A written history of the property title from its origin to the present.
The amount of interest due since the last payment.
A mortgage in which the interest rate changes periodically according to
a predetermined index.
A written document by which a Buyer agrees to buy and a Seller agrees
to sell a property.
The payment of a debt in equal installments that results in the retirement
of the debt.
A list of each payment due on a mortgage loan, which shows the amount
applied to the principal,
the amount applied to interest, and the remaining principal balance.
A percentage of the amount of the home loan that represents the total
annual cost of the loan,
including finance charges.
The forms used and the process of asking for a home loan.
The report made by a qualified person, in which he gives his opinion as
to the value of a property.
An increase in the value of real estate (property).
A statement of assets, liabilities and net worth.
A mortgage with monthly payments that are made for a certain period of
time, at the end of which,
the remaining balance is due.
A limit on the maximum that interest rates can rise on a variable-rate
mortgage (ARM) during a
specified period and over the life of the loan.
The conclusion of the transfer of ownership on a property.
Costs associated with the transfer of ownership of a property.
A report carried out by a credit reporting agency and used by the lender
to determine whether an
applicant is eligible for credit.
In some states, the instrument used in place of a mortgage.
The loss of value in real estate (property).
A single charge imposed by the lender to adjust the interest rate of the
loan to the required yield.
The portion of the amount for the purchase of real estate that is given
in cash and in advance by
the borrower.
The deposit made by the person buying a property to a third agency, which
is held in escrow until
the transaction is completed.
An item of value, money, or documents deposited with a third party to
be delivered upon the
fulfillment of a condition; i.e., the deposit of funds or documents with
an attorney or escrow agent
to be disbursed upon the closing of a sale of real estate.
A mortgage having priority over all other liens.
Homeowner’s (or Hazard) Insurance
An insurance policy whereby, for a premium, an insurer agrees to insure
a property in case of a
loss.
Itemizes the charges to the buyer and the seller, and shows how the money
gets paid out.
The percentage of an amount of money that is paid for the use of that
money over a period of
time.
A judgment by the court and placed as a lien against a property.
The relationship between the value of property and the loan amount.
The percentage a lender adds to the index rate to determine the new interest
rate.
Insures the lender against loss caused by the borrower´s failure
to make the payments.
A fee charged by a lender to cover the cost of the process of making a
mortgage loan.
A point is equal to 1 percent of the amount of the loan.
The amount of a debt.
An instrument that discharges a lien.
Process of paying off one loan with the proceeds from a new loan using
the same property
as security
Real Estate Settlement and Procedures Act. A law that requires the lender
to disclose information
to the borrower, including a Good Faith Estimate (GFE) of the borrower’s
closing costs.
A lien against a property for unpaid taxes.
The period of time over which a loan is paid.
Evidence that establishes ownership of a property.
A policy which protects the lender in the event of a loss due to a defect
in the Title. The owner´s
policy protects the owner in this same way.
Outlines the costs of a loan and discloses the APR and other terms of
the loan, including the
finance charge, the amount financed, the payment amount, and the total
payments required. The
lender is required to present the final version of a TIL disclosure at
or prior to the closing meeting.
An instrument given by the borrower to a third person (the trustee) vesting
title to the property in
the trustee’s name as security for the borrower´s payment
of the mortgage loan.
The risk analysis of a borrower´s loan application.
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