|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Free Over the Net Home Evaluation | Exclusive Buyer Profile System | Guarantee Sale Program | Free list of Foreclosures ___________________________ Home | Buyers | Sellers | Contact |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
ELIMINATING THE CONFUSION OF LISTING CONTRACTS A, A-C, C-F, F-L, L-P, P-T, T-Z Assumability - When a home is sold, the seller may be able to transfer the mortgage to the new buyer. This means the mortgage is assumable. Lenders generally require credit review of the new borrower and may charge a fee for the assumption. Some mortgages contain a due-on-sale clause, which means that the mortgage may not be transferable to the new buyer. Instead, the lender may make you pay the entire balance that is due when you sell the home. Assumability can help you attract buyers if you sell your home. Assumption of Mortgage - Agreement by a buyer to assume the liability under an existing note secured by a mortgage or deed of trust. Balloon Note - A note calling for periodic payments which are insufficient to fully amortize the face amount of the note prior to maturity, so that a principal sum known as a "Balloon" is due at maturity. Balloon Payment - The final payment of a mortgage which is larger than the regular payment; it usually extinguishes the debt. Binder - A report issued by a title insurance company setting forth the condition of title and setting forth conditions, which, if satisfied, will cause a policy of title insurance to be issued. Blanket Mortgage - A mortgage covering more than one property of the mortgage. Bridge Financing - A form of interim loan, generally made between a short term loan and a long term loan, when the borrower needs to have more time before taking on long term financing. British Thermal Unit (B.T.U.)- Unit of heat required to raise one pound of water one degree Fahrenheit. Buy-down - With a buy-down, the seller pays an amount to the lender so that the lender can give you a lower rate and lower payments, usually for an early period of a loan. The seller may increase the sales price to cover the cost of the buy-down. Cap - A limit on how much the interest rate or monthly payment of an ARM can change, either at each adjustment or during the life of the mortgage. Payment Cap's don't limit the amount of interest the lender is earning so they may cause negative amortization. Certificate of Eligibility - A certificate obtained by a veteran from a Veteran's Administration office which states that the veteran is eligible for a V.A. insured loan. Certified Copy - A true copy, attested to be true by the officer holding the original. Cestui que trust - One having an equitable interest in property, legal title being vested in trustee. Chain of Title - The chronological order of conveyance of a parcel of land, from the original owner to the present owner. Chattel - Personal property. Closing Statement - The statement which lists the financial settlement between buyer and seller, and also the costs each must pay. A separate statement for buyer and seller is sometimes prepared. Cloud on Title - An invalid encumbrance on real property, which if valid, would affect the rights of the owner. Co-Maker - Equally responsible for repayment as the borrower. Commitment - A written promise to make or insure a loan for a specified amount and on specified items. Comparables - Properties used as comparisons to determine the value of a specified property. Condominium - A structure of two or more units, the interior space of which are individually owned. Construction Loan - Short term financing of real estate construction. Generally followed by the long term financing called a "take out" loan, issued upon completion of improvements. Contingency - The dependence upon a stated event which must occur before a contract is binding. Contract of Sale - Depending on area of country it may be a Land Contract or a Purchase Agreement. Closing Cost - Expenses incurred in the closing of a real estate or mortgage transaction. Conventional Mortgage - A loan neither insured by the FHA nor guaranteed by the VA. Conversion Clause - A provision in some ARMs that allows you to change the ARM to a fixed-rate loan at some point during the term. Usually the conversion is allowed at the end of the first adjustment period. At the time of the conversion, the new fixed rate is generally set at one of the rates then prevailing for fixed-rate mortgages. The conversion feature maybe available at extra cost.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mark
Linder |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
