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adjustable-rate mortgage (ARM)
A mortgage that changes interest rate periodically based upon
the
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 repayment of a mortgage loan by installments with regular
payments
to cover the principal and interest.
amortization term
The amount of time required to amortize the mortgage loan. The
amortization term is expressed as a number of months. For example,
for a
30-year fixed-rate mortgage, the amortization term is
360 months.
annual percentage rate (APR)
The cost of a mortgage stated as a yearly rate; includes such
items as
interest, mortgage insurance, and loan origination fee (points).
application
A form, commonly referred to as a 1003 form, used to apply for
a
mortgage and to provide information regarding a prospective
mortgagor
and the proposed security.
appraisal
A written analysis of the estimated value of a property prepared
by a
qualified appraiser.
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.
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
a home
is sold.
assumption
The transfer of the seller's existing mortgage to the buyer.
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.
average
The number obtained
by dividing the sum total of a set of numbers
by the number of
figures. For example, the average of the
numbers: 3, 4, 5, 8
and 10 is calculated by:
-
Adding
the numerals (3+4+5+8+10 = 30)
-
Dividing
by the number of numerals, which is 5.
-
Therefore, 30 divided by 5 = 6. 6 is the average.
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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 it
over a
stated term but that provides for a lump sum payment to be
due at the
end of an earlier specified term.
balloon payment
The final lump sum payment that is made at the maturity date of a
balloon mortgage.
bankrupt
A person, firm, or corporation that, through a court proceeding, is
relieved from the payment of all debts after the surrender of all
assets
to a court-appointed trustee.
bankruptcy
A proceeding in a federal court in which a debtor who owes more
than his
or her assets can relieve the debts by transferring his or
her assets to
a trustee.
before-tax income
Income before taxes are deducted.
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.
biweekly payment mortgage
A mortgage that requires payments to reduce the debt every two
weeks
(instead of the standard monthly payment schedule). The
26 (or possibly
27) biweekly payments are each equal to one-half
of the monthly payment
that would be required if the loan were a
standard 30-year fixed-rate
mortgage, and they are usually drafted
from the borrower's bank account.
The result for the borrower is
a substantial savings in interest.
blanket mortgage
The mortgage that is secured by a cooperative project, as opposed to
the
share loans on individual units within the project.
bond
An interest-bearing certificate of debt with a maturity date. An
obligation of a government or business corporation. A real estate
bond
is a written obligation usually secured by a mortgage or a deed
of
trust.
breach
A violation of any legal obligation.
bridge loan
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.
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.
capital improvement
Any structure or component erected as a permanent improvement to
real
property that adds to its value and useful life.
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
first mortgage, closing costs, 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 any purpose.
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 (CRV)
A document issued by the Department of Veterans Affairs (VA) that
establishes the maximum value and loan amount for a VA mortgage.
certificate of title
A statement provided by an abstract company, title company, or
attorney
stating that the title to real estate is legally held by the
current
owner.
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 a sale of a property is finalized by the buyer
signing the mortgage documents and paying closing costs. Also called
"settlement."
closing cost item
A fee or amount that a home buyer 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. Closing costs percentage will vary according to the area of
the
country.
closing statement
Also referred to as the HUD1. The final statement of costs incurred
to
close on a loan or to purchase a home.
cloud on title
Any conditions revealed by a title search that adversely affect 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. A commission is generally a percentage of the
price of
the property or loan.
commitment letter
A formal offer by a lender stating the terms under which it agrees
to
lend money to a home buyer. Also known as a "loan commitment."
common areas
Those portions of a building, land, and amenities owned (or managed)
by
a planned unit development (PUD) or condominium project's
homeowners'
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.
Community Home Improvement Mortgage Loan
An alternative financing option that allows low- and moderate-income
home buyers to obtain 95 percent financing for the purchase and
improvement of a home in need of modest repairs. The repair work
can
account for as much as 30 percent of the appraised value.
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.
comparables
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 , and amenities and have recently been sold. Comparables help
the appraiser determine the approximate fair market value of the
subject
property.
condominium
A real estate project in which each unit owner has title to a unit in
a
building, an 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 not to do a certain thing.
conventional mortgage
A mortgage that is not insured or guaranteed by the federal government.
