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Mortgage loans under which the interest
rate is periodically adjusted to more closely coincide are agreed to at the
inception of the loan. |
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The use of pay stubs, W-2 forms, and bank
statements in lieu of Verifications of Employment (VOE) and Verifications of
Deposit (VOD) to qualify a borrower for a mortgage. |
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The systematic and continuous payment of
an obligation through installments until the debt has been paid in full. |
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A term used in the Truth-in-Lending Act
to present the percentage relationship of the total finance charge to the
amount of the loan. The APR reflects the cost of the mortgage loan as a
yearly rate. It could be higher than the interest rate stated on the Note
because it includes, in addition to the interest rate, loan discount points,
miscellaneous fees and mortgage insurance. |
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A report made by a qualified person
setting forth an opinion or estimate of property value. (Appraisal also
refers to the process through which a conclusion on property value is
derived.) |
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The fair market value of a home
determined by an independent appraisal. The appraisal uses local real estate
market sales activity as a major basis for valuation. |
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An increase in the value of a property
due to market conditions or other causes. The opposite is depreciation. |
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A fixed-rate mortgage for a set number of
years and then must be paid off in full in a single "balloon"
payment. Balloon loans are popular with borrowers expecting to sell or
refinance their property within a definite period of time. |
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Legal relief from the payment of all
debts after the surrender of all assets to a court-appointed trustee. Assets
are distributed to creditors as full satisfaction of debts, with certain
priorities and exemptions. A person, firm or corporation may declare
bankruptcy under one of several chapters of the U. S. Bankruptcy Code: Chapter
7 covers liquidation of the debtor's assets; Chapter 11 covers reorganization
of bankrupt businesses; Chapter 13 covers payment of debts by individuals
through a bankruptcy plan. |
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The limit placed on adjustments that can
be made to the interest rate or payments such as the annual cap on an
adjustable rate loan (ARM) or the cap on a rate over the life of the loan. |
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To refinance the mortgage on a property
for more than the principal owed. This allows the borrower to get cash from
the equity in their home. Loan products may vary on how much can be borrowed
on a cash-out refinance. |
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Also known as settlement, the
finalization of the process of purchasing or refinancing real estate. The
closing includes the delivery of a Deed, the signing of Notes and the
disbursement of funds |
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Costs that are
due at closing, in addition to the purchase price of the property. These
costs normally include, but are not limited to, origination fee, discount
points, attorney's fees, costs for title insurance, surveys, recording
documents, and prepayment of real estate taxes and insurance premiums held by
the lender. Sometimes the seller will help the borrower pay some of these
costs. |
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An accounting of the debits and credits
incurred at closing. All FHA, VA and Conventional financing loans use a
Uniform Closing or Settlement Statement commonly referred to as the HUD-1. |
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The Constant Maturity Treasury (CMT) is
published by the Federal Reserve Board based on the average yield of a
variety of Treasury securities adjusted to a one-year maturity. The CMT is
offered as an index for setting rates on adjustable rate mortgage programs. |
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A party who signs the mortgage note along
with the primary borrower, and who also shares title to the subject real
estate. |
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Property pledged as security for a debt.
For example, real estate that secures a mortgage. Collateral can be
repossessed if the loan is not repaid. |
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The mathematical relationship between the
total of all loan amounts (first mortgage plus subordinate liens) and the
value of the subject property. |
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This act requires financial institutions
to meet the credit needs of their community, including low and
moderate-income sections of the local community. It also requires banks to
make reports concerning their investment in the areas where they do business. |
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A form of property ownership in which the
homeowner holds title to an individual dwelling unit, an undivided interest
in common areas of a multi-unit project, and sometimes the exclusive use of
certain limited common areas. All condominiums must meet certain investor
requirements. |
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A loan with a mortgage amount that does
not exceed that which is eligible for purchase by FNMA or FHLMC. All loans
are considered either as conforming or
non-conforming, also known as jumbo. |
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A mortgage loan not insured or guaranteed
by the federal government. |
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Options to convert an adjustable rate
mortgage or balloon loan to a fixed rate mortgage under specified conditions. |
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A party who signs the mortgage note along
with the borrower, but who does not own or have any interest in the title to
the property. |
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A person to whom debt is owed by another
person who is the "debtor". |
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A rating given a person or company to
establish credit-worthiness based upon present financial condition,
experience and past credit history. |
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A document completed by a
credit-reporting agency providing information about the buyer's credit cards,
previous mortgage history, bank loans and public records dealing with
