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| Free Over the Net Home Evaluation | Exclusive Buyer Profile System | Guarantee Sale Program | Free list of Foreclosures ___________________________ Home | Buyers | Sellers | Contact |
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ELIMINATING THE CONFUSION OF LISTING CONTRACTS A, A-C, C-F, F-L, L-P, P-T, T-Z Limited Partnership - A partnership consisting of one or more general partners who conduct the business and are responsible for losses, and one or more special partners, contributing capital and liable only to the amount contributed. Lis Pendens - A legal notice recorded to show pending litigation relating to real property and giving notice that anyone acquiring an interest in said property subsequent to the date of the notice may be bound by the outcome of the litigation. Loan Package - The information given to the lender regarding the borrower and the property necessary to decide to give or not to give the loan. Loan Ratio - The amount of a loan to the value or selling price of real property. Loan-to-Value Ratio - The ratio of the mortgage loan amount to the properties appraised value (or the selling price whichever is less). Margin - The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment. Marketable Title - Title which can be readily marketed to a reasonably prudent purchaser aware of the facts and their legal meaning concerning liens and encumbrances. Mechanics Lien - A lien created by statue for the purpose of securing priority of payment for the price of value of work performed and materials furnished in construction of repair of improvements to land, and which attached to the land as well as the improvements. Mortgage Broker - One who for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also known as a loan broker. Mortgage Guaranty Insurance Corporation (MAGIC) - A private corporation which, for a fee, insures mortgage loans similar to FHA and VA insurance, although not insuring as great a percentage of the loan. Mortgage or Deed of Trust - Written pledge of real property given by the mortgagor to secure a debt. Should be recorded in the County Recorders Office. Mortgagee - The lender of money or the receiver of the mortgage document. Mortgagor - The borrower of money or the giver of the mortgage document. Mortgage Insurance - Insurance required for loans with a loan above 80.01%. Mortgage Warehousing - A system whereby a mortgage company will hold loans which would ordinarily be sold, in order to sell later at a lower discount. These are used as collateral security with a bank to borrow new money to loan. Negative Amortization - Amortization means that monthly payments are large enough to pay the interest and reduce the principal on your mortgage. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost which is not covered by the payment is added to the unpaid principal balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results if monthly payments not high enough to cover the interest due. Nonconforming - Use A property which does not conform to the zoning of an area. Note - A written promise to repay a certain sum of money on specified terms. Open End Mortgage - A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually, as to the assets of the mortgage. Origination Fee - A fee or charge for work involved in the evaluation, preparation and submission of a proposed mortgage loan. Owners Policy - Title insurance for the owner of property, rather than a lien holder. Package Mortgage - Mortgage covering both real and personal property. Paper - A mortgage, deed of trust, or land contract, which is given instead of cash. Partial Release - A release of a portion of property covered by a mortgage. Perc Test (Percolation) - The test to determine the capability of the soil to absorb liquid, both for construction and septic systems.
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