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.
corporate relocation
Arrangements under which an employer moves an employee to another
area
as part of the employer's normal course of business or under
which it
transfers a substantial part or all of its operations and
employees to
another area because it is relocating its headquarters
or expanding its
office capacity.
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.
covenant
A clause in a mortgage that obligates or restricts the borrower and
that,
if violated, can result in foreclosure.
credit
An agreement in which a borrower receives something of value in
exchange
for 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 a lender to determine whether a potential borrower
has a
history of repaying debts in a timely manner.
credit report
A report of an individual's credit history prepared by a credit bureau
and used by a lender in determining a 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.
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.
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.
depreciation
A decline in the value of property; the opposite of appreciation.
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 security for
the
mortgage.
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earnest money deposit
A deposit made by the potential home buyer 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 over
a
property.
effective age
An appraiser's estimate of the physical condition of a building. The
actual age of a building may be shorter or longer than its effective
age.
effective gross income
Normal annual income including overtime that is regular or guaranteed.
The income may be from more than one source. Salary is generally the
principal source, but other income may qualify if it is significant and
stable.
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 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 escrow accounts 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 the borrower's property taxes, mortgage insurance, and hazard
insurance.
escrow disbursements
The use of escrow funds 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.
examination of title
The report on the title of a property from the public records or
an
abstract of the title.
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Fair Credit Reporting Act
A consumer protection law that regulates the disclosure of consumer
credit reports by consumer/credit reporting agencies and establishes
procedures for correcting mistakes on one's credit record.
fair market value
The highest price that a buyer, willing but not compelled to buy,
would
pay, and the lowest a seller, willing but not compelled to sell,
would
accept.
Fannie Mae
A congressionally chartered, shareholder-owned company that is the
nation's largest supplier of home mortgage funds.
Fannie Mae's Community Home Buyer's Program
An income-based community lending model, under which mortgage
insurers
and Fannie Mae offer flexible underwriting guidelines to
increase a low-
or moderate-income family's buying power and to
decrease the total
amount of cash needed to purchase a home. Borrowers
who participate in
this model are required to attend pre-purchase
home-buyer education
sessions.
Federal Housing Administration (FHA)
An agency of the U.S. Department of Housing and Urban Development
(HUD).
Its main activity is the insuring of residential mortgage loans
made by
private lenders. The FHA sets standards for construction
and
underwriting but does not lend money or plan or construct housing.
fee simple
The greatest possible interest a person can have in real estate.
FHA mortgage
A mortgage that is insured by the Federal Housing Administration
(FHA).
Also known as a government mortgage.
finder's fee
A fee or commission paid to a mortgage broker for finding a mortgage
loan for a prospective borrower.
first mortgage
A mortgage that is the primary lien against a property.
fixed-rate mortgage (FRM)
A mortgage in which the interest rate does not change during the entire
term of the loan.
flood insurance
Insurance that compensates for physical property damage resulting from
flooding. It is required for properties located in federally designated
flood areas.
foreclosure
The legal process by which a borrower in default under a mortgage is
deprived of his or her interest in the mortgaged property. This usually
involves a forced sale of the property at public auction with the
proceeds of the sale being applied to the
mortgage debt.
fully amortized ARM
An adjustable-rate mortgage (ARM) with a monthly payment that is
sufficient to amortize the remaining balance, at the interest accrual
rate, over the amortization term.
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good faith estimate
An estimate of charges which a borrower is likely to incur in connection
with a settlement.
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hazard insurance
Insurance protecting against loss to real estate caused by fire,
some
natural causes, vandalism, etc., depending upon the terms of the
policy.
housing ratio
The ratio of the monthly housing payment in total (PITI - Principal,
Interest, Taxes, and Insurance) divided by the gross monthly income.
This ratio is sometimes referred to as the top ratio or front end ratio.
HUD
The U.S. Department of Housing and Urban Development.
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index
A published interest rate to which the interest rate on an
Adjustable
Rate Mortgage (ARM) is tied. Some commonly used indices
include the
1 Year Treasury Bill, 6 Month LIBOR, and the 11th District
Cost of
Funds (COFI).
improvement location
certificate (ILC)
An
improvement location certificate (ILC) is another method of describing
and
approximately locating property, and is often required by lenders and
insurance
companies. It offers certain reasonable assurances regarding
potential
boundary or encroachment problems that may affect their interests.
