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Your
Resource Center: Glossary
| Your
Real Estate Glossary is here to help you
understand terms that you may not have heard
before. We have selected the most used terms to
help you. These terms are for informational
purposes only.
If you need advice on a
particular real estate transaction please contact
one of our agents. If you need legal, tax or other
information please contact the appropriate
professionals. |
- Acceleration
Clause
- A
provision in a mortgage that gives
the lender the right to demand
payment of the entire principal
balance if any monthly payments are
missed.
- Acceptance
- An
offer's consent to enter into a
contract and be bound by the terms
of the offer.
- Additional
Principal Payment
- A
payment by a borrower of more than
the scheduled principal amount due
in order to reduce the remaining
balance on the loan.
- Adjustable
Rate Mortgage (ARM)
- A
mortgage that permits the lender to
adjust its interest rate
periodically on the basis of changes
in a specified index.
- Adjustment
Date
- The
date on which the interest rate
changes for an adjustable-rate
mortgage (ARM).
- Adjustment
Period
- The
period that elapses between the
adjustment dates for an
adjustable-rate mortgage (ARM).
- Amortization
- The
gradual repayment of a mortgage loan
by installments.
- Amortization
Schedule
- A
timetable for payment of a mortgage
loan. An amortization schedule shows
the amount of each payment applied
to interest and principal and shows
the remaining balance after each
payment is made.
- Amortize
- To
repay a mortgage with regular
payments that cover both principal
and interest.
- Annual
Percentage Rate (APR)
- The
cost of a mortgage stated as a
yearly rate; includes such items as
interest, mortgage insurance, and
loan origination fees (points).
- Application
- A
form used to apply for a mortgage
loan and to record pertinent
information concerning a prospective
mortgagor and the proposed security.
- Appraisal
- A
written analysis of the estimated
value of a property prepared by a
qualified appraiser. Contrast with
home inspection.
- Appraised
Value
- An
opinion of a property's fair market
value, based on an appraiser's
knowledge, experience, and analysis
of the property.
- Appraiser
- A
person qualified by education,
training, and experience to estimate
the value of real property and
personal property.
- Appreciation
- An
increase in the value of a property
due to changes in market conditions
or other causes. The opposite of
depreciation.
- Assessed
Value
- The
valuation placed on property by a
public tax assessor for purposes of
taxation.
- Asset
- Anything
of monetary value that is owned by a
person. Assets include real
property, personal property, and
enforceable claims against others
(including bank accounts, stocks,
mutual funds, and so on).
- Assignment
- The
transfer of a mortgage from one
person to another.
- Assumable
Mortgage
- A
mortgage that can be taken over
("assumed") by the buyer
when the home is sold.
- Assumption
Clause
- A
provision in an assumable mortgage
that allows a buyer to assume
responsibility for the mortgage from
the seller. The loan does not need
to be paid in full by the original
borrower upon sale or transfer of
the property.
- Assumption
Fee
- The
fee paid to a lender (usually by the
purchaser of real property)
resulting from the assumption of an
existing mortgage.
- Attorney-In-Fact
Fee
- One
who holds a power of attorney from
another to execute documents on
behalf of the grantor of the power.
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- Balance
Sheet
- A
financial statement that shows
assets, liabilities, and net worth
as of a specific date.
- Balloon
Mortgage
- A
mortgage that has level monthly
payments that will amortize over a
stated term but that provides for a
lump sum payment to be due at the
end of an earlier specified term.
- Bankruptcy
- A
proceeding in the federal courts in
which a debtor, who owes more that
his or her assets can repay, can
relieve those debts by transferring
his or her assets to a trustee.
- Beneficiary
- The
person designated to receive the
income from a trust, estate, or a
deed of trust.
- Binder
- A
preliminary agreement secured by the
payment of an earnest money deposit,
under which a buyer offers to
purchase real estate.
- Blanket
Insurance Policy
- A
single policy that covers more than
one piece of property (or more than
one person).
- BridgeLoan
- A
form of second trust that is
collateralized by the borrower's
present home (which is usually for
sale) in a manner that allows the
proceeds to be used for closing on a
new house before the present home is
sold. Also known as "swing
loan".
- Broker
- A
person who, for a commission or a
fee, brings parties together and
assists in negotiating contracts
between them. See mortgage
broker.
