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| A |
| Adjustable-rate mortgage (ARM) - Mortgage in which the interest
rate is adjusted periodically based on a preselected index. Also sometimes
known as the re negotiable rate mortgage, the variable rate mortgage or
the Canadian rollover mortgage. |
| Adjustment date - Date on which the interest rate changes for an adjustable-rate
mortgage (ARM). |
| Adjustment period - Period that elapses between the adjustment
dates for an adjustable-rate mortgage (ARM). |
| Amortization - Repayment of a mortgage loan by installments with
regular payments to cover the principal and interest. |
| Amortization term - Amount of time required to amortize the mortgage
loan. The amortization term is expressed as a number of months. For example,
for a 30-year fixed-rate mortgage, the amortization term is 360 months. |
| Annual percentage rate (APR) -Cost of a mortgage stated as a yearly
rate; includes such items as interest, mortgage insurance, and loan origination
fee (points). |
| Application - Form, commonly referred to as a 1003 form, used
to apply for a mortgage and to provide information regarding a prospective
mortgagor and the proposed security. |
| Appraisal - A written analysis of the estimated value of a property
prepared by a qualified appraiser. |
| Appraiser - Individual qualified by education, training, and experience
to estimate the value of real property and personal property. |
| Appreciation - Increase in the value of a property due to changes
in market conditions or other causes. The opposite of depreciation. |
| Asset - Anything of monetary value that is owned by a person.
Assets include real property, personal property, and enforceable claims
against others (including bank accounts, stocks, mutual funds, and so on). |
| Assignment - The transfer of a mortgage from one person to another. |
| Assumable Mortgage - A mortgage that can be taken over ("assumed")
by the buyer when a home is sold. |
| Assumption - Transfer of the seller's existing mortgage to the
buyer. |
| Assumption Clause - A provision in an assumable mortgage that
allows a buyer to assume responsibility for the mortgage from the seller.
The loan does not need to be paid in full by the original borrower upon
sale or transfer of the property. |
| Assumption Fee - The fee paid to a lender (usually by the purchaser
of real property)
resulting from the assumption of an existing mortgage. |
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| B |
| Balance sheet - Financial statement that shows assets, liabilities,
and net worth as of a specific date. |
| Balloon Mortgage - Mortgage that has level monthly payments that
will amortize it over a stated term but that provides for a lump sum payment
to be due at the end of an earlier specified term. |
| Balloon payment - Final lump sum payment that is made at the maturity
date of a balloon mortgage. |
| Bankrupt - Person, firm, or corporation that, through a court
proceeding, is relieved from the payment of all debts after the surrender
of all assets to a court-appointed trustee. For example Enron or Worldcom. |
| Bankruptcy - Proceeding in a federal court in which a debtor who
owes more than his or her assets can relieve the debts by transferring
his or her assets to a trustee. |
| Before-Tax Income - Income before taxes are deducted. |
| Beneficiary - Person designated to receive the income from a trust,
estate, or a deed of trust. |
| Binder - Preliminary agreement, secured by the payment of an earnest
money deposit, under which a buyer offers to purchase real estate. |
| Biweekly Payment Mortgage - Mortgage that requires payments to
reduce the debt every two weeks (instead of the standard monthly payment
schedule). The 26 (or possibly 27) biweekly payments are each equal to
one-half of the monthly payment that would be required if the loan were
a standard 30-year fixed-rate mortgage, and they are usually drafted from
the borrower's bank account. The result for the borrower is a substantial
savings in interest. |
| Blanket Mortgage - Mortgage that is secured by a cooperative project,
as opposed to the share loans on individual units within the project. |
| Bond - Interest-bearing certificate of debt with a maturity date.