financial matters. |
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An Underwriters review of certain aspects
of a loan application that do not meet standard guidelines. |
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Compares the amount of monthly income to
the amount the borrower will owe each month in house payment (PITI) plus
other debts. The other debts may include but not limited to car payment,
credit cards, alimony, child support, and personal loans. This ratio is
commonly used to see if the borrower has the capacity to repay the debt. |
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A legal document that conveys title to
real estate to a disinterested third party (trustee) who holds the title
until the owner of the property has repaid the debt. In states where it is
used, a Deed of Trust accomplishes essentially the same purpose as a
Mortgage. |
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Failure to comply with the terms of any
agreement. In real estate, generally used in connection with a mortgage
obligation to refer to the failure to comply with the terms of the Promissory
Note. Most often this default is a failure to make payments,
however, there are other means by which a borrower may default, such as the
failure to pay real estate taxes. |
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A decline in the value of property. The
opposite of appreciation. |
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A percentage of the loan amount which is
charged or credited by the lender upon making a mortgage loan. Loans that are
made at the present market rate, with no points, are considered to be made at
"par." Because of the lender's ability to charge or credit points on
an individual loan, the lender is able to tailor a loan program and interest
rate to fit the needs of each individual borrower. Discount points can be
negotiated in the Purchase Contract to be paid by either the seller or the
borrower. Each point equals 1% of the mortgage
loan. For example, a charge of 1 point on a $50,000 loan would result in a
charge of $500; 1/2 point would be $250 ($50,000 x .50%). |
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The part of the purchase price which the
buyer pays in cash and does not finance with a mortgage. |
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Deposit made by a purchaser of real
estate as evidence of good faith. |
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Also known as Regulation B. A federal law
that prohibits a lender from discriminating in mortgage lending on the basis
of race, color, religion, national origin, sex, marital status, age, income
derived from public assistance programs, or previous exercise of Consumer
Credit Protection Act rights. |
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The difference between the current market
value of a property and the principal balance of all outstanding loans. |
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An account held by the lending
institution to which the borrower pays monthly installments for property
taxes, insurance, and special assessments, and from which the lender
disburses these sums as they become due. |
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Regulated the collection and distribution
of information by the consumer credit reporting industry. It also affects how
financial institutions collect and convey credit information about loan
applicants or borrowers. |
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Prohibits the denial or variance of the
terms of real estate related transactions based on race, color, religion,
sex, national origin, disability, or familiar status of the credit applicant.
Real estate related transactions include a mortgage, home improvement, or other
loans secured by a dwelling. |
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Also known as Freddie Mac. A publicly
owned corporation created by Congress to support the secondary mortgage
market. It purchases and sells conventional residential mortgages as well as
residential mortgages insured by the Federal Housing Administration (FHA) or
guaranteed by the Veterans Administration (VA). |
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Also known as Fannie Mae. A privately
owned corporation to support the secondary mortgage market. It adds liquidity
to the mortgage market by investing in home loans through the country. |
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A credit score given to a person that
establishes creditworthiness based on present financial condition, experience
and past credit history. |
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The cost of credit as a dollar amount
(i.e. total amount of interest and specific other loan charges to be paid
over the term of the loan and other loan charges to be paid by the borrower
at closing). Loan charges include origination fees, discount points, mortgage
insurance, and other applicable charges. If the seller pays any of these
charges, they cannot be included in the finance charge. |
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A summary of facts showing an
individual's or company's financial condition. For
individuals, it states their assets and liabilities as of a given date. For a
company it should include a Profit and Loss Statement (P&L) for a certain
period of time and balance sheet, stating assets and liabilities as of a
given date. |
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A real estate loan that creates a primary
lien against real property. |
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In association with an Adjustable Rate
Mortgage loan, this is the number of months after which the loan has closed
when the first interest rate adjustment will occur. |
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In association with an Adjustable Rate
Mortgage loan, this is the most the interest rate can decrease during the
first adjustment period. |
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In association with an Adjustable Rate
Mortgage loan, this is the most the interest rate can increase during the
first adjustment period. |
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The type of loan where the interest rate
will not change for the entire term of the loan. |
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The term used when a purchaser elects not
to lock-in an interest rate at the time of application. |
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Insurance that compensates for direct
physical damages by or from flood to the insured property subject to the
terms, provisions, conditions and losses not covered provision of the policy.
