Term of Art in Law for the Cash Received in a Real Estate Transaction Dentnue
How many hours a calendar week do you lot wave farewell to while answering buyer or seller questions about basic real estate concepts and terminology? My guess is, a lot. It's part of a realtor's job to guide their clients through a confusing legal process as they brand what's likely the biggest purchase of their lives. And then, what if you could make it merely a piffling easier on yourself -- and give them fast and piece of cake admission to the answers they need? Hopefully, I can assist. I've pulled together a comprehensive dictionary of real manor terms and definitions. From the obscure to the obvious, your clients will discover all the information they need below. And yous might even find information technology helpful as y'all castor up on a term or 2. Too known every bit an acceleration covenant, this is a contract provision requiring the borrower to repay all of their outstanding loan to a lender if certain requirements -- outlined by the lender -- aren't met. When a seller accepts an offer from a buyer, that offer is contingent upon the heir-apparent'southward ability to meet certain atmospheric condition before finalization of the sale. Contingencies might include the buyer selling their home, receiving mortgage approval, or reaching an agreement with the seller on the home inspection. A house is listed every bit "active under contract" when the seller has accustomed an offering with contingencies, merely even so wants the house to be listed as active. In this state of affairs, the seller is too likely accepting backup offers in case their electric current offer fails to meet its contingencies. If a buyer or seller want to change an existing contract, they might add an addendum outlining the specific role of the contract they'd like to suit and the parameters of that modify. The rest of the contract stays the aforementioned, regardless of the addendum. The involvement charge per unit for an adjustable-rate mortgage changes periodically. You might start with lower monthly payments than you would with a fixed-rate mortgage, but fluctuating interest rates will probable brand those monthly payments rise in the futurity. This is the date your mortgage begins to accumulate interest (though you might not have made a mortgage payment yet). The adjustment appointment normally falls on the offset day of the month afterward mortgage funds are advanced or dispersed to the borrower. Amortization is the schedule of your mortgage payments spread out over time. In real estate, a heir-apparent's amortization schedule is normally ane monthly payment scheduled over a 15- or 30-year period of time. The annual per centum charge per unit (Apr) is the amount of interest charged on your loan every year. An appraisal on your home is an unbiased estimate of how much a dwelling is worth. When buying a habitation, the lender requires an appraisement by a tertiary party (the appraiser) to brand sure the loan amount requested is accurate. If the home'south appraised value is below what the buyer has offered, the lender may request the buyer pay the difference in cost. Appreciation is the amount a abode increases in value over time. To calculate a domicile's probable appreciation rate, add together one to the almanac appreciation rate, raise this to a ability equal to the number of years you'd like to estimate, then multiply that by the current value of the property. An cess is used to make up one's mind how much in taxes the possessor of a property will pay. An assessor calculates the assessment of a dwelling house's value by looking at comparable homes in your area and reviewing an inspection of the habitation in question. An assignment is when the seller of a property signs over rights and obligations to that property to the buyer before the official closing. Assumption is when a seller transfers all terms and atmospheric condition of a mortgage to a heir-apparent. The buyer takes on the seller's remaining debt instead of taking out a new mortgage of their own. Instead of a traditional fixed-rate mortgage in which the owner pays on the loan in installments, a balloon mortgage is paid in 1 lump sum (e.g., the balloon payment). It's usually associated with investment or construction projects that are issued for the short term and don't require collateral. A bi-weekly mortgage payment ways a homeowner pays their monthly mortgage payment in two monthly installments instead of one. With a bi-weekly mortgage, you lot'll brand 26 payments per year instead of 12. The cease result is that you'll pay the equivalent of 13 monthly payments each yr lowering involvement rates and your principal remainder at a faster pace. A bridge loan is a brusk-term loan a homeowner takes out against their holding to finance the purchase of another holding. Information technology's usually taken out for a period of a few weeks to up to three years. A broker has passed a broker's license exam and received education beyond what the country requires of real estate agents. They understand existent-estate constabulary, structure, and property management. Existent manor agents are required to work under the supervision of a banker. A buydown is a mortgage-financing technique lowering the buyer's interest charge per unit for anywhere from a few years to the lifetime of the loan. Normally, the property seller or contractor makes payments to the mortgage lender lowering the buyer's monthly interest rates, which, in turn, lowers their monthly payments. A call pick is a contract giving i party the correct to purchase and another party the correct to sell a piece of property at a future time and specific cost. A greenbacks-out refinance, also known as a greenbacks-out refi, is when a homeowner refinances their mortgage for more than it'south worth and withdraws the difference in cash. To exist eligible for this kind financing, a borrower usually needs at least 20% in equity. During the VA loan process, lenders crave veterans to evidence proof they've met the minimum service requirement to qualify for a VA loan. A certificate of reasonable value (CRV) is issued by the Department of Veterans Affairs and is required for veterans to receive a VA loan. It establishes the maximum value of the property and therefore the maximum size of the loan. Like a Blue Book for homes, the chain of championship is the documentation of all past ownership of a property. Information technology runs from the present owner to the very first owner of the property. Also known as a "just title," "skilful championship," or a "free and clear title" -- a clear title doesn't accept whatever kind of lien or levy from creditors. Information technology means there's no question of legal ownership of the property such as building code violations or bad surveys. Closing is the final phase of the real estate transaction. The date is agreed upon when both the buyer and seller go under contract on the home. On the closing appointment, the property is legally transferred from seller to buyer. Endmost costs are usually comprised of between 2-5% of the total purchase price of the home. According to a recent survey by Zillow, the average homebuyer pays approximately $3,700 in endmost costs. These fees are paid on or by the closing appointment. If a heir-apparent is having trouble getting approved for a loan, they can elicit the help of a co-borrower. This person is unremarkably a family member or friend who's added to the mortgage and guarantees the loan. They're listed on the