|
|
 |
"We
give you credit for your good credit!"®
Deep Discounted Rates. Exceptional Service.
Unparalleled Value. |
|
|
 |
 |
 |
|
Mortgage
Glossary - 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 AAXA 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.
|
|
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 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
V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
|
|  |
 |
|
 |
|
|