An obligation of a government or business corporation. A real estate bond
is a written obligation usually secured by a mortgage or a deed of trust. |
| Breach - Violation of any legal obligation. |
| Bridge Loan - Form of second trust that is collateralized by the
borrower's present home (which is usually for sale) in a manner that allows
the proceeds to be used for closing on a new house before the present home
is sold. Also known as "swing loan." |
| Broker - Person who, for a commission or a fee, brings parties
together and assists in negotiating contracts between them. |
| Buydown Mortgage - A temporary buydown is a mortgage on which
an initial lump sum payment is made by any party to reduce a borrower's
monthly payments during the first few years of a mortgage. A permanent
buydown reduces the interest rate over the entire life of a mortgage. |
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| C |
| Call Option - Provision in the mortgage that gives the mortgagee
the right to call the mortgage due and payable at the end of a specified
period for whatever reason. |
| Cap - Provision of an adjustable-rate mortgage (ARM) that limits
how much the interest rate or mortgage payments may increase or decrease. |
| Capital Improvement - Any structure or component erected as a
permanent improvement to real property that adds to its value and useful
life. |
| Cash-out Refinance - Transaction in which the
amount of money received from the new loan exceeds the total of the money
needed to repay the existing first mortgage, closing costs, points, and
the amount required to satisfy any outstanding subordinate mortgage liens.
In other words, a refinance transaction in which the borrower receives
additional cash that can be used for any purpose. |
| Ceiling - A provision of an ARM that limits the highest rate that can occur over the life
of the loan. |
| Certificate of Eligibility - Document issued by the federal government
certifying a veteran's eligibility for a Department of Veterans Affairs
(VA) mortgage. |
| Certificate of Reasonable Value (CRV) - Document issued by the
Department of Veterans Affairs (VA) that establishes the maximum value
and loan amount for
a VA mortgage. |
| Certificate of Title - Statement provided by an abstract company,
title company, or attorney stating that the title to real estate is legally
held by the current owner. |
| Chain of Title - History of all of the documents that transfer
title to a parcel of real property, starting with the earliest existing
document and ending with the most recent. |
| Change Frequency - Frequency (in months) of payment and/or interest
rate changes in an adjustable-rate mortgage (ARM). |
| Clear Title - Title that is free of liens or legal questions as
to ownership of the property. |
| Closing - Meeting at which a sale of a property is finalized by
the buyer signing the mortgage documents and paying closing costs. Also
called "settlement." |
| Closing Cost Item - Fee or amount that a home buyer must pay at
closing for a single service, tax, or product. Closing costs are made up
of individual closing cost items such as origination fees and attorney's
fees. Many closing cost items are included as numbered items on the HUD-1
statement. |
| Closing Costs - Expenses (over and above the price of the property)
incurred by buyers and sellers in transferring ownership of a property.
Closing costs normally include an origination fee, an attorney's fee, taxes,
an amount placed in escrow, and charges for obtaining title insurance and
a survey. Closing costs percentage will vary according to the area of the
country. |
| Closing Statement - Also referred to as the HUD1. The final statement
of costs incurred to close on a loan or to purchase a home. |
| Cloud on Title - Conditions revealed by a title search that adversely
affect the title to real estate. Usually clouds on title cannot be removed
except by a quitclaim deed, release, or court action. |
| Collateral - Asset (such as a car or a home) that guarantees the
repayment of a loan. The borrower risks losing the asset if the loan is
not repaid according to the terms of the loan contract. |
| Collection - Efforts used to bring a delinquent mortgage current
and to file the necessary notices to proceed with foreclosure when necessary. |
| Co-maker - Person who signs a promissory note along with the borrower.
A co-maker's signature guarantees that the loan will be repaid, because
the borrower and the co-maker are equally responsible for the repayment.