It is required for mortgages on properties located in federally designated
flood areas. |
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An estimate of settlement charges paid by
the borrower at closing. The Real Estate Settlement Procedures Act (RESPA)
requires a Good Faith Estimate of settlement charges be provided to the
borrower. |
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A letter or affidavit that indicates that
part of a borrower's down payment is supplied by relatives or friends in the
form of a gift and that the gift does not have to be repaid. |
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A person's income before deduction for
income taxation. |
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Insurance against losses caused by perils
which are commonly covered in policies described as a "Homeowner
Policy". |
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Costs associated with maintaining a home.
This may include, but not limited to, general repairs, replacement or repair
of furnace, air conditioning, roof, plumbing and electrical systems. |
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Also known as Regulation C. The purpose
of HMDA is to provide disclosure of mortgage lending application activity
(home purchase or improvement) to regulators and the public. Information is
collected on each application, and is recorded on a log that is compiled to
produce a report on application activity by geographic designation (census
tract). |
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A non-profit corporation or association
that manages common areas and services of a Condominium or Planned Unit
Development (PUD). |
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Insurance that covers damage to the insureds' residence and liability claims made against the
insured subject to the policy terms, conditions, provisions, losses not
insured provision and exclusions. |
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Ratio used to determine the borrowers
capacity to repay a home loan. The ratio compares monthly income to the house
payment (Principal, Interest, Taxes and Insurance). |
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In connection with ARM loans, the
external measurement used by a Lender to determine future changes which are
to occur to an adjustable loan program. These will typically be published
rates that are independent of the Lender's control, such as a Treasury Bill. |
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The beginning interest rate at the start
of an adjustable rate mortgage (ARM). It may be lower than the fully indexed
rate or "going market rate" and it will remain constant until it is
adjusted up or down on the adjustment date. |
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1.
The amount paid by a borrower to a lender for the use
of the lender's money for a certain period of time. 2.
The amount paid by a bank on some deposit accounts. |
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The potential income from funds which
would have been used for the down payment, closing costs, and any difference
(increase) between monthly rental payment and monthly mortgage payment. |
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The percentage of an amount of money that
is paid for its use for a specific time; usually expressed as an annual
percentage. |
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Decree of a court declaring that one
individual is indebted to another and fixing the amount of such indebtedness. |
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A loan above the limit set by the Federal
National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage
Corporation (Freddie Mac). Also referred to as a non-conforming loan. |
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An additional charge a borrower is
required to pay as a penalty for failure to pay a regular mortgage loan
installment when due; a penalty for a delinquent payment. |
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LIBOR is an abbreviation for the
"London Interbank Offered Rate," and is
the interest rate offered by a specific group of |
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A legal claim against a property that
must be paid off when the property is sold. A lien is created when you borrow
money and use your home as collateral for the loan. |
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In association with an Adjustable Rate
Mortgage loan, this is the most the interest can decrease over the life of
the mortgage loan. |
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In association with an Adjustable Rate
Mortgage loan, this is the most the interest can increase over the life of
the mortgage loan. |
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A source of information on which the
lender bases a decision to make or not make a loan; defines the terms of the
loan contract, gives the names of the borrower(s), place of employment,
salary, bank accounts, credit references, real estate owned, and describes
the property to be mortgaged. |
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The amount of remaining unpaid principal
balance owed by the borrower. |
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Number of years a loan is amortized.
Mortgage loan terms are generally 15, 20, or 30 years. |
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The ratio of the total amount borrowed on
a mortgage against a property, compared to the appraised value of the
property. A LTV ratio of 90 means that the borrower is borrowing 90% of the
value of the property and paying 10% as a down payment. For purchases, the
value of the property is the lesser of the purchase price or the appraised
value. For refinances the value is determined by an appraisal. |
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The ratio, expressed as a percentage, of
the amount of the loan (numerator) to the value or selling price of real
property (denominator). For example, if you have an $80,000 1st mortgage on a
home with an appraised value of $100,000, the LTV is 80% ($80,000 / $100,000
= 80%). |
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A written agreement between the lender
and borrower for a specified period of time in which the lender will hold a
specific interest rate, origination and/or discount point(s). |
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Under the terms of an adjustable rate
mortgage (ARM), the margin is a set adjustment to the index. The particular
loan product determines the amount of the margin. |
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The middle income level. Half of the
incomes would be higher than the median income and half of the incomes would
be below the median income. This is not to be confused with an average
income. |
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The written instrument used to pledge a
title to real estate as security for repayment of a Promissory Note. |
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Insurance written in connection with a
mortgage loan that indemnifies the lender in the event of borrower default.
