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Select
- A -
abstract of t A h amenities
Fea annual cap See annual perc The mo actu appraisal
An
the first letter
A
title
historical summ n clause clause that allow ould a borrower
rate mortgage variable or flexib
on. To limit the
atures of your h ude the numbe n
e liquidation of hedule is a table
loan.
e: cap.
centage rate (A e actual interes
rtgage. Disclos ual costs of diff
estimate of a p ue may be bas ducing ability.
n
property's increa
e: annual perce
r of the word f
B C D E F
mary provided b
ws a lender to r violate specifi e (ARM)
ble rate mortga borrower's risk
home that fit yo er of bedrooms
a debt by regu e showing the
A.P.R.) st rate, taking in sure of APR is
ferent mortgag
property's value sed on replacem
ase in value du
entage rate.
Glossa
from the list b
G H I J K L
by a title insuran
declare the ent ic loan provisio
age with an inte k, the ARM ma
our preferences s, bathrooms, o
ular, usually mo payment amou
nto account po required by the ge loans.
e as of a given ment cost, the s
ue to inflation o
ary of Te
below to jump
L M N O P Q
nce company o
tire outstanding ons or default o
erest rate that v y have a paym
s and can incre or vicinity to pu
onthly, installme unt, interest, pr
ints and other e Truth-in-Lend
date, determin sales of compa
or economic fac
erms
to the approp
Q R S T U V
of all records af
g balance of a on the loan.
varies accordin ment or rate cap
ease the value blic transportat
ents of principa rincipal and unp
finance charge ding Law and a
ned by a qualifi arable propertie
ctors.
priate section
V W X Y Z
ffecting the title
loan immediate
ng to the financ p. See also: ca
of your proper tion.
al and interest.
paid balance fo
es, for the proje allows borrower
ied professiona es or the prope
of the glossar
e to a property.
ely due and pa
cial index it is b p.
rty. Some exam
An amortizatio or the entire ter
ected life of a rs to compare t
al appraiser. Th erty's
ARM bridge loan A lo
e: adjustable ra t
arges levied ag bs, sewers, or yments for a mo
re are no closin at is in the mor
mortgage, or n
rtgage rtgage with a fi ortgage oan requiring p
ter than month uld be.
certificate servin d sold in the se
oan to "bridge"
en a borrower own as a swing
intermediary b arges a fee or c
ype of mortgag yment in return -1 interest pay es buy-downs m
ate mortgage.
gainst a proper grounds maint
contract or a rig
tween a buyer ortgage and ac ng costs and th rtgage or deed
not permit the b
inal lump sum
payments of pri ly payment loa
ng as security f econdary marke
the gap betwe purchases a ne g loan.
etween the bo commission for
ge which requir for a below ma ment plans or may induce buy
rty for tax purpo tenance.
ght to buy prop
and a seller, re ccepts the liabi he loan's intere of trust, the len buyer to assum
payment that is
ncipal and inte ans. The payme
for payment of et.
een the termina ew home befor
rrower and the r services.
es the buyer to arket interest ra pays closing co yers to purchas
oses or to pay
perty at given ra
equiring lender lity. Assuming est rate may be nder may raise me the loan at a
Go to Top
s greater than
erest at two-wee ent for a biwee
a debt. Bonds
ation of one mo re receiving cas
e lender. The br
o pay additiona ate. Another fo osts such as th se property the
for municipal o
ates and terms
r approval, whe a loan can be e lower than cu e the interest ra
all.
preceding paym
ek intervals. Th kly mortgage is
s backed by mo
ortgage and the sh proceeds fro
roker may repr
al discount poin orm of a buy-do he origination fe ey might otherw
or association im
s from a mortga
ere the buyer ta advantageous rrent market ra ate, require the
ments and pay
his type of loan s half what a m
ortgage loans a
e beginning of a om the sale of
resent several l
nts or make a s own is one in w ee. During time wise not have p
mprovements s
agee to anothe
akes over the for a buyer be ates. Dependin buyer to qualif
ys the loan in fu
n amortizes mu monthly paymen
are pooled toge
another, such a a prior home. A
lending source
substantial dow which the seller
es of high intere purchased.
