|
|
 |
"We
give you credit for your good credit!"®
Deep Discounted Rates. Exceptional Service.
Unparalleled Value. |
|
|
 |
 |
 |
|
Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
|
|
B – balloon mortgage, bankruptcy, basis point,
beneficiary…more
BALLOON (PAYMENT) MORTGAGE - usually a short-term
fixed rate loan which involves small payments for a certain period of
time and one large payment for the remaining amount of the principal at a time
specified in the contract.
BANKRUPTCY - a person, firm or corporation that, though a court procedure, is
relieved from the payment of all debts after the surrender of all assets to a
court appointed trustee. Find out more information in our
bad credit mortgage section .
BASIS POINT - one one-hundredth of one percent. Used primarily to describe
changes in yield or price on debt instruments, including mortgages and
mortgage-backed securities.
BENEFICIARY - a person who benefits from a life insurance policy, will,
contract or deed of trust. In the latter case, the lender is the beneficiary.
BENEFICIARY STATEMENT - the lender's statement under a deed of trust, detailing
the remaining principal balance, monthly payment, and interest rate on the
loan.
BILL OF SALE - a written document signed by a seller that transfers title of
personal property.
BIWEEKLY MORTGAGE - a type of
fixed rate mortgage with payments for half the usual monthly amount
scheduled every two weeks. Because you make the equivalent of 13 months of
payments every year, the loan term is shortened from 30 years to 18 or 19
years, and total interest cost are substantially lower.
BORROWER - one who receives funds in the form of a loan with the obligation of
repaying the loan in full with interest.
BREACH - failure to perform under a contract or the violation of a legal
obligation.
BRIDGE LOAN - a form of
second mortgage or deed of trust collateralized by the borrower’s
present home (usually for sale) in a way which allows the proceeds of the loan,
to be used to close the loan on the new home they are buying, before the
present home is sold. Also sometimes referred to as a "swing loan." |
|
A
- adjustable rate mortgage, adjustment interval, amortization, annual
percentage rate (APR)…more
C - caps, cash flow, cash out (second mortgage), cash out refinance…more
D - debt consolidation, debt service, debt reduction plan, debt-to-income
ratio…more
E - earned and unearned income, earnest money, easement, economic life…more
F - Fair Credit Reporting Act, fair market value, Fannie Mae…more
G - good faith estimate, grace period, gradual payment mortgage (GPM),
grantee…more
H - home equity, home improvement loan, Home Mortgage Disclosure Act
(HMDA)…more
I - index, in file credit report, inflation, initial interest rate, ingress and
egress…more
L - lender buy-down mortgage, liability insurance, LIBOR, loan application…more
M - manufactured home, market value, maximum loan amount, mechanic’s lien…more
N - negative amortized (Neg/AM), Neg AM Loans, negative cash flow, net
worth…more
O - obsolescence, off-site improvements, on-site improvements, ordinary
income…more
P – par, partial payment, partnership, party wall, payment shock…more
Q – quality control, quit claim deed, quote…more
R – rate shopper, real property, real estate loans, reconciliation…more
S – sales contract, satisfaction or mortgage, seasoned mortgage, second
mortgage…more
T – tax lien, tenancy in common, tenant, term, title, title insurance…more
U – underwriting, unencumbered property, uniform commercial code (UCC)…more
V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
|
|  |
 |
|
 |
|
|