typically a builder, pays part of the initial P&I payments for a year or two, so that the borrower has smaller payments and can qualify for the loan.warez games k700

Payment Capwarez games k700

A limit on the amount the payment can be changed at the end of each Payment Adjustment Period.warez games k700

Payment Discountwarez games k700

In a payment discount, the lender reduces the first year's interest rate to make the mortgagor more attractive to borrowers.warez games k700

Periodic payment capwarez games k700

A limit on the amount that payments can increase or decrease during any one-adjustment period.warez games k700

Periodic rate capwarez games k700

A limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be.warez games k700

Personal propertywarez games k700

Any property that is not real property.warez games k700

PITIwarez games k700

Principal, Interest, Taxes and Insurance are components of a mortgage payment.warez games k700

Platwarez games k700

A map or chart of a lot, subdivision or community drawn by a surveyor showing boundary lines, buildings, improvements on the land, and easements.warez games k700

Pointswarez games k700

A one-time charge by the lender to increase the yield of the loan; a point is 1 percent of the amount of the mortgage.warez games k700

Power of attorneywarez games k700

A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time. warez games k700

Prepaymentwarez games k700

Payment of mortgage loan, or part of it, before due date.warez games k700

Pre-qualificationwarez games k700

The process of determining how much money a prospective homebuyer will be eligible to borrow before application.warez games k700

Prime ratewarez games k700

The interest rates that banks charge to their preferred customers.warez games k700

Principalwarez games k700

The amount borrowed or remaining unpaid, also, that part of the monthly payment that reduces the outstanding balance of a mortgage.warez games k700

Private Mortgage Insurancewarez games k700

Insurance provided by nongovernmental insurers that protect lenders against loss if a borrower defaults.warez games k700

Promissory notewarez games k700

A written promise to repay a specified amount over a specified period of time.warez games k700

Public auctionwarez games k700

A meeting in an announced public location to sell property to repay a mortgage that is in default.warez games k700

Planned Unit Development (PUD)warez games k700

A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual PUD unit owners.warez games k700

Purchase Agreementwarez games k700

See Agreement of Sale.warez games k700

Purchase money transactionwarez games k700

The acquisition of property through the payment of money or its equivalent.warez games k700

Guidelines applied by lenders to determine how large a loan to grant a homebuyer.warez games k700

Quitclaim Deedwarez games k700

A deed, which transfers whatever interest, the maker of the deed may have in the particular parcel of land. A quitclaim deed is often given to clear the title when the grantor's interest in a property is questionable. By accepting such a deed the buyer assumes all the risks. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has. (See Deed.)warez games k700

A radioactive gas found in some homes that in sufficient concentrations could cause health problems.warez games k700

Rate Capswarez games k700

(Also called "Interest Rate Caps"). A limit on the amount of which the interest rate charged to the borrower can be changed.warez games k700

Rate lockwarez games k700

A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time.warez games k700

Real Estate Brokerwarez games k700

A middleman or agent who buys and sells real estate for a company, firm, or individual on a commission basis. The broker does not have title to the property, but generally represents the owner.warez games k700

Real Estate Ownedwarez games k700

(REO). A term frequently used by lending institution as applied to ownership of real property acquired for investment or as a result of foreclosure.warez games k700

RESPAwarez games k700

(Real Estate Settlement Procedures Act). A Federal law that requires lenders to provide home mortgage borrowers with information about known or estimated settlement costs.warez games k700

Real property                   warez games k700

Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.warez games k700

REALTORwarez games k700

A real estate broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.warez games k700

Recissionwarez games k700

The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent.warez games k700

Recorderwarez games k700

The public official who keeps records of transactions that affects real property in the area.warez games k700

Recordingwarez games k700

The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record. Refinancingwarez games k700

The process of the same mortgagor paying off one loan with the proceeds from another loan.warez games k700

Rehabilitation mortgagewarez games k700

A mortgage created to cover the costs of repairing, improving, and sometimes acquiring an existing property.warez games k700

Remaining balancewarez games k700

The amount of principal that has not yet been repaid.warez games k700

Remaining termwarez games k700

The original amortization term minus the number of payments that have been applied.warez games k700

Repayment planwarez games k700

An arrangement made to repay delinquent installments or advances. Lenders' formal repayment plans are called "relief provisions."warez games k700

Replacement reserve fundwarez games k700

A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc.warez games k700

Restrictive Covenantswarez games k700

Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be "personal" and binding only between the original seller and buyer. The determination whether a covenant runs with the land or is personal is governed by the language of the covenant, the intent of the parties, and the law in the State where the land is situated. Restrictive covenants that run with the land are encumbrances and may affect the value and marketability of title. Restrictive covenants may limit the density of buildings per acre, regulate size, style or price range of buildings to be erected, or prevent particular businesses from operating or minority groups from owning or occupying homes in a given area. (This latter discriminatory covenant is unconstitutional and has been declared unenforceable by the U.S. Supreme Court.)warez games k700

Revolving liabilitywarez games k700

A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.warez games k700

Right of first refusalwarez games k700

A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.warez games k700

Right of ingress or egresswarez games k700

The right to enter or leave designated premises.warez games k700

Right of survivorshipwarez games k700

In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.warez games k700

RTCwarez games k700

(Resolution Trust Corporation). Formed to resolve thrift failures over the next three years and dispose of their assets and liabilities.warez games k700

See Agreement of sale.warez games k700

Second Mortgagewarez games k700

A mortgage that has rights that are subordinate to the rights of the first mortgage holders.warez games k700