such as
- C - collateral
Som ant to protect t p or an annual c
ount of the inte m of the loan. A of reasonable Veterans Admin
sts payable by ese costs can b owing:
es Paid to the igination fee scount points edit report fee ppraisal fee
sumption fee if sumed
claim to the title
mething of valu a mortgage loa nt fee
ee charged wh d points and b)
ch an adjustabl he borrower fro cap. A paymen erest rate. A life An annual cap
value (CRV) nistration appra
ering an opinio
pal amount tha
both seller and be up to ten pe
e Lender
f loan is
e of a property t
ue pledged as s an.
en a) an agree the lender gua
le rate mortgag om large increa nt cap is a limi e-of-loan cap p limits the amo
aisal that estab
n on the status
at is fixed and c
d buyer at the t ercent of the mo
Fees Paid in Interest from the beginning payment Hazard insura Mortgage ins
that, if valid, wo
security for a lo
ement is reache arantees to lock
Go to Top
ge's monthly pa ases and may it on the month restricts the am ount the interes
blishes the max
s of a property's
cannot be incre
time of settlem ortgage amoun
n Advance the closing dat g of the 1st
ance premium urance premiu
ould prevent a
oan. In mortgag
ed between a le k in that rate.
ayment or inter be a payment hly payment. An
mount the inter st rate can incre
ximum VA mort
s title based on
eased during th
ent, when the p nt and usually i
Other Ch
ge lending the
ender and a bo
rest rate can in cap, an interes n interest cap rest rate can inc
ease over a tw
tgage loan amo
n public record
he life of the loa
purchase of a p nclude but are
harges rch and title ins mmissions d recording fee
n and survey fe taxes and othe ents
ng and docume on fees
m obtaining a c
property itself s
orrower for a lo
crease. A cap st cap, a life-of-is a limit on the crease over the welve-month pe
ount for a spec
s.
an. See also: o
property is fina not limited to t
surance
serves as colla
oan at a specific is
co-mortgag covenants
Rul
e who is individ h one or more um
individually ow are ownership o g loan
oan that confor rporation (FHL e also: non-con
n loan hort-term loan vances funds to borrower mus handbook on a
isclosure requi rtgage (ARM).
al loan mortgage loan t
using Administ ministration).
mortgage adjustable rate nt in the loan te
person who is o nership in the p
es and restrict
e: certificate of s
e borrower's pr ore it is due ma
dually and joint borrowers. See
wned unit within of common are
rms to Federal MC) guidelines nforming loan.
financing impr o the borrower t obtain perma adjustable rate ired by the fede
that is not insur ration (FHA) or
e mortgage (AR erm.
obligated to rep property. See a
ions governing
reasonable va
rivilege to make ay incur a pena
tly obligated to e also: co-signe
n a multi-unit bu eas such as gro
National Mortg s.
rovements to re as needed wh nent financing e mortgages ( eral governme
red, guarantee r Rural Econom
RM) that allows
pay a mortgage also: co-mortga
g the use of pro
alue.
e payments on alty if so specif
repay a mortg er.
uilding where o ounds, parking
gage Associatio
eal estate, such ile construction or repay the co (C.H.A.R.M.) nt to be given t
ed or funded by mic Community
s a borrower to
e loan should th agor.
operty.
a loan's princi fied in the mort
Go to Top
age loan and s
others or the Co facilities and te
on (FNMA) or F
h as the buildin n progresses. U
onstruction loa
to any borrowe
y the Veterans A y Development
o switch to a fix
he borrower de
pal before they gage's prepaym
shares ownersh
ondominium O ennis courts.
Federal Home
ng of a new hom Upon completio an in full.
er applying for a
Administration t (RECD) (form
ed-rate mortga
efault but who d
y are due. Payi ment clause.
hip of the prope
Owners Associa
Loan Mortgage
me. The lender on of the const
an adjustable r
(VA), the Fede erly Farmers H
age at a specifi
does not share
ng off a mortga erty
- D - deed of trus A d e ratio between
loans) or gross
e legal docume st
ocument, used vantage of a de borrower defa t of Housing a e U.S. governm oints
percentage of th loan amount; f ent
e difference be uity. Typically it ount secured b e
clause in a mort n if the propert
welling divided
ney
eposit in the fo ends to go throu
epay someone.
n a borrower's m s monthly inco
ent that transfer
d in many state eed of trust is th
ult on the loan and Urban Dev ment agency th
he loan amoun for example, tw
tween the purc t comes from c by assets.
tgage or deed y is sold (subje
d into two units
orm of cash or ugh with the pu
monthly payme me (convention
rs the ownersh
es in place of a hat the trustee
.
velopment (HU at administers
nt paid to the le wo points on a
chase price and cash savings, b
of trust allowin ect to the terms
.
a note given to urchase of a pr
ent obligations nal loans).
hip of real prope
mortgage, hel does not have
UD)
FHA, GNMA a
nder to buy do
$100,000 mort
d mortgage am but it can also b
g a lender to re s of the security
Go to Top
o a seller by a b roperty.
divided by his
erty from one p
d by a trustee e to go to court
and other housi
own the interest tgage is $2,000
mount. The dow be a gift that is
equire immedia y instrument).
buyer as good
or her net effe
party to anothe
pending repay to proceed wit
ing programs.
t rate. Each po 0.
wn payment bec not to be repai
ate payment of
faith assurance
ctive income (F
r.
ment of the loa h foreclosure s
oint is one perce
comes the prop d or a borrowe
f the balance o
e that the buye FHA or
The
fair market v The
e right one part es.
it Opportunity ederal law proh
ional origin, ag hts under the C
e value of a pro use
provision allowin the ability of th
ney placed wit urance through
value e price a prope me area.
kname for Fed me Loan Mortg
uasi-governme mortgage loan using Adminis agency within ures residentia rtgages availab y are limited by d at closing, as ional Mortgag private corporat ny of the guide anization is to
ty has in regard
y Act
hibiting lenders ge, marital statu Consumer Cred
operty beyond
ng one party o e buyer to obta
h a third party f hout the year.
erty can realistic
deral National M gage Corpora ental, federally-ns. FHLMC set stration (FHA) the Departmen l mortgage loa ble to homeow y loan amount.
s well as an an ge Association
tion that acts a elines for conve
make mortgag
d to the propert
s and other cred us, receipt of p dit Protection A
any liens again
r more to canc ain financing w
for safekeeping
cally sell for, ba
Mortgage Asso ation (FHLMC o
-sponsored org ts many of the
nt of Housing a ns made by pr ners with low o FHA mortgage nual fee of 0.5 n (FNMA or Fa s a secondary entional mortga ge money more
ty of another, s
ditors from disc ublic assistanc Act.
nst it. Also refe
el all or part of within a specifie
g either for fina
Go to Top
ased upon com
ciation (FNMA or Freddie Ma ganization that guidelines for c
and Urban Deve rivate lenders. O or moderate inc
e insurance req percent of the annie Mae)
market investo age loans, as d e affordable and
such as the righ
crimination bas ce or because a
rred to as own
elopment that s One of FHA's o come. FHA loa
quires a fee of loan amount a
or to buy and s does FHLMC. T
d more availab
ht of a public u
sed on race, co an applicant ha
er's interest.
certain events
property or for
g prices of othe
ondary market mortgage loans
sets underwriti objectives is to
ns may be high 1.5 percent of added to each
ell mortgage lo The major purp ble.