In connection with conventional loan transactions, this insurance is commonly
referred to as Private Mortgage Insurance (PMI). |
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A written promise to pay a sum of money
at a stated interest rate during a specified term. It is typically secured by
a mortgage. |
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Controlling the necessary duties of a
mortgagee, such as collecting payments, releasing the lien upon payment in
full, foreclosing if in default, and making sure the taxes are paid,
insurance is in force, etc. The lender or a company acting for the lender,
for a servicing fee, may do servicing. (Also called Loan Servicing.) |
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The institution, group, or individual
that lends money on the security of pledged real estate; the association, the
lender. |
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This is the clause that is typically used
for hazard insurance and flood insurance. For loans originated by the State
Farm Bank® it will read: State Farm Bank, F.S.B., Its Successor and/or
Assigns, |
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The owner of real estate who pledges his
property as security for the repayment of a debt; the borrower. |
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The difference between effective gross
income and expense including taxes and insurance. The term is qualified as
net income before depreciation and debt. |
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A loan with a mortgage amount that
exceeds that which is eligible for purchase by FNMA or FHLMC. All other loans
above this amount are considered to be non-conforming or jumbo loans. |
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Property purchased by a borrower not for
a primary residence but as an investment with the intent of generating rental
income, tax benefits, and profitable resale. |
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A written promise by one party to pay a
specific sum of money to a second party under conditions agreed upon
mutually. Also called "promissory note." |
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The interest rate on the mortgage loan. |
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A fee paid to a lender for processing a
loan application; it is stated as a percentage of the mortgage amount. |
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Process in which a
lender solicits business, gathers required information and commits to loan
money, for the purchase of real estate. |
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The borrower or a member of the immediate
family lives in the property as a primary residence. |
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Term commonly used to refer to a mortgage
loan payment. Acronym stands for Principal, Interest, Taxes, and Insurance. |
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Compares the amount of the monthly income
to the amount the borrower will owe each month in principal, interest, real
estate tax and insurance on a mortgage. Lenders use it in deciding whether to
give the borrower a loan. Also called "income-to-debt" ratio. |
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A housing project that may consist of any
combination of homes (one-family to four-family), condominiums, and various
other styles. In a PUD, often the individual unit and the land upon which it
sits are owned by the unit/homeowner; however, the homeowner's association
owns common facilities. |
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A process in which a customer provides
appropriate information on income, debts and assets that will be used to make
a credit only loan decision. The customer typically has not identified a
property to be purchased, however, a specific sales price and loan amount are
used to make a loan decision. (The sales price and loan amount are based on
customer assumptions) |
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A process designed to assist a customer
in determining a maximum sales price, loan amount and PITI payment they are
qualified for. A pre-qualification is not considered a loan approval. A
customer would provide basic information (income, debts, assets) to be used
to determine the maximum sales price, etc. |
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The term used to describe the funds the
Lender requires to be deposited to establish the escrow account for taxes and
insurance at the time of closing (also refers to Prepaid Interest). |
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Interest that the borrower pays the
lender before it becomes due. |
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A loan repayment made in advance of its
contractual due date. |
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A penalty under a Note, Mortgage or Deed
of Trust imposed when the loan is paid before its maturity date. |
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Two components of a monthly mortgage
payment. Principal refers to the portion of the monthly payment that reduces
the remaining balance for the mortgage. Interest is the fee charged for
borrowing money. |
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The outstanding balance of a mortgage,
not counting interest. |
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The total mortgage payment which includes
principal, interest, taxes and insurance. |
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Insurance against a loss by a lender in
the event of default by a borrower (mortgagor). A private insurance company
issues this insurance. The premium is paid by the borrower and is included in
the mortgage payment. |
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Gathering the loan application and all
required supporting documents (including the property appraisal, credit
report, credit history, and income and expenses) so that a lender can
consider the borrower for a loan. |
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A document in which the borrower promises
to pay a stated amount on a specific date. The note normally states the name
of the lender, the terms of payment and any interest rate. |
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Taxes assessed on real estate. Property
taxes are based on valuations by local and or state governments. |
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A written agreement between a buyer and
seller of real property, that states the price and
terms of the sale. |
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The total amount paid for a home. |
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Income analysis used by lenders in
deciding whether to offer the borrower a loan. One type of analysis compares
only the amount of the proposed monthly mortgage payment to the monthly
income. Another compares the amount of the total monthly payments (for
example car, credit card and proposed mortgage payments) to the monthly
income. |
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An index used to adjust the interest rate
of an adjustable mortgage loan. |
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Percentage increase in the value of real
estate, expressed at an annual rate. |
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A consumer protection law that requires,
among other things, lenders to give borrowers advance notice of closing
costs. |
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A person licensed to negotiate and
transact the sale of real estate on behalf of the property owner. A real
estate broker or associate must hold active membership in a real estate board
affiliated with the National Association of Realtors. |
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The amount paid to the recorder's office
in order to make a document a matter of public record. |
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Federal Reserve regulation issued under
the Truth-in-Lending Act, which, among other things, requires that a credit
purchaser be advised in writing of all costs connected with the credit
portion of the loan. |
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A payment made to use another's property.
The amount of the rent is determined in a contract and is typically paid
monthly. |
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Insurance against perils which are
commonly covered in policies described as a "Renters Policy". |
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The payment of a mortgage loan over a
period of time established when the loan is originated. |
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To avoid or cancel in such a way as to
treat the contract or other object of the rescission as if it never existed. |
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A written agreement between parties
stating all terms and conditions of a sale. |
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The interest rate a person expects to
earn on a savings account or investment account. |
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An informal market where existing
mortgages are bought and sold. It is the traditional aftermarket for mortgage
loans that brings together lenders that sell mortgages with lenders,
investors and agencies that buy mortgages. |
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The seller may be paying some or all of
the borrower's cost. The amount of the contribution has limitations. |
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The costs incurred in selling a home.
This could include Realtor expenses and other miscellaneous expenses such as
painting or minor repairs to prepare the home for sale. |
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All the management and operational
procedures that the mortgage company handles for the life of the loan, up
through foreclosure if necessary, including: collecting the mortgage
payments, ensuring that the taxes and insurance charges are paid promptly,
and sending an annual report on the mortgage and escrow accounts. |
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A stipulation in the agreement for the
sale of mortgages in which the Lender is not responsible for servicing the
loan. |
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A loan sale in which the original
lender's servicing department continues to service the loan after the sale to
a secondary institution or investor. |
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Also referred to as a HUD-1 Settlement
Statement. The complete breakdown of costs involved in the real estate
transaction for both the seller and buyer. |
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A single-family dwelling that is attached
to other single-family dwellings. |
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A freestanding dwelling for a single
family |
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A measurement of land, prepared by a
registered land surveyor, showing the location of the land with reference to
known points, its dimensions and the location and dimensions of any
improvements. |
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An additional lien against the real
estate securing borrowers first mortgage. This lien
takes second priority to the first mortgage. |
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In association with an Adjustable Rate
Mortgage loan, this is the most the interest rate can decrease when it is
scheduled for reevaluation and possible adjustment. |
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In association with an Adjustable Rate
Mortgage loan, this is the most the interest rate can increase when it is
scheduled for reevaluation and possible adjustment. |
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In association with an Adjustable Rate
Mortgage loan, this is the date scheduled for the next possible payment
adjustment. |
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In association with an Adjustable Rate
Mortgage loan, this is the frequency in which possible adjustments may be
made to the interest rate amount for Adjustable Rate Mortgages after the
initial adjustment. |
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Tax levied by the federal government and
some states based on a person's income. Federal income tax rates vary
depending on a person's adjusted gross income. |
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The amount saved on taxes by itemizing
deductions on income tax returns. |
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The evidence to the right to or ownership
in property. In the case of real estate, the documentary evidence of
ownership is the title deed, which specifies in whom the legal state is
vested and the history of ownership and transfers. Title may be acquired through
purchase, inheritance, devise, gift or through the
foreclosure of a mortgage. |
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A contract by which the insurer, usually
a title company, indicates who has legal title and agrees to pay the insured
a specific amount of any loss caused by clouds, claims or defects of title to
real estate, which the insured has an interest as owner, mortgagee or
otherwise. |
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Interest bearing U.S. Government
obligations sold at a weekly sale. The change in interest rates paid on these
obligations is frequently used as the Rate Index for Adjustable Mortgage
Loans. |
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The name given to the federal statues and
regulations (Regulation Z) which are designed primarily to insure that
prospective Borrowers of credit received credit and cost information before
concluding a loan transaction. |
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The process of evaluating a loan
application to determine the risk involved for the lender. It involves an
analysis of the borrower's creditworthiness and the quality of the property
itself. |
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Form used in mortgage lending to verify
the deposits or assets of a prospective borrower when monthly statements are
unavailable or unusable. |
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Form used in mortgage lending to verify
the employment and income of a prospective borrower when pay stubs and W2
forms are unavailable or unusable. |
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Form used in mortgage lending to verify
the existing mortgage balance, monthly payments and late payments, if any. |
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Form used in mortgage lending to verify
monthly rents paid and late payments, if any. |