title, take ownership interest, sign loan documents, and are obligated to pay monthly mortgage payments if the buyer is unable to. Existent estate committee is generally 5-six% of the domicile's sale cost. That commission is ordinarily split between the buyer's and seller'due south agents and is paid by the seller at the time of closing. If you pay a monthly fee towards a Homeowners Association (HOA), part of that fee probable goes toward a common area assessment to maintain an area open to the community. Customs property refers to belongings acquired by a married couple and owned equally by both spouses. Comparable sales are used by an appraiser to establish how much a home is worth based on what other similar homes in the surface area have sold for recently. Only homes that have legally closed count as a comp -- and most lenders and insurance providers require appraisers to use at least 3 closed sales. A construction loan -- or self-build loan -- is a short-term loan used to finance the structure of a dwelling or real manor project. This type of loan covers projection costs before long-term funding tin exist financed. If a belongings is contingent, or the contract contains a contingency, certain events must transpire or the contract can be considered null. A contingency might be that the dwelling house must past an appraisal or receive a make clean inspection. The sale of a home could likewise be contingent on the buyer selling their home by a specified date. If either the buyer or seller neglect to run into the expectations of the contingency, either party can exit the contract. When a property is contingent, it means the possessor has accepted an offer -- but sure contractual expectations must be met or the offer will be void. If all contingencies are met, the property changes status to "pending." While contingent offers are still considered active listings, pending offers are taken off the market place and other offers will not be entertained. A conventional mortgage is a loan non guaranteed or insured by the federal government. These borrowers usually make larger down payments (at to the lowest degree 20%), don't require mortgage insurance, and are at a lower take a chance of defaulting on their dwelling loan payment. A convertible adaptable rate mortgage (ARM) allows buyers to take advantage of depression interest rates by receiving a loan at a "teaser" loan interest charge per unit. Their monthly mortgage payment stays the same, merely interest rates fluctuate (usually every six months). The borrower has the option of converting their ARM to a stock-still-charge per unit mortgage, but there are generally fees for the switch. A toll of funds index is an average of the regional involvement expenses acquired by financial institutions. It's used to calculate variable charge per unit loans. A housing human action is the legal document transferring a title from the seller to the buyer. It must exist a written certificate and is sometimes referred to every bit the vehicle of the holding interest transfer. A human activity-in-lieu of foreclosure is a document transferring the title of a property from a homeowner to the banking company that holds the mortgage. A homeowner might submit a act-in-lieu of foreclosure if the depository financial institution has denied them a loan modification or short sale. Yet, the bank can deny the request for a human action-in-lieu (and ofttimes do). If a homeowner defaults on their loan, it ways they take non paid the sum they agreed to. Typically, a mortgage default means the homeowner hasn't fabricated a dwelling loan payment in xc days or more. A mortgage is considered delinquent when a scheduled payment is not fabricated. If a payment is more than than xxx days late, a lender might begin collection or foreclosure proceedings. Discount points are likewise known as mortgage points. They're fees homebuyers pay directly to the lender at the time of closing in exchange for reduced involvement rates which can lower monthly mortgage payments. The down payment is the amount of cash a homebuyer pays at the time of closing. Typical dwelling loans require a xx% down payment. Some conforming loans will accept a 5% down payment, and FHA loans will have a 3.5% down payment. A due-on-sale clause protects lenders against beneath-market interest rates. It'due south a contract provision requiring the seller of the property to repay the mortgage in full when the property is next sold. It is also chosen an acceleration clause. Hostage money is a deposit (normally i-2% of the home's total purchase toll) fabricated by a homebuyer at the time they enter into a contract with a seller. Hostage money demonstrates the buyer's involvement in the holding and is generally deducted from your total down payment and closing costs. An easement grants someone else the legal right to use another person'south land or belongings while leaving the title in the possessor's name. The right of eminent domain gives the government the ability to use private property for public purposes. Information technology's only exercisable when and if the government fairly compensates the possessor of the property. When a property owner violates the rights of a neighbor past building or adding on to a construction that extends onto a neighbour's country or belongings line, that is chosen encroachment. A real estate encumbrance is any claim against a belongings that restricts its utilise or transfer, including an easement or property taxation lien. The Equal Credit Opportunity Deed (ECOA) was enacted on October 28, 1974 and rules information technology unlawful for creditors to discriminate against applications because of race, colour, religion, national origin, sex activity, marital status, age, or considering they receive public assist. Abode equity is the office of your property you lot actually own. While you do "ain" your domicile, your mortgage lender has interest in the property until it'southward paid off. To calculate your home's equity, subtract your outstanding loan remainder from the electric current market value of your holding. Abode equity will increase as you pay down your loan or the marketplace value of your home increases. Escrow is part of the homebuying process. Information technology happens when a tertiary party holds something of value during the transaction. Most oft, the "value" the tertiary party holds onto is the heir-apparent's hostage money check. When the transaction is consummate (usually at closing), the third party volition release those funds to the seller. A championship examination reviews all public records tied to a property. It generally reviews all previous deeds, wills, and trusts to ensure the championship has passed cleanly and legally to every new owner. An exclusive listing is used to motivate an agent to sell a belongings quickly -- within a specific number of months. If they meet that goal, the agent gains a commission regardless of how a heir-apparent is found. The Fair Credit Reporting Act (FCRA) was enacted in 1970 and ensures fairness, accuracy, and privacy of personal information contained in files maintained by credit reporting agencies. The goal of this human activity is to protect consumers from having misinformation used against them. A belongings's fair market value is its accurate valuation in a costless and open market under the condition that buyers and sellers are knowledgeable nearly the asset, acting in their best interests, and gratis of undue pressure to consummate the transaction. Fee simple refers to the almost mