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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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G - good faith estimate, grace period, gradual
payment mortgage (GPM), grantee…more
GOOD FAITH ESTIMATE (GFE) - a written estimate which you sign, that the
lender/loan agent must present to you within three days of when they receive
your consumer residential real property loan application credit package. It is
a government required document and must contain a detailed itemization of what
the lender/loan agent proposes to charge you in your
home financing transaction. Although it is not the "final word", it
must be the lender/loan agent's "best estimate" of the proposed transaction
they think you'll qualify for, at this early stage in the process. As you'll
see, a great deal of the "costs" are paid out to various non-affiliated outside
vendors and suppliers to the transaction. This document (the GFE), is where
they're detailed for you, early enough in the process for you to understand,
compare and comment on.
GRACE PERIOD - a period of time (usually measured in days) after an obligation
is due during which a borrower can perform without incurring a penalty and
without being considered in default.
GRADUATED PAYMENT MORTGAGE (GPM) - a type of flexible payment mortgage where
the payments increase for a specific period of time, and then level off.
Usually results in negative amortization.
GRANTEE - the person to whom an interest in real property is conveyed.
GRANTOR - the person conveying an interest in real property.
GROSS LIVING AREA - the total floor area of a building measured from the
outside of the exterior wall.
GROSS INCOME - total income produced by a rental type piece of real property,
before expenses are deducted. Contact AAXA for more
investment property mortgage information.
GROSS RENT MULTIPLIER - a figure used to compare rental properties. It is
derived from the relationship between gross rental income and sales price.
GROWING EQUITY MORTGAGE (GEM) - a graduated payment mortgage in which increases
in a borrower's mortgage payments are used to accelerate reduction of principal
on the mortgage. Due to increased payments, the borrower acquires equity more
rapidly and retires the debt earlier.
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A
- adjustable rate mortgage, adjustment interval, amortization, annual
percentage rate (APR)…more
B – balloon mortgage, bankruptcy, basis point, beneficiary…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
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
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