Equity The difference between the market value of interest due on maturity date a property and the homeowners outstanding mortgage balance.
Installment The regular periodic payment that a borrower agrees to make to a lender.
Additional principal payment, a payment by a borrower of more than the scheduled principal amount due in order to reduce the remaining balance on the loan.Federal Housing Administration (FHA) insures mortgage loans that FHA-approved lenders give to high-risk borrowers.First Mortgage The mortgage that has first claim in the event of default.Dower The rights of a widow in the property of her husband at his death.Common law An unwritten body of law based on general custom in England and used to an extent in the United States.Common area assessments 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.Cooperative Housing An apartment building or a group of dwellings owned by a corporation, the stockholders of which are the residents of the dwellings.The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.This agency was abolished by the Financial Institutions Reform, Recovery and Enforcement Act of 1989.Coinsurance A sharing of insurance risk between the insurer and the insured.Also, avoiding peak application seasons is sex offender registry zip code michigan key.Back to Top -D- Deed-in-lieu A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure.Origination Fee A fee paid to a lender for processing a loan Application.Clear title A title that is free of liens or legal questions as to ownership of the property Closing The occasion where a sale is finalized; the buyer signs the mortgage, and closing costs are paid.Cap A provision of an ARM limiting how much the interest rate or mortgage payments may increase.
It is of perpetual duration.
FHA Loan maintaining eye contact during sex Government loans are loans that are guaranteed or purchased by government organizations.
(This latter discriminatory covenant is unconstitutional and has been declared unenforceable by the.S.Co-maker A person who signs a promissory note along with the borrower.Exclusive listing A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the owner?These are large loans that must be repaid over a long period of time 10 to 50 years or sooner, if possible.Payment Buy down 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.Initial Borrower Payment Rate The annual interest rate used to calculate the borrowers initial cash payment.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.If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount Interest The fee charged for borrowing money.When a fixed amount of money is lent in full with the agreement that it be repaid in full at a later date, this is a form of closed-end credit; it is also known as a term loan.Creditor A person to whom money is owed.
How a loan is treated legally varies according to the type of loan, such as a mortgage, and the terms found in a loan agreement.