See endorser. |
| Commission - Fee charged by a broker or agent for negotiating
a real estate or loan transaction. A commission is generally a percentage
of the price of the property or loan. |
| Commitment Letter - Formal offer by a lender stating the terms
under which it agrees to lend money to a home buyer. Also known as a "loan
commitment." |
| Common Areas - Those portions of a building, land, and amenities
owned (or managed) by a planned unit development (PUD) or condominium project's
homeowners' association (or a cooperative project's cooperative corporation)
that are used by all of the unit owners, who share in the common expenses
of their operation and maintenance. Common areas include swimming pools,
tennis courts, and other recreational facilities, as well as common corridors
of buildings, parking areas, means of ingress and egress, etc. |
| Community Home Improvement Mortgage Loan - An alternative financing
option that allows low- and moderate-income home buyers to obtain 95 percent
financing for the purchase and improvement of a home in need of modest
repairs. The repair work can account for as much as 30 percent of the appraised
value. |
| Community Property - In some western and southwestern states,
a form of ownership under which property acquired during a marriage is
presumed to be owned jointly unless acquired as separate property of either
spouse. |
| Comparables - An abbreviation for "comparable properties";
used for comparative purposes in the appraisal process. Comparables are
properties like the property under consideration; they have reasonably
the same size, location , and amenities and have recently been sold. Comparables
help the appraiser determine the approximate fair market value of the subject
property. |
| Condominium - A real estate project in which each unit owner has
title to a unit in a building, an undivided interest in the common areas
of the project, and sometimes the exclusive use of certain limited common
areas. |
| Condominium Conversion - Changing the ownership of an existing
building (usually a rental project) to the condominium form of ownership. |
| Construction Loan - A short-term, interim loan for financing the
cost of construction. The lender makes payments to the builder at periodic
intervals as the work progresses. |
| Consumer Reporting Agency (or bureau) - An organization that prepares
reports that are used by lenders to determine a potential borrower's credit
history. The agency obtains data for these reports from a credit repository
as well as from other sources. |
| Contingency - A condition that must be met before a contract is
legally binding. For example, home purchasers often include a contingency
that specifies that the contract is not binding until the purchaser obtains
a satisfactory home inspection report from a qualified home inspector. |
| Contract - An oral or written agreement to do or not to do a certain
thing. |
| Conventional Mortgage - A mortgage that is not insured or guaranteed
by the federal government. |
| Convertibility Clause - A provision in some adjustable-rate mortgages
(ARMs) that allows the borrower to change the ARM to a fixed-rate mortgage
at specified timeframes after loan origination. |
| Convertible ARM - An adjustable-rate mortgage (ARM) that can be
converted to a fixed-rate mortgage under specified conditions. |
| Cooperative (co-op) - A type of multiple ownership in which the
residents of a multiunit housing complex own shares in the cooperative
corporation that owns the property, giving each resident the right to occupy
a specific apartment or unit. |
| Corporate Relocation - Arrangements under which an employer moves
an employee to another area as part of the employer's normal course of
business or under which it transfers a substantial part or all of its operations
and employees to another area because it is relocating its headquarters
or expanding its office capacity. |
| Cost of Funds Index (COFI) - An index that is used to determine
interest rate changes for certain adjustable-rate mortgage (ARM) plans.
It represents the weighted-average cost of savings, borrowings, and advances
of the 11th District members of the Federal Home Loan Bank of San Francisco. |
| Covenant - A clause in a mortgage that obligates or restricts
the borrower and that, if violated, can result in foreclosure. |
| Credit - An agreement in which a borrower receives something of
value in exchange for a promise to repay the lender at a later date. |
| Credit History - A record of an individual's open and fully repaid
debts. A credit history helps a lender to determine whether a potential
borrower has a history of repaying debts in a timely manner. |
| Credit Report - A report of an individual's credit history prepared
by a credit bureau and used by a lender in determining a loan applicant's
creditworthiness. See merged credit report. |
| Credit Repository - An organization that gathers, records, updates,
and stores financial and public records information about the payment records
of individuals who are being
considered for credit. |
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| D |
| Debt - An amount owed to another. |
| Deed - The legal document conveying title to a property. |
| Deed-in-lieu - A deed given by a mortgagor to the mortgagee to
satisfy a debt and avoid foreclosure. |
| Deed of trust - The document used in some states instead of a
mortgage; title is conveyed to a trustee. |
| Default - Failure to make mortgage payments on a timely basis
or to comply with other requirements of a mortgage. |
| Delinquency - Failure to make mortgage payments when mortgage
payments are due. |
| Deposit - A sum of money given to bind the sale of real estate,
or a sum of money given to ensure payment or an advance of funds in the
processing of a loan. |
| Depreciation - A decline in the value of property; the opposite
of appreciation. |
| Down payment - The part of the purchase price of a property that
the buyer pays in cash and does not finance with a mortgage. |
| Due-on-sale provision - A provision in a mortgage that allows
the lender to demand repayment in full if the borrower sells the property that
serves as security for the mortgage. |
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| E |
| Earnest money deposit - A deposit made by the potential home
buyer to show that he or she is serious about buying the house. |
| Easement - A right of way giving persons other than the owner access
to or over a property. |
| Effective age - An appraiser's estimate of the physical condition
of a building. The actual age of a building may be shorter or longer than
its effective age. |
| Effective gross income - Normal annual income including overtime
that is regular or guaranteed. The income may be from more than one source.