- Buydown
Account
- An
account in which funds are held so
that they can be applied as part of
the monthly mortgage payment as each
payment comes due during the period
that an interest rate buydown plan
is in effect.
- Buydown
Mortgage
- A
temporary buydown is a mortgage on
which an initial lump sum payment is
made by any party to reduce a
borrower's monthly payments during
the first few years of a mortgage. A
permanent buydown reduces the
interest rate over the entire life
of a mortgage.
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- Call
Option
- A
provision in the mortgage that gives
the mortgagee the right to call the
mortgage due and payable at the end
of a specified period for whatever
reason.
- Cap
- A
provision of an adjustable-rate
mortgage (ARM) that limits how much
the interest rate or mortgage
payments may increase or decrease.
See lifetime
payment cap, lifetime
rate cap, periodic
payment cap, and periodic
rate cap.
- Cash-Out-Refinance
- A
refinance transaction in which the
amount of money received from the
new loan exceeds the total of the
money needed to repay the existing
mortgages, closing cost, points, and
the amount required to satisfy any
outstanding subordinate mortgage
liens. In other words, a refinance
transaction in which the borrower
receives additional cash that can be
used for other purposes.
- Certificate
of Deposit
- A
document written by a bank or other
financial institution that is
evidence of a deposit, with the
issuer's promise to return the
deposit plus earnings at a specified
interest rate within a specified
time period.
- Certificate
of Deposit Index
- An
index that is used to determine
interest rate changes for certain
ARM plans. It represents the weekly
average of secondary market interest
rates on six-month negotiable
certificates of deposit. See adjustable-rate
mortgage (ARM).
- Certificate
of Eligibility
- A
document issued by the federal
government certifying a veteran's
eligibility for a Department of
Veterans Affairs (VA) mortgage.
- Certificate
of Reasonable Value
- A
document issued by the Department of
Veterans Affairs (VA) that
establishes the maximum value and
loan amount for a VA mortgage.
- Chain
of Title
- The
history of all of the documents that
transfer title to a parcel of real
property, starting with the earliest
existing document and ending with
the most recent.
- Change
Frequency
- The
frequency (in months) of payment
and/or interest rate changes in an
adjustable-rate mortgage (ARM).
- Clear
Title
- A
title that is free of liens or legal
questions as to ownership of the
property.
- Closing
- A
meeting at which the sale of a
property is finalized when the buyer
signs the mortgage documents and
pays the closing costs. Also called
"settlement".
- Closing
Cost Item
- A
fee or amount that a homebuyer must
pay at closing for a single service,
tax, or product. Closing costs are
made up of individual closing cost
items such as origination fees and
attorney's fees. Many closing cost
items are included as numbered items
on the HUD-1 statement.
- Closing
Costs
- Expenses
(over and above the price of the
property) incurred by buyers and
sellers in transferring ownership of
a property. Closing costs normally
include an origination fee, an
attorney's fee, taxes, an amount
placed in escrow, and charges for
obtaining title insurance and a
survey. The closing cost percentage
will vary according to the area of
the country; lenders or realtors
often provide estimates of closing
costs to prospective homebuyers.
- Closing
Statement
- See
HUD-1
statement.
- Cloud
on Title
- Any
conditions revealed by a title
search that adversely affects the
title to real estate. Usually clouds
on title cannot be removed except by
a quitclaim deed, release, or court
action.
- Collateral
- An
asset (such as a car or a home) that
guarantees the repayment of a loan.
The borrower risks losing the asset
if the loan is not repaid according
to the terms of the loan contract.
- Collection
- The
efforts used to bring a delinquent
mortgage current and to file the
necessary notices to proceed with
foreclosure when necessary.
- Co-Maker
- A
person who signs a promissory note
along with the borrower. A
co-maker's signature guarantees that
the loan will be repaid, because the
borrower and the co-maker are
equally responsible for the
repayment. See endorser.
- Commission
- The
fee charged by a broker or agent for
negotiating a real estate or loan
transaction. The commission fee is
generally a percentage of the price
of the property or loan.
- Commitment
Letter
- A
formal offer by the lender stating
the terms under which it agrees to
lend money to the homebuyer. Also
known as a "loan
commitment".
- Common
Area Assessments
- Levies
against individual unit owners in a
condominium or planned unit
development (PUD) project for
additional capital to defray
homeowner's association costs and
expenses and to repair, replace,
maintain, improve, or operate the
common areas of the project.
- Common
Areas
- Those
portions of a building, land, and
amenities owned (or managed) by a
planned unit development (PUD) or
condominium project's homeowner's
association (or a cooperative
project's cooperative corporation)
that are used by all of the unit
owners, who share in the common
expenses of their operation and
maintenance. Common areas include
swimming pools, tennis courts, and
other recreational facilities, as
well as common corridors of
buildings, parking areas, means of
ingress and egress, etc.
- Common
Law
- An
unwritten body of law based on
general custom in England and used
to an extent in the United States.
- Community
Property
- In
some western and southwestern
states, a form of ownership under
which property acquired during a
marriage is presumed to be owned
jointly unless acquired as separate
property of either spouse.
- Comparable
- An
abbreviation for "comparable
properties"; used for
comparative purposes in the
appraisal process. Comparables are
properties like the property under
consideration; they have reasonably
the same size, location, amenities,
and have recently been sold.
Comparables help the appraiser to
determine the approximate fair
market value of the subject
property.
- Compound
Interest
- Interest
paid on the original principal
balance and on the accrued and
unpaid interest.
- Condemnation
- The
determination that a building is not
fit for use or is dangerous and must
be destroyed; the taking of private
property for a public purpose
through an exercise of the right of
eminent domain.
- Condominium
- A
real estate project in which each
unit owner has title to a unit in a
building, undivided interest in the
common areas of the project, and
sometimes the exclusive use of
certain limited common areas.
- Condominium
Conversion
- Changing
the ownership of an existing
building (usually a rental project)
to the condominium form of
ownership.
- Construction
Loan
- A
short-term, interim loan for
financing the cost of construction.
The lender makes payments to the
builder at periodic intervals as the
work progresses.
- Consumer
Reporting Agency (or Bureau)
- An
organization that prepares reports
that are used by lenders to
determine a potential borrower's
credit history. The agency obtains
data for these reports from a credit
repository as well as from other
sources.
- Contingency
- A
condition that must be met before a
contract is legally binding. For
example, home purchasers often
include a contingency that specifies
that the contract is not binding
until the purchaser obtains a
satisfactory home inspection report
from a qualified home inspector.
- Contract
- An
oral or written agreement to do or
to not do a certain thing.
- Conventional
Mortgage
- A
mortgage that is not insured or
guaranteed by the federal
government. Contrast with government
mortgage.
- Convertibility
Clause
- A
provision in some adjustable-rate
mortgages (ARMs) that allows the
borrower to change the ARM to a
fixed-rate mortgage at specified
timeframes after loan origination.
- Convertible
ARM
- An
adjustable-rate mortgage (ARM) that
can be converted to a fixed-rate
mortgage under specified conditions.
- Cooperative
(Co-Op)
- A
type of multiple ownership in which
the residents of a multiunit housing
complex own shares in the
cooperative corporation that owns
the property, giving each resident
the right to occupy a specific
apartment or unit.
- Cost
Of Funds Index (COFI)
- An
index that is used to determine
interest rate changes for certain
adjustable-rate mortgage (ARM)
plans. It represents the weighted
average cost of savings, borrowings,
and advances of the 11th District
members of the Federal Home Loan
Bank of San Francisco. See adjustable-rate
mortgage (ARM).
- Credit
- An
agreement in which a borrower
receives something of value in
exchange or a promise to repay the
lender at a later date.
- Credit
History
- A
record of an individual's open and
fully repaid debts. A credit history
helps the lender to determine
whether a potential borrower has a
history of repaying debts in a
timely manner.
- Creditor
- A
person to whom money is owed.
- Credit
Report
- A
report of an individual's credit
history prepared by a credit bureau
and used by a lender in determining
the loan applicant's
creditworthiness. See merged
credit report.
- Credit
Repository
- An
organization that gathers, records,
updates, and stores financial and
public records information about the
payment records of individuals who
are being considered for credit.
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- Debt
- An
amount owed to another. See installment
loan and revolving liability.
- Deed
- The
legal document conveying title to a
property.
- Deed-In-Lieu
- A
deed given by a mortgagor to the
mortgagee to satisfy a debt and
avoid foreclosure. Also called a
"voluntary conveyance".
- Deed
Of Trust
- The
document used in some states instead
of a mortgage; title is conveyed to
a trustee.
- Default
- Failure
to make mortgage payments on a
timely basis or to comply with other
requirements of a mortgage.
- Delinquency
- Failure
to make mortgage payments when
mortgage payments are due.
- Deposit
- A
sum of money given to bind the sale
of real estate, or a sum of money
given to ensure payment or an
advance of funds in the processing
of a loan. See earnest
money deposit.
- Depreciation
- A
decline in the value of a property;
the opposite of appreciation.
- Discount
Points
- See
point.
- Down
Payment
- The
part of the purchase price of a
property that the buyer pays in cash
and does not finance with a
mortgage.
- Due-On-Sale
Provision
- A
provision in a mortgage that allows
the lender to demand repayment in
full if the borrower sells the
property that serves as a security
for the mortgage.
- Due-On-Transfer
Provision
- This
terminology is usually used for
second mortgages. See due-on-sale
provision.
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- Earnest
Money Deposit
- A
deposit made by the potential
homebuyer to show that he or she is
serious about buying the house.
- Easement
- A
right of way giving persons other
than the owner access to or through
a property.
- Eminent
Domain
- The
right of a government to take
private property for public use upon
payment of its fair market value.
Eminent domain is the basis for
condemnation proceedings.
- Encroachment
- An
improvement that intrudes illegally
onto another's property.
- Encumbrance
- Anything
that affects or limits the fee
simple title to a property, such as
mortgages, leases, easements, or
restrictions.
- Endorser
- A
person who signs their ownership
interest over to another party.
Contrast with co-maker.
- Equal
Credit Opportunity Act (ECOA)
- A
federal law that requires lenders
and other creditors to make credit
equally available without
discrimination based on race, color,
religion, national origin, age, sex,
marital status, or receipt of income
from public assistance programs.
- Equity
- A
homeowner's financial interest in a
property. Equity is the difference
between the fair market value of the
property and the amount still owed
on its mortgage.
- Escrow
- An
item of value, money, or documents
deposited with a third party to be
delivered upon the fulfillment of a
condition. For example, the deposit
by a borrower with the lender of
funds to pay taxes and insurance
premiums when they become due, or
the deposit of funds or documents
with an attorney or escrow agent to
be disbursed upon the closing of a
sale of real estate.
- Escrow
Account
- The
account in which a mortgage servicer
holds the borrower's escrow payments
prior to paying property expenses.
- Escrow
Analysis
- The
periodic examination of an escrow
account to determine if current
monthly deposits will provide
sufficient funds to pay taxes,
insurance, and other bills when due.
- Escrow
Collections
- Funds
collected by the servicer and
set-aside in an escrow account to
pay real estate taxes, hazard
insurance, mortgage insurance, and
other property expenses as they
become due.
- Escrow
Payment
- The
portion of a mortgagor's monthly
payment that is held by the servicer
to pay for taxes, hazard insurance,
mortgage insurance, lease payments,
and other items as they become due.
Known as "impounds" or
"reserves" in some states.
- Estate
- The
ownership interest of an individual
in real property. The sum total of
all the real property and personal
property owned by an individual at
time of death.
- Eviction
- The
lawful expulsion of an occupant from
real property.
- Examinaiton
Of Title
- The
report on the title of a property
from the public records or an
abstract of the title.
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- Government
Mortgage
- A
mortgage that is insured by the
Federal Housing Administration (FHA)
or guaranteed by the Department of
Veterans Affairs (VA) or the Rural
Housing Service (RHS). Contrast with
conventional mortgage.
- Grantee
- The
person to whom an interest in real
property is conveyed.
- Grantor
- The
person conveying an interest in real
property.
- Guaranteed
Loan
- Also
known as a government
mortgage.
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- Hazard
Insurance
- Insurance
coverage that compensates for
physical damage to a property from
fire, wind, vandalism, or other
hazards.
- Home
Equity Line Of Credit
- A
mortgage loan, which is usually in a
subordinate position, that allows
the borrower to obtain multiple
advances of the loan proceeds at his
or her own discretion, up to an
amount that represents a specified
percentage.
- Home
Inspection
- A
thorough inspection that evaluates
the structural and mechanical
condition of a property. A
satisfactory home inspection is
often included as a contingency by
the purchaser. Contrast with
appraisal.
- Homeowner's
Association
- A
nonprofit association that manages
the common areas of a planned unit
development (PUD) or condominium
project. In the case of a
condominium project, the homeowner's
association has no ownership
interest in the common elements. In
a PUD project, the homeowner's
association holds title to the
common elements.
- Homeowner's
Insurance
- An
insurance policy that combines
personal liability insurance and
hazard insurance coverage for a
dwelling and its contents.
- Housing
Expense Ratio
- The
percentage of gross monthly income
that goes toward paying housing
expenses.
- HUD-1
Statement
- A
document that provides an itemized
listing of the funds that are
payable at closing. Items that
appear on this statement include
real estate commissions, loan fee
points, and initial escrow amounts.
Each item on the statement is
represented by a separate number
within a standardized numbering
system. The totals at the bottom of
the HUD-1 statement define the
seller's net proceeds and buyer's
net payment at closing. The blank
form for the statement is published
by the Department of Housing and
Urban Development (HUD). The HUD-1
statement is also known as the
"closing statement" or
"settlement sheet".
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- Income
Property
- Real
estate developed or improved to
produce income.
- Index
- A
number used to compute the interest
rate for an adjustable-rate mortgage
(ARM). The index is generally a
published number or percentage, such
as the average interest rate or
yield on Treasury bills. A margin is
added to the index to determine the
interest rate that will be charged
on the ARM. This interest rate is
subject to any caps that are
associated with the mortgage.
- In-File
Credit Report
- An
objective account, normally computer
generated, of credit and legal
information obtained from a credit
repository.
- Initial
Interest Rate
- The
original interest rate of the
mortgage at the time of closing.
These rate changes for an
adjustable-rate mortgage (ARM).
Sometimes known as "start
rate" or "teaser".
- Installment
- The
regular periodic payment that a
borrower agrees to make to a lender.
- Installment
Loan
- Borrowed
money that is repaid in equal
payments, known as installments. A
furniture loan is often paid for as
an installment loan.
- Insurance
- A
contract that provides compensation
for specific losses in exchange for
a periodic payment. An individual
contract is known as an insurance
policy and the periodic payment is
known as an insurance premium.
- Insurance
Holder
- A
document stating that insurance is
temporarily in effect. Because the
coverage will expire by a specified
date, a permanent policy must be
obtained before the expiration date.
- Insured
Mortgage
- A
mortgage that is protected by the
federal Housing Administration (FHA)
or by private mortgage insurance (PMI).
If the borrower defaults on the
loan, the insurer must pay the
lender the lesser of the loss
incurred or the insured amount.
- Interest
- The
fee charged for borrowing money.
- Interest
Accrual Rate
- The
percentage rate at which interest
accrues on the mortgage. In most
cases, it is also the rate used to
calculate the monthly payments,
although it is not used for an
adjustable- rate mortgage (ARM) with
payment change limitations.
- Interest
Rate
- The
rate of interest in effect for
monthly payment due.
- Interest
Rate Buydown Plan
- An
arrangement wherein the property
seller (or any other party) deposits
money to an account so that it can
be released each month to reduce the
mortgagor's monthly payments during
the early years of a mortgage.
During the specified period, the
mortgagor's effective interest rate
is "bought down" below the
actual interest rate.
- Interest
Rate Ceiling
- For
an adjustable-rate mortgage (ARM),
the maximum interest rate, as
specified in the mortgage note.
- Interest
Rate Floor
- For
an adjustable-rate mortgage (ARM),
the minimum interest rate, as
specified in the mortgage note.
- Investment
Property
- A
property that is not occupied by the
owner.
- IRA
(Individual Retirement Account)
- A
retirement account that allows
individuals to make tax-deferred
contributions to a personal
retirement fund. Individuals can
place IRA funds in bank accounts or
in other forms of investment such as
stocks, bonds or mutual funds.
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- Joint
Tenancy
- A
form of co-ownership that gives each
tenant equal rights in the property,
including the right of survivorship.
- Judgment
- A
decision made by a court of law. In
judgments that require the repayment
of a debt, the court may place a
lien against the debtor's real
property as collateral for the
judgment's creditor.
- Judgment
Lien
- A
lien on the property of a debtor
resulting from the decree of a
court.
- Jumbo
Loan
- A
loan that exceeds Fannie Mae's
legislated mortgage amount limits.
Also called a nonconforming loan.
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- Late
Charge
- The
penalty a borrower must pay when a
payment is made a stated number of
days (usually 15) after the due
date.
- Lease
- A
written agreement between the
property owner and a tenant that
stipulates the conditions under
which the tenant may possess the
real estate for a specified period
of time and rent.
- Leasehold
Estate
- A
way of holding title to a property
wherein the mortgagor does not
actually own the property but rather
has a recorded long-term lease on
it.
- Lease
Purchase Mortgage Loan
- An
alternative financing option that
allows for low-and moderate- income
homebuyers to lease a home from a
non-profit organization with an
option to buy. Each months rent
payment consists of principal,
interest, taxes, and insurance (PITI)
payments on the first mortgage plus
an extra amount that is earmarked
for deposit to a savings account in
which money for a down payment will
accumulate.
- Legal
Description
- A
property description recognized by
law that is sufficient to locate and
identify the property without oral
testimony.
- Liabilities
- A
person's financial obligations.
Liabilities include long-term and
sort-term debt, as well as any other
amounts that are owed to others.
- Liability
Insurance
- Insurance
coverage that offers protection
against claims alleging that a
property owner's negligence or
inappropriate action resulted in
bodily injury or property damage to
another party.
- Lien
- A
legal claim against a property that
must be paid off when property is
sold.
- Lifetime
Payment Cap
- For
an adjustable-rate mortgage (ARM), a
limit on the amount that payments
can increase or decrease over the
life of the mortgage. See cap.
- Lifetime
Rate Cap
- For
an adjustable-rate mortgage (ARM), a
limit on the amount that the
interest rate can increase or
decrease over the life of the loan.
See cap.
- Line
Of Credit
- An
agreement by a commercial bank or
other financial institution to
extend credit up to a certain amount
for a certain time to a specified
borrower. See home equity line of
credit. An asset that is easily
converted into cash.
- Loan
- A
sum of borrowed money (principal)
that is generally repaid with
interest.
- Loan
Commitment
- See
commitment
letter.
- Loan
Origination
- The
process by which a mortgage lender
brings into existence a mortgage
secured by real property.
- Loan-To-Value
(LTV) Percentage
- The
relationship between the principal
balance of the mortgage and the
appraised value (or sales price if
it is lower) of the property. For
example, a $100,000 home with an
$80,000 mortgage has a LTV
percentage of 80 percent.
- Lock-In
- A
written agreement in which the
lender guarantees a specified
interest rate if a mortgage goes to
closing within a set period of time.
The lock-in also usually specifies
the number of points to be paid at
closing.
- Lock-In
Period
- The
time period during which the lender
has guaranteed an interest rate to a
borrower. See lock-in.
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- Margin
- For
an adjustable-rate mortgage (ARM),
the amount that is added to the
index to establish the interest rate
on each adjustment date, subject to
any limitations on the interest rate
change.
- Maturity
- The
date on which the principal balance
of a loan, bond, or other financial
instrument becomes due and payable.
- Maximum
Financing
- A
mortgage amount that is within 5
percent of the highest loan-to-value
(LTV) percentage allowed for a
specific product. Thus, maximum
financing on a fixed rate mortgage
would be 90 percent or higher,
because 95 percent is the maximum
allowable LTV percentage for that
product.
- Merged
Credit Report
- A
credit report that contains
information from three credit
repositories. When the report is
created, the information is compared
for duplicate entries.
- Modification
- The
act of changing any of the terms of
the mortgage.
- Money
Market Account
- A
savings account that provides bank
depositors with many of the
advantages of a money market fund.
Certain regulatory restrictions
apply to the withdrawal of funds
from a money market account.
- Money
Market Fund
- A
mutual fund that allows individuals
to participate in managed
investments in short-term debt
securities, such as certificates of
deposit and Treasury bills.
- Monthly
Fixed Installment
- That
portion of the total monthly payment
that is applied toward principal and
interest. When a mortgage negatively
amortizes, the monthly fixed
installment does not include any
amount for principal reduction.
- Monthly
Payment Mortgage
- A
mortgage that requires payments to
reduce the debt once a month.
- Mortgage
- A
legal document that pledges a
property to the lender as security
for payment of a debt.
- Mortgage
Banker
- A
company that originates mortgages
exclusively for resale in th
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