tility company
olor, sex, religio as exercised hi
s fail to happen
payment of tax
er properties in
investor to buy , as does FNM
ng standards a help make affo h loan-to-value
the loan amou monthly payme
oans. FNMA se pose of this
The Ginnie Mae
Nic good faith e
The
e maximum for ath of the owne
e: Federal Hou
mortgage oan with a term
year mortgage mortgage
mortgage whos ance
orm of insuranc mage. The Fed eal estate to be ated in a SFHA ents can assist
e: Federal Nati c
kname for Fed
um of money, fit religious org
kname for Gov estimate e estimate on c ys of applying f nt National Mo government org
m of ownership er, the property
sing Administr
m of 15 years. A e, the amount o
e rate remains
ce that protects deral Flood Disa e used to secur A area, the borr in obtaining flo
onal Mortgage
deral Home Loa
including amou ganization, or n
vernment Natio
closing costs an for a loan.
ortgage Assoc ganization that
gage (GPM) an with lower p es over a perio zation period.
p, with the righ y goes to the ow
ation.
Although the m of interest paid
constant throu
s the owner of aster Protectio re a loan is loca rower must obt ood insurance.
Association.
an Mortgage C
unts from a rela non-profit comm
onal Mortgage A
nd monthly mo
iation (GNMA participates in
payments in the d of time and t
ughout the life o
the insured pro n Act of 1973 r ated in a Speci tain and mainta
orporation (FH
Go to Top
ative or a grant munity organiza
Association (G
ortgage paymen
A or Ginnie Ma the secondary
e early years th hen levels off a
property and se ted heirs. Also
nt on a 15-year f the loan is sub
of the mortgag
operty against requires that fe ially Flood Haz ain flood insura
HLMC).
t from the borro ation that does
NMA).
nts provided by
e)
y market, secur
han in the later at a payment s
ell it to a buyer known as fee
mortgage is h bstantially less
e.
losses stemmi ederally-regulat zard Area (SFH ance on the pro
ower's employe not have to be
y a lender to th
ritizing pools of
r years. The am ufficient to pay
at any time. Up absolute.
igher than that .
ng from flood ted lenders det HA). If the prope
operty. Most ins
er, a municipal e repaid.
e homebuyer w
f FHA, VA, and
mount of the pa y off the loan ov
orm of insuranc fire and tornad
property that i y loan mortgage on the
bt consolidation ection
horough review pection should nsfer of the hom rs insurance orm of insuranc mmon disasters d Urban Deve e U.S. governm
ordability inde index that indic as. The most w penses-to-inc e: debt-to-incom
e: Housing and
proach to valu
ce that protects oes. Mortgage s equal at leas
e borrower's pr n.
w of the physica be completed me is complete
ce that protects s.
elopment (HUD ment agency th
ex
cates what pro well known hou
ome ratio me ratio.
d Urban Develo
e
s the owner of lenders often st to the amoun
rincipal residen
al aspects and prior to closing ed.
s the owner of
D)
at administers
portion of hom using affordabil
opment.
the insured pro require a borro nt of the mortga
nce, usually for
condition of a g so that any re
the insured pro
FHA, GNMA a
mebuyers can a ity index is pub
Go to Top
operty against ower to maintai age loan.
r the purpose o
home by a pro epairs or chang
operty against
and other housi
fford to buy an blished by the N
losses from ph in an amount o
of making home
ofessional home ges can be com
loss from theft,
ing programs.
average-price National Assoc
hysical damage of hazard insura
e improvements
e inspector. Th mpleted before
, liability and m
ed home in spe ciation of Realto
e such
incl insurance
As jumbo loan A n Fed
udes shopping debt ratio
e: debt-to-incom
published intere erest rate on loa
ablish rates on
a part of PITI, es.
o see: homeow
e amount of the ount of the mo p
e: cap e
e simple interes ney. See also:
cy
e: tenancy.
onconforming deral Home Loa
g centers, hotel
me ratio.
me ratio.