Salary is generally the principal source, but other income may qualify
if it is significant and stable. |
| Encumbrance - Anything that affects or limits the fee simple title
to a property, such as mortgages, leases, easements, or restrictions. |
| Endorser - A person who signs ownership interest over to another
party. Contrast with co-maker. |
| Equal Credit Opportunity Act (ECOA) - A federal law that requires
lenders and other creditors to make credit equally available without discrimination
based on race, color, religion, national origin, age, sex, marital status,
or receipt of income from public assistance programs. |
| Equity - A homeowner's financial interest in a property. Equity
is the difference between the fair market value of the property and the
amount still owed on its mortgage. |
| Escrow - An item of value, money, or documents deposited with
a third party to be delivered upon the fulfillment of a condition. For
example, the deposit by a borrower with the lender of funds to pay taxes
and insurance premiums when they become due, or the deposit of funds or
documents with an attorney or escrow agent to be disbursed upon the closing
of a sale of real estate. |
| Escrow account - The account in which a mortgage servicer holds
the borrower's escrow payments prior to paying property expenses. |
| Escrow analysis - The periodic examination of escrow accounts to
determine if current monthly deposits will provide sufficient funds to
pay taxes, insurance, and other bills when due. |
| Escrow collections - Funds collected by the servicer and set aside
in an escrow account to pay the borrower's property taxes, mortgage insurance,
and hazard insurance. |
| Escrow disbursements - The use of escrow funds to pay real estate
taxes, hazard insurance, mortgage insurance, and other property expenses
as they become due. |
| Escrow payment - The portion of a mortgagor's monthly payment
that is held by the servicer to pay for taxes, hazard insurance, mortgage
insurance, lease payments, and other items as they become due. Known as "impounds" or "reserves" in
some states. |
| Estate - The ownership interest of an individual in real property.
The sum total of all the real property and personal property owned by an
individual at time of death. |
| Eviction - The lawful expulsion of an occupant from real property. |
| Examination of title - The report on the title of a property from the
public records or an abstract of the title. |
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| F |
| Fair Credit Reporting Act - A consumer protection law that regulates
the disclosure of consumer credit reports by consumer/credit reporting
agencies and establishes procedures for correcting mistakes on one's credit
record. |
| Fair market value - The highest price that a buyer, willing but
not compelled to buy, would pay, and the lowest a seller, willing but not
compelled to sell, would accept. |
| Fannie Mae - A congressionally chartered, shareholder-owned company
that is the nation's largest supplier of home mortgage funds. |
| Fannie Mae's Community Home Buyer's Program - An income-based
community lending model, under which mortgage insurers and Fannie Mae offer
flexible underwriting guidelines to increase a low- or moderate-income
family's buying power and to decrease the total amount of cash needed to
purchase a home. Borrowers who participate in this model are required to
attend pre-purchase home-buyer education sessions. |
| Federal Housing Administration (FHA) - An agency of the U.S. Department
of Housing and Urban Development (HUD). Its main activity is the insuring
of residential mortgage loans made by private lenders. The FHA sets standards
for construction and underwriting but does not lend money or plan or construct
housing. |
| Fee simple - The greatest possible interest a person can have
in real estate. |
| FHA mortgage - A mortgage that is insured by the Federal Housing
Administration (FHA). Also known as a government mortgage. |
FHA LOANS (Federal Housing Administration) - FHA loans are available
to help people who can't necessarily afford a 10% down payment on their
new home. If approved, the Federal Housing Administration will cover up
to 97.75% of the purchase price, thus bringing the down payment to a low
3-5%.
Who Qualifies?
Luckily, you don't have to have squeaky clean credit to be approved. FHA approval
is dependent on your overall debt-to-income ratio. If your debt-to-income ratio
is below 41% there is a good chance you will qualify. However, if you live in
a city where even first-time buyers are paying over $180,000 for a house, your
chances of being approved are slim to none.
Current Maximum FHA Mortgage Limits:
Current Standard-cost limits:
FHA 203 (b) Floors
One-family: $81,548
Three-family: $126,103
Two-family: $104,329
Four-family: $256,731
Current High-cost limits:
FHA 203 (b) Floors
One-family: $160,950
Three-family: $248,887
Two-family: $205,912
Four-family: $309,337 |
| Finder's fee - A fee or commission paid to a mortgage broker for
finding
a mortgage loan for a prospective borrower. |
| First mortgage - A mortgage that is the primary lien against a
property. |
| Fixed-rate mortgage (FRM) - A mortgage in which the interest rate
does not change during the entire term of the loan. |
| Flood insurance - Insurance that compensates for physical property
damage resulting from flooding. It is required for properties located in
federally designated flood areas. |
| Foreclosure - The legal process by which a borrower in default
under a mortgage is deprived of his or her interest in the mortgaged property.
