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All-inclusive Trust Deed
Overriding trust deed; A financing tool where a lender assumes payments on
an existing mortgage or trust deed and takes from the borrower a trust deed
with a face value in an amount equal to the amount due on the old instrument
and the additional amount of money borrowed.
Amortization
A financial obligation paid in installments; An amortized loan includes
both principal and interest, usually due monthly, resulting in complete payment
of the amount borrowed, with interest, by the end of the loan term.
Annual Percentage Rate (APR)
The cost of credit including interest, loan fees and discount points
stated as an annual percentage.
Appraisal
A licensed appraiser抯 estimate of a property抯 monetary value
on the open market; Justifies the contract purchase price.
Arrearages
The total delinquent principal, interest, taxes and insurance owed.
Balloon Payment
An installment payment on a loan that is usually a larger payment and
due on a specified date.
Bond
Real Estate Bond. An obligation issued on security of a mortgage or
trust deed.
Cap
A limit on interest rate fluctuation on an adjustable rate.
Certificate of Reasonable Value
Property appraisal necessary for a VA-guaranteed loan.
Certificate of Redemption
Certificate issued by the county tax collector verifying payment of all
past due obligations.
Chattel Mortgage
Using personal property to guarantee a promissory note.
Closing
The ending of a real estate transaction resulting in title and fund conveyance.
Closing Costs
Expenses resulting from the closing of a real estate mortgage loan.
Closing Statement
Also known as a HUD-1 statement. Provides a listing of all funds payable
at closing.
Cloud on Title
Encumbrance which affects the title marketability.
Compound Interest
Interest payable on the principal loan amount and accrued interest.
Conventional Loan
A secured loan that is not insured by FHA and VA loans.
Cost Approach
An Appraisal method to determine market value calculated by adding value
less depreciation to the replacement value.
Deed
A legal document conveying title to real property.
Debt to Income Ratio
Ratio comparing total monthly obligations, including home loan payments,
to total monthly gross income.
Discount Points
Fee charged by the lender to decrease the interest rate on a loan.
Due on Sale Clause
Mortgage provision stating that the entire note balance is due if the
borrower sells the property.
Easement
The right and use to a specific piece of land owned by someone else.
Encroachment
A property improvement that unlawfully intrudes on another抯
property.
Equity
Calculated by subtracting the balance owed on a home from the market
value.
Escrow
The holdings of documents or funds by a neutral third party on the behalf
of the borrower pending the closing of a loan or payment of real estate taxes,
insurance and any such agreements of a contract.
Escrow Impounds
Money paid at loan settlement and with monthly loan payments for the
purpose of paying future real estate taxes and homeowners insurance.
Escrow Waiver
The borrower抯 request to not pay taxes and insurance through
impounds. Equity positions play a role in the decision.
Fair Credit Reporting Act
Law protecting consumers that establishes procedures to correct errors
on credit reports and gives consumers specific rights in dealing with credit
reporting agencies.
Fannie Mae (FNMA)
The Federal National Mortgage Association. It purchases, sells and guarantees
conventional, VA or FHA mortgages.
Federal Home Loan Mortgage Corporation (FHLMC)
Purchases conventional mortgage loans in the secondary mortgage market.
Federal National Mortgage Association (FNMA)
Purchases mortgage loans from primary lenders in the secondary mortgage
market.
Federal Truth In Lending Act
Requires disclosures about terms and costs intended to give consumers
cost vs. credit comparisons.
FHA
Federal Housing Authority. Provides home loan insurance for FHA loans.
Fico Score
Enables a credit grantor to identify credit prospects with the best credit
opportunities.
Fixed Rate Mortgage
The interest rate on a loan that remains constant throughout the entire
term.
Floating Interest Rate
The interest on a loan before it is guaranteed by a lender.
Gift Letter
A signed letter or statement from an individual providing a cash gift
to a borrower in order to qualify for a loan. The letter or statement states
that the cash gift does not have to be repaid.
Ginnie Mae
Government National Mortgage Associations works with FHA facilitating
efficient secondary market activities for federally insured or guaranteed
mortgages.
Graduated Payment Mortgage (GPM)
A mortgage based on payments that will be increased over time dependent
on a predetermined schedule.
Gross Income Multiplier
Using the gross annual income of a property to calculate an estimate
of a property抯 value.
Good Faith Estimate
A document prepared by the lender showing borrowers the estimated cost
they will incur payable at closing.
Hazard Insurance
Insurance policy placed on property improvements that covers damage by
fire or other natural disasters.
HUD
The United States Department of Housing and Urban Development. Responsible
for all facets of the federal housing and urban development programs.
Index
A factor used to calculate the interest on an adjustable rate mortgage.
Inheritance Taxes
Taxes on real and personal property received through an inheritance.
Jumbo Loan
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