It also
illustrates the location of improvements and conditions of the property.
However, it
is based on assumptions regarding boundary location and is
not a
precise survey. The improvement location certificate is typically
used in the
purchase of single-family residential property located within the
established
subdivisions.
The ILC is:
A.) A
representation of boundaries and improvements based on a surveyor's
general knowledge in a given area.
B.) A
depiction of the property boundaries showing the size and shape of a
parcel which is based on the legal description provided in the
warranty deed.
C.) A
document signed and sealed by a professional land surveyor who has
certain professional responsibilities for its accuracy.
D.) A
representation of the location of improvements, encroachments and
easements
based on their relationship to a reasonable estimate of the location
of
property lines.
The ILC is
not:
A.) A
survey.
B.)
Evidence of exact boundary location.
C.) A
precise property corner locator.
D.) To be
legally relied upon for locations of property lines or future
improvements.
Sometimes the
ILC will indicate a possible encroachment or other evidence of a
boundary
dispute. In
this case, a true survey (i.e. improvement survey plat or land survey
plat)
would be
required to clarify or resolve any discrepancies.
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joint tenancy
An estate or unit of interest in real estate that is owned
by two or
more natural persons with rights of survivorship. Only
one title exist,
and it is vested in a unit made up of two or
more persons, all owning
equal shares. The basic idea of a joint
tenancy is that of unity of
ownership; title is held as though
all the owners collectively constituted
one person, a fictitious
entity. the death of one of the joint tenants
does not destroy
the owning unit--only reduces by one the number of
persons who
jointly own the unit.
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key lot
A lot that has added value because of its strategic
location, especially
when it is needed for the highest and best
use of contiguous property;
a lot that adjoins the rear property
line of a corner lot and fronts on
a secondary street.
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lien
An encumbrance against property for money due, either voluntary or
involuntary.
lifetime cap
A provision of an ARM that limits the highest rate that can occur
over
the life of the loan.
loan to value ratio (LTV)
The ratio of the amount of your loan to the appraised value of the
home.
The LTV will affect programs available to the borrower and
generally,
the lower the LTV the more favorable the terms of the
programs
offered by lenders.
lock-in
A written agreement guaranteeing the home buyer a specified interest
rate provided the loan is closed within a set period of time. The
lock-in
also usually specifies the number of points to be paid at
closing.
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margin
The number of percentage points a lender adds to the index value to
calculate the ARM interest rate at each adjustment period. A
representative margin would be 2.75%.
median
The midpoint of a
group of figures. (e.g. the midpoint or 'median' of
the numbers:
3, 4, 5, 8 and 10, is 5.)
mortgage
A legal document that pledges a property to the lender as security
for payment of a debt
mortgage disability insurance
A disability insurance policy which will pay the monthly mortgage
payment in the event of a covered disability of an insured borrower
for
a specified period of time.
mortgage insurance (MI)
Insurance written by an independent mortgage insurance company
protecting the mortgage lender against loss incurred by a mortgage
default. Usually required for loans with an LTV of 80.01% or higher.
mortgagee
The person or company who receives the mortgage as a pledge for
repayment of the loan. The mortgage lender.
mortgagor
The mortgage borrower who gives the mortgage as a pledge to repay.
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non-conforming loan
Also called a jumbo loan. Conventional home mortgages not eligible
for sale and delivery to either Fannie Mae (FNMA) or Freddie Mac
(FHLMC)
because of various reasons, including loan amount, loan
characteristics
or underwriting guidelines. Non-conforming loans
usually incur a rate
and origination fee premium. The current
non-conforming loan limit is
,601 and above.
note
A written agreement containing a promise of the signer to pay to a
named person, or order, or bearer, a definite sum of money at a
specified
date or on demand.
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origination fee
A fee imposed by a lender to cover certain processing expenses in
connection with making a real estate loan. Usually a percentage of the
amount loaned, such as one percent.
owner financing
A property purchase transaction in which the property seller
provides
all or part of the financing.