This usually involves a forced sale of the property at public auction with
the proceeds of the sale being applied to the mrotgage debt. |
| Fully amortized ARM - An adjustable-rate mortgage (ARM) with a monthly
payment that is sufficient to amortize the remaining balance, at the interest
accrual rate, over the amortization
term. |
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| G |
| Good faith estimate - An estimate of charges which a borrower
is likely to incur in connection with
a settlement. |
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| H |
| Hazard insurance - Insurance protecting against loss to real
estate caused by fire, some natural causes, vandalism, etc., depending
upon the terms of the policy |
| Housing ratio - The ratio of the monthly housing payment in total
(PITI - Principal, Interest, Taxes, and Insurance) divided by the gross
monthly income. This ratio is sometimes referred to as the top ratio or
front end ratio. |
| HUD - The U.S. Department of Housing and Urban Development. |
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| I |
| Index - A published interest rate to which the interest
rate on an Adjustable Rate Mortgage (ARM) is tied. Some commonly used indeces
include the 1 Year Treasury Bill, 6 Month LIBOR, and the 11th District
Cost of Funds (COFI). |
| Installment debt - The regular periodic payment that a borrower
agrees to make to a lender. ( i.e. car loans, student loans, etc.) This
does not include your mortgage payment. |
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| L |
Lien - An encumbrance against property for money due, either
voluntary or involuntary.
lifetime cap |
| Loan to value ratio (LTV) - The ratio of the amount of your loan
to the appraised value of the home. The LTV will affect programs available
to the borrower and generally, the lower the LTV the more favorable the
terms of the programs offered by lenders. |
| Lock-in - A written agreement guaranteeing the home buyer a specified
interest rate provided the loan is closed within a set period of time.
The lock-in also usually specifies
the number of points to be paid at closing. |
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| M |
| Margin - The number of percentage points a lender adds to
the index value to calculate the ARM interest rate at each adjustment period.
A representative margin would be 2.75%. |
| Mortgage - A legal document that pledges a property to the lender
as security for payment of a debt |
| Mortgage disability insurance - A disability insurance policy
which will pay the monthly mortgage payment in the event of a covered disability
of an insured borrower for a specified period of time. |
| Mortgage insurance (MI) - Insurance written by an independent mortgage
insurance company protecting the mortgage lender against loss incurred
by a mortgage default. Usually required for loans with an LTV of 80.01%
or higher. |
| Mortgagee - The person or company who receives the mortgage as a
pledge for repayment of the loan. The mortgage lender. |
| Mortgagor - The mortgage borrower who gives the mortgage as a pledge
to repay. |
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| N |
| Non-Conforming loan - Also called a jumbo loan. Conventional
home mortgages not eligible for sale and delivery to either Fannie Mae
(FNMA) or Freddie Mac (FHLMC) because of various reasons, including loan
amount, loan characteristics or underwriting guidelines. Non-conforming
loans usually incur a rate and origination fee premium.The current non-conforming
loan limit is ,601 and above. |
No Documetation Loans - A no-documentation or "no-doc" mortgage
is a product that certain lenders offer to borrowers which generally requires
a down payment of at least 5% to 30% or more of the home purchase price
or who generally have at least 25% equity in their home. Loan programs
featuring lower down payments (5-24%) are also available to borrowers with
excellent credit. No-doc mortgages are generally a wise choice for self-employed
people, those who do not wish to verify their income, and those with a
brief or blemished credit history, or no credit.
