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REAL ESTATE AND MORTGAGE TERMS:
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- Mortgage covering both real and personal property.
- A mortgage, deed of trust or land contract which is given
instead of cash.
- The legal rule which prevents previous oral or written negotiations
to a signed contract from changing the contract.
- A release of a portion of property covered by a mortgage.
- A mortgage on completed construction on the same property
under one mortgage or trust deed.
- Property which is movable. All property is either personalty,
realty or mixed.
- A term that is frequently used when physical deterioration
is intended. In a broad concept it may relate to those elements
contributing to depreciation that are existent or inherent in
the physical property itself, as distinguished from other and
external circumstances that may influence its utilization. Not
a clear or proper them without qualification and explanation.
- Abbreviation for principal, interest, taxes and insurance,
often combined in a single monthly mortgage payment.
- A map or chart of a lot, subdivision or community, showing
boundary lines, buildings and easements.
- Abbreviation for private mortgage insurance: insurance issued
by a company, which insures the lender against loss in the event
that the borrower defaults on the mortgage.
- Origination fees charged by the originating lender or broker
and/or discount fees charge by lenders to increase the overall
yield. A point is equal to one percent of the principal amount
of your mortgage.
- Loans held as an investment by a bank, savings and loan or
credit union.
- A written instrument authorizing a person to act as teh agent
of the person granting it, and a general power authorizing the
agent to act generally in behalf of the principle. A special
power limits the agent to a particular or specific act as: a
landowner may grant an agent special power of attorney to convey
a single and specific parcel of property. Under the provisions
of a general power of attorney, the agent having the power may
convey any or all property of the principal granting the general
power of attorney..
- Prepaid interest is the interest charged to borrowers at loan
closing to pay for the cost of borrowing for a partial month.
For example, if a loan closes on the 15th of the month and the
first payment is due 45 days later, the lender will charge 15
days of prepaid interest.
- Prorations of prepaid items of expense which are credited
to the seller in the closing statement.
- Full payment of the principal before the due date; occurs
when a property is sold or the borrower refinances the existing
loan.
- Charge levied by the lender for paying off a mortgage loan
before its maturity date.
- The process of obtaining a real estate loan, including the
consumer's completion of a loan application form, validation
of the credit and property information, loan underwriting by
the lender and closing of the mortgage loan.
- Considered the permanent location of residency.
- 1) The outstanding balance of a loan. 2) A party to a real
estate transaction. 3) The head of a real estate firm.
- Insurance which covers the portion of a mortgage loan above
80% thereby reducing the lenders risk to principal loss in the
event of a borrowers default. The insurance coverage allows
lenders to make higher loan-to-value ratios (95% LTV).
- Charges for the lender's services associated with making the
loan.
- The rights of ownership. The right to use, possess, enjoy,
and dispose of a thing in every legal way and to exclude everyone
else from interfering with these rights. Property is generally
calssified into two groups, personal property and real property.
- A tax levied by the local municipality or county on real and
personal property.
- The allocation of expenses, such as taxes between buyer and
seller at closing based on the number of days the property is
owned during the month of closing.
- To divide in proportionate shares, such as taxes, insurance,
rent, or other items.
- A housing development where there is a homeowners association
and common areas owned by the homeowners.
- A mortgage used to finance the purchase of real property.
GLOSSARY:
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