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REAL ESTATE AND MORTGAGE TERMS:
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- The number of percentage points the lender adds to the index
rate to calculate the adjustable rate mortgage (ARM) interest
rate at each adjustment.
- The most likely price a given property will bring if widely
exposed on the market, assuming fully informed buyer and seller.
- A title that is free and clear of objectionable liens, clouds
or other title defects. Atitle which enables an owner to sell
his property freely to others and which others will accept without
objection.
- The management process through which efforts to conceive,
develop and deliver goods and services are integrated to satisfy
the needs and wants of selected customers as a means of achieving
company objectives.
- The price paid for a property; the amount of money that must
be given or which can be obtained at the market in exchange
under the immediate conditions existing at a certain date. To
be distinguished from market value.
- The higest price estimated in terms of money which a buyer
would be warranted in paying and a seller justified in accepting,
provided both parties were fully informed, acted intelligently
and voluntarily and, further, that all the rights and benefits
inherent in or attributable to the property were included in
the transfer.
- A lien created by statute for the purpose of securing priority
of payment for the price or value of work performed and materials
furnished in construction or repair of improvements to land.
- False statement made to or concealment of knowledge from another
party with the intent to provoke action from that party.
- A lien or claim against real property given as security for
a loan. It is a two party agreement as apposed to the three-party
agreemenet of a deed of trust.
- A professional that helps consumers through the loan selection,
processing and closing of a mortgage loan. Most mortgage brokers
have access to a wide range of mortgage products through many
mortgage lenders. Mortgage brokers are paid a fee by the borrower
when a suitable mortgage is found and closed.
- A written notice from the bank or other lending institution
saying it will advance mortgage funds in a specified amount
to enable a buyer to purchase a house.
- The lender of money or the receiver of the mortgage document.
- Insurance required for a loan-to-value ratio above 80.01%.
- Financial intermediaries that orginate mortgage loans through
loan officers or independent mortgage brokers and sell the mortgages
into the secondary mortgage market.
- The document outlining the amount of the debt, the terms and
payments, the interest rate, margins and caps for ARMs, the
name of the lender and the borrower, and any other material
item required by the lender.
- A funding facility, such as a commercial bank, that is used
by mortgage companies to fund loans which are sold to an investor
shortly thereafter. The mortgage notes are used as collateral
for this interim financing.
- The borrower of money or the giver of the mortgage document.
- A means of making possible the orderly dissemination and correlations
of listing information to its members so that REALTORS may better
serve the buying and selling public.
GLOSSARY:
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