Secondary Mortgage Marketwarez games k700

The buying and selling of existing mortgages.warez games k700

Seller-Provided Fundswarez games k700

(Also called "Seller Contributions"). Seller-provided funds include all transaction cost paid by the seller except the real estate agent's (or brokers) fee.warez games k700

Servicerwarez games k700

The party who has entered into an agreement with the insured to service a loan.warez games k700

Settlement Costswarez games k700

See Closing Costs.warez games k700

Single Premiumwarez games k700

A premium, which provides coverage for more than a year. empty)warez games k700

Special Assessments                                warez games k700

A special tax imposed on property, individual lots or all property in the immediate area, for road construction, sidewalks, sewers, streetlights, etc.warez games k700

Special Lienwarez games k700

A lien that binds a specified piece of property, unlike a general lien, which is levied against all one's assets. It creates a right to retain something of value belonging to another person as compensation for labor, material, or money expended in that person's behalf. In some localities it is called "particular" lien or "specific" lien. (See Lien.)warez games k700

Special Warranty Deedwarez games k700

A deed in which the grantor conveys title to the grantee and agrees to protect the grantee against title defects or claims asserted by the grantor and those persons whose right to assert a claim against the title arose during the period the grantor held title to the property. In a special warranty deed the grantor guarantees to the grantee that he has done nothing during the time he held title to the property which has, or which might in the future, impair the grantee's title.warez games k700

Surveywarez games k700

A map or plat made by a licensed surveyor showing the results of measuring the land with its elevations, improvements, boundaries, and its relationship to surrounding tracts of land. A survey is often required by the lender to assure him that a building is actually sited on the land according to its legal description.warez games k700

As applied to real estate, an enforced charge imposed on persons, property or income, to be used to support the State. The governing body in turn utilizes the funds in the best interest of the general public.warez games k700

Tax Lienwarez games k700

A claim against real estate for the amount of its unpaid taxes.warez games k700

Teaser Ratewarez games k700

Similar to a Payment Discount, but implies either an unusually large initial rate discount or an attempt by the lender to lure an otherwise unqualified borrower into the mortgage.warez games k700

Tenancy by the entiretywarez games k700

A type of joint tenancy of property that provides right of survivorship and is available only to a husband and wife. Contrast with tenancy in common.warez games k700

Tenancy in commonwarez games k700

A type of joint tenancy in a property without right of survivorship. Contrast with tenancy by the entirety and with joint tenancy.warez games k700

Tenant-stockholderwarez games k700

The obligee for a cooperative share loan, who is both a stockholder in a cooperative corporation and a tenant of the unit under a proprietary lease or occupancy agreement.warez games k700

Third-party originationwarez games k700

A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.warez games k700

Titlewarez games k700

As generally used, the rights of ownership and possession of particular property. In real estate usage, title may refer to the instruments or documents by which a right of ownership is established (title documents), or it may refer to the ownership interest one has in the real estate.warez games k700

Title Companywarez games k700

A company that specializes in examining and insuring titles to real estate.warez games k700

Title Insurancewarez games k700

Protects lenders or homeowners against loss of their interest in property due to legal defects in title. Title insurance may be issued to a "mortgagee's title policy." Insurance benefits will be paid only to the "named insured" in the title policy, so it is important that an owner purchase an "owner's title policy", if he desires the protection of title insurance.warez games k700

Title Search or Examinationwarez games k700

A check of the title records, generally at the local courthouse, to make sure the buyer is purchasing a house from the legal owner and there are no liens, overdue special assessments, or other claims or outstanding restrictive covenants filed in the record, which would adversely affect the marketability or value of title.warez games k700

Total Debt Ratiowarez games k700

Monthly debt and housing payments divided by gross monthly income. Also known as Back-End Ratio.warez games k700

Total expense ratiowarez games k700

Total obligations as a percentage of gross monthly income. The total expense ratio includes monthly housing expenses plus other monthly debts.warez games k700

Trade equitywarez games k700

Equity that results from a property purchaser giving his or her existing property (or an asset other than real estate) as trade as all or part of the down payment for the property that is being purchased.warez games k700

Transfer of ownershipwarez games k700

Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device. In cases in which an inter vivos revocable trust is the borrower, lenders also consider any transfer of a beneficial interest in the trust to be a transfer of ownership.warez games k700

Transfer taxwarez games k700

State or local tax payable when title passes from one owner to another.warez games k700

Treasury indexwarez games k700

An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans.warez games k700

Trusteewarez games k700

A party who is given legal responsibility to hold property in the best interest of or "for the benefit of" another. The trustee is one placed in a position of responsibility for another, a responsibility enforceable in a court of law.warez games k700

Truth-In-Lendingwarez games k700

(TIL). A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the APR and other charges.warez games k700

Two- to four-family propertywarez games k700

A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed.warez games k700

Underwritingwarez games k700

The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.warez games k700

Unsecured-loan warez games k700

A loan that is not backed by collateral.warez games k700

Government loans are loans that are guaranteed or purchased by government organizations. Two of the most popular Government Loans are the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).warez games k700

Vestedwarez games k700

Having the right to use a portion of a fund such as an individual retirement fund.warez games k700

Department of Veterans Affairs (VA)warez games k700

An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans.warez games k700

 warez games k700

Wraparound mortgagewarez games k700

A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.warez games k700

 warez games k700

The acts of an authorized local government establishing building codes, and setting forthwarez games k700