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| A mortgage loan in which the interest rate changes from time to time, corresponding to fluctuations in an index. |
| A table of mortgage loan payments, showing how the loan balance will eventually be paid off. A certain portion of each payment goes to interest and a certain portion goes to principal. The table shows how the portion going towards principal will increase over time. |
| A value created by a government formula, to indicate the true annual cost of borrowing, expressed as a percentage. |
| The fair market value of a property, based on an appraiser's analysis. |
| An individual qualified to estimate the value of real property. |
| The increase in the value of a property. |
| Value placed on a property by a public tax assessor, for the purpose of taxation. |
| A mortgage that can be assumed (assume payments) by a qualified buyer. |
| A mortgage where, at a specified time, the remaining balance is due in one single payment. |
| A legal proceeding by which an individual is relieved of debts, or allowed to restructure debts. |
| One who acts as an agent, bringing parties together for a transaction, and earning a fee for doing so. In Real Estate, a Broker is one who has achieved a required level of education and experience, and oversees Agents. |
| Referring to a lump sum payment made in advance on a fixed rate mortgage, which allows a lower interest rate for a set period of time, resulting in lower monthly payments. This may be offered by the seller, or the lender, to help a buyer qualify for financing. |
| A limit set on Adjustable Rate Mortgages. ARM's have a fluctuating interest rate, but there is usually a limit to how much the loan may adjust. |
| A certificate from the Veterans Administration, showing a veteran's eligibility for a VA loan. |
| When an appraisal is performed on a property to be purchased with a VA loan, the Veterans Administration will issue a CRV. |
| A title that is free of liens and/or legal questions about ownership of the property. |
| An event where all documents are signed and money changes hands, completing a property sale. |
| Another person who is also obligated on a property loan, and is included on the title. |
| In multi-unit properties, such as condominiums, there are areas which have expenses shared by all owners, such as swimming pools, tennis courts, parking areas, etc. |
| Unwritten set of laws, based on general custom in England. |
| In some states, including Texas, property aquired by a married couple during the period of marriage becomes jointly-owned property, except under some circumstances. |
| A type of property ownership, in which all owners own the property together, including buildings and common areas, except for the interior of the unit to which each owner, alone, has title. |
| A short term loan to finance the cost of construction. |
| An agreement, oral or written, to do (or not do) something. |
| Home loans that are not government loans (VA and FHA). |
| A type of ownership, in which occupants of a multi-unit complex own shares in the corporation that owns the property. |
| An agreement between a lender and borrower, in which the borrower receives something in exchange for a promise to repay at a prescribed date. |
| A legal document which conveys title to a property. |
| Failure to make a payment (mortgage) within the prescribed time. |
| Used in reference to government loans (FHA, VA). Refers to amounts paid in addition to the one-percent loan origination fee. A point equals one percent of the loan amount. |
| A payment the buyer makes in cash as part of the purchase price, the remainder of the purchase price to be financed. |
| The prospective home or property buyer makes this payment to show seriousness about making the purchase. |
| A right-of-way on a property, giving access to persons other than the property owner. |
| A right the government has, to take private property for public use, in exchange for payment of fair market value. |
| An improvement on a property, that intrudes (illegally) on another's property. |
| An issue that affects fee simple title to a property (mortgages, restrictions, leases, easements). |
| The difference between fair market value of a property and the amount still owed on its mortgage (plus other liens). |
| An item or items of value, deposited with a third party, for delivery upon fulfillment of a condition. |
| The highest price a buyer would willingly pay and the lowest a seller would willingly accept. |
| Federal National Mortgage Association - A congressionally charted company that is the nation's largest supplier of home mortgage funds. |
| An agency of the U.S. Dept. of Housing and Urban Development. Its main activity is to insure residential mortgage loans made by private lenders. |
| Greatest possible interest an individual can have in real estate. |
| A mortgage insured by the Federal Housing Administration. |
| Personal property that has been attached in a permanent manner to real estate, thereby becoming real property. |
| A legal process to deprive a borrower of his/her interest in a mortgage property, due to default regarding the payment of the mortgage. |
| A government-owned corporation that provides mortgage funds to lenders for government loans (FHA, VA). |
| An inspection of a property made by a professional, at the request of the prospectiove buyer. |
| An insurance that will provide coverage for repairs to certain home items (appliances, air conditioning, heating) during a prescribed period. |
| Regarding rental property, a written agreement between property owner and tenant, describing all terms and prodedures for a certain period of time. |
| A description of the property which locates and identifies the property. This is used on contracts, deeds, etc. |
| A claim against a property that must be paid off when the property is sold. |
| A document which pledges property to a lender, as security for pament of a debt. |
| An company that originates loans, then places the loans with a lending institution with whom they have a working relationship. |
| A real estate transaction in which all or part of the financing is provided by the property seller. |
| Property that is not real (part of real estate) property. |
| One percent of the amount of mortgage. |
| A loan officer's written opinion regarding the ability of a borrower to qualify for a home loan. |
| The interest rate banks charge preferred customers. |
| The portion of a monthly loan payment that goes toward redusing the remaining balance. |
| Land, and all attached to it in a permanent way, such as structures, trees, minierals, etc. |
| Real estate agent, broker, or associate who is an active member of a real estate board affiliated with the National Board of REALTORS ®. |
| A provision stating that an owner of a property will give first opportunity to a specified party to purchase or lease, before offering the opportunity to another party. |
| A mortgage with a lien position subordinate to the first mortgage. |
| A drawing which shows legal boundaries of a property, plus the location of improvements, easements, and other features. |
| Legal document showing evidence of an individual's right to, or ownership of a property. |
| A search to verify the status of an owner's title to property, checking to see if there are liens or other claims on the property. |
| Government agency which guarantees residential mortgages made to eligible military veterans. |
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