The benefits of a no-doc mortgage include a shorter application process since
you are not required to provide income, employment or asset documentation, as
well as a streamlined approval process through the lender because there is little
subsequent verification. However, no doc mortgages generally will be at slightly
higher interest rates and are offered by fewer lenders. |
| Note - A written agreement containing a promise of the signer to pay
to a named person, or order, or bearer, a definite sum of money at a specified
date or on demand. |
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| O |
| Origination fee - A fee imposed by a lender to cover certain processing
expenses in connection with making a real estate loan. Usually a percentage
of the amount loaned, such as one percent. |
| Owner financing - A property purchase transaction in which the
property seller provides all or
part of the financing. |
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| P |
| Planned Unit Developments (PUD) - A subdivision of five or more
individually owned lots with one or more other parcels owned in common
or with reciprocal rights in one or more other parcels. |
| PITI - Principal, interest, taxes and insurance--the components
of a monthly mortgage payment. |
| Points - Charges levied by the mortgage lender and usually payable
at closing. One point represents 1% of the face value of the mortgage loan. |
| Prepaids - Those expenses of property which are paid in advance
of their due date and will usually be prorated upon sale, such as taxes,
insurance, rent, etc. |
| Prepayment penalty - A charge imposed by a mortgage lender on
a borrower who wants to pay off part or all of a mortgage loan in advance
of schedule. |
| Principal - Amount of debt, not including interest. The face value
of a note or mortgage. |
Private mortgage insurance (PMI) - Insurance provided by nongovernment
insurers that protects lenders against loss if a borrower defaults. Fannie
Mae generally requires private mortgage insurance for loans with loan-to-value
(LTV) percentages greater than 80%.
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| Q |
| Qualifying ratios - The ratio of your fixed monthly expenses to
your gross monthly income, used to determine how much you can afford to
borrow. The fixed monthly expenses would include PITI along with other
obligations such as student loans, car
loans, or credit card payments. |
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| R |
| Rate cap - A limit on how much the interest rate can change, either
at each adjustment period or over the life of the loan. |
| Rate lock-in - A written agreement in which the lender guarantees
the borrower a specified interest rate, provided the loan closes within
a set period of time. |
| Rebate - Compensation received from a wholesale lender which can
be used to cover closing costs or as a refund to the borrower. Loans with
rebates often carry higher interest rates than loans with "points" (see
above). |
| Refinancing - The process of paying off one loan with the proceeds
from a new loan using the same property as security. |
| Residential mortgage credit report (RMCR) - A report requested
by your lender that utilizes information from at least two of the three
national credit bureaus and information provided on your loan application. |
| Revolving debt - A credit arrangement, such as a credit card, that allows
a customer to borrow against a pre-approved line of credit when purchasing
goods and services. The borrower is billed for the amount that is actually
borrowed plus any interest due. (i.e. your Visa, Master Card, American Express,
Discover cards + all of
your department store credit cards.) |
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| S |
| Seller carry back - An agreement in which the owner of a
property provides financing, often in combination with an assumed mortgage. |
| Survey - A print showing the measurements of the boundaries of
a parcel of land, together with the location of all improvements on the
land and sometimes its area and
topography. |
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| T |
| Tenants-in-common - An undivided interest in property taken by
two or more persons. The interest need not be equal. Upon death of one
or more persons, there is no right of survivorship. |
| Title - The evidence one has of right to possession of land. |
| Title insurance - Insurance against loss resulting from defects
of title to a specifically described parcel of real property. |
| Ttitle search - An investigation into the history of ownership
of a property to check for liens, unpaid claims, restrictions or problems,
to prove that the seller can transfer free and clear ownership. |
| Total debt ratio - Monthly debt and housing payments divided by
gross monthly income. Also known as Obligations-to-Income Ratio or Back-End
Ratio. |
| Truth-in-Lending Act - A federal law requiring a disclosure of
credit terms using a standard format. This is intended to facilitate comparisons
between the lending terms of different
financial institutions. |
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| V |
Veterans Administration (VA) - A government agency guaranteeing
mortgage loans with no down payment to qualified veterans.
|
VA Loans(Veteran Affairs) - Millions of military veterans and
service personnel are eligible for VA financing each year. Even if you
have already used VA loan benefits in the past, you may be able to use
remaining or restored loan entitlement to buy another home. This is an
excellent service benefit because it requires zero down payment in most
cases. VA buyers may also have all of their closing costs paid by the seller.
Loans generally may not exceed $203,000.
Who Qualifies?
• Veterans and service personnel with active duty service, that was not
dishonorable.
• Members of the Selected Reserve, including the National Guard, are eligible
until October 28,1999 when the expansion clause expires. (reservists will pay
a slightly higher funding fee.)
VA Loans can be used to purchase a home, build a home, improve a home, or refinance
a home.
Contact your VA regional office personnel for complete eligibility requirements. |
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