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Planned Unit
Developments (PUD)
A subdivision of five or more individually owned lots with one or
more
other parcels owned in common or with reciprocal rights in one or
more
other parcels.
PITI
Principal, interest, taxes and insurance--the components of a
monthly
mortgage payment.
points
Charges levied by the mortgage lender and usually payable at
closing.
One point represents 1% of the face value of the mortgage loan.
prepaids
Those expenses of property which are paid in advance of their due
date and will usually be prorated upon sale, such as taxes, insurance,
rent, etc.
prepayment penalty
A charge imposed by a mortgage lender on a borrower who wants to
pay
off part or all of a mortgage loan in advance of schedule.
principal
Amount of debt, not including interest. The face value of a note or
mortgage.
private mortgage insurance (PMI)
Insurance provided by nongovernmental insurers that protects
lenders
against loss if a borrower defaults. Fannie Mae generally
requires
private mortgage insurance for loans with loan-to-value (LTV)
percentages greater than 80%.
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qualifying ratios
The ratio of your fixed monthly expenses to your gross monthly
income
used to determine how much you can afford to borrow. The fixed
monthly
expenses would include PITI along with other obligations such as
student
loans, car loans, or credit card payments.
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rate cap
A limit on how much the interest rate can change, either at each
adjustment period or over the life of the loan.
rate lock-in
A written agreement in which the lender guarantees the borrower a
specified interest rate, provided the loan closes within a set period of
time.
rebate
Compensation received from a wholesale lender which can be used to
cover
closing costs or as a refund to the borrower. Loans with rebates
often
carry higher interest rates than loans with "points" (see above).
refinancing
The process of paying off one loan with the proceeds from a new loan
using the same property as security.
residential mortgage credit report (RMCR)
A report requested by your lender that utilizes information from at
least two of the three national credit bureaus and information provided
on your loan application.
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seller carry back
An agreement in which the owner of a property provides financing,
often
in combination with an assumed mortgage.
survey
A print showing the measurements of the boundaries of a parcel of land,
together with the location of all improvements on the land and sometimes
its area and topography.
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tenants-in-common
An undivided interest in property taken by two or more persons. The
interest need not be equal. Upon death of one or more persons, there
is
no right of survivorship.
title
The evidence one has of right to possession of land.
title insurance
Insurance against loss resulting from defects of title to a specifically
described parcel of real property.
title search
An investigation into the history of ownership of a property to check
for liens, unpaid claims, restrictions or problems, to prove that the
seller can transfer free and clear ownership.
total debt ratio
Monthly debt and housing payments divided by gross monthly income.
Also
known as Obligations-to-Income Ratio or Back-End Ratio.
Truth-in-Lending Act
A federal law requiring a disclosure of credit terms using a standard
format. This is intended to facilitate comparisons between the lending
terms of different financial institutions.
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underwriting
The analysis of the extent of risk assumed in connection
with a loan.
Underwriting a loan includes the entire process of
preparing the
conditions of the loan, determining the borrower's
ability to repay,
and subsequently deciding whether to give loan
approval.
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Veterans Administration
(VA)
A government agency guaranteeing mortgage loans with no down payment
to
qualified veterans.
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walk-through
A final inspection of a property just before closing. This
assures the
buyer that the property has been vacated, that no
damage has occurred,
and that the seller has not taken or
substituted any property contrary
to the terms of the sales
agreement. If damage has occurred, the buyer
might ask that
funds be withheld at the closing to pay for the repairs.
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xylotomous
Capacity of an organism to bore into wood; a characteristic
of termites.
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yield
The return on an investment or the amount of profit, stated
as a
percentage of the amount invested; the rate of return. In
real estate,
yield refers to the effective annual amount of
income that is being
accrued on an investment. The yield on
income property is the ratio of
the annual net income from the
property to the cost or market value of
the property. The yield,
or profit, to a lender is the spread or
differential between the
cost of acquiring the funds lent and the
interest rate charged.
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zero lot line
A term generally used to describe the positioning of a
structure on a
lot so that one side rests directly on the lot's
boundary line. Such
construction is generally prohibited in many
areas by setback ordinances
unless, of course, it is a part of a
special space-conserving project.
(See Planned Unit
Development).
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