Mortgage and Real Estate Terms Sorted Alphabetically:
U – underwriting, unencumbered property, uniform
commercial code (UCC)…more
UNDERWRITING - the process of deciding whether to
make a loan based on credit, employment, assets and
other factors. CHARACTER - CAPACITY - COLLATERAL -
COMMON SENSE.
UNENCUMBERED PROPERTY - a parcel of real property
which is free and clear of debt or liens.
UNIFORM COMMERCIAL CODE (UCC) - a comprehensive code
of laws regulating important legal aspects of business
and financial transactions.
UNIFORM RESIDENTIAL APPRAISAL REPORT (URAR) - The
FNMA 1004/FHLMC 65 standard residential form used
by real property appraisers to detail facts supporting
the value of single-family properties.
UNIMPROVED LAND - raw land, dirt only. Be sure to
check with an ForTheBestRate.com Loan Advisor on the differences
between lot loan financing and raw land loans.
URBAN RENEWAL - the redevelopment or rehabilitation
of real property in an urban area.
USURY - the act of charging borrowers a rate of interest
greater than that permitted by law.
Mortgage Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
Mortgage
Glossary
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
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 liens - 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)ï -more
V
- VA (Department of Veterans Affairs) Mortgage, vacancy
rate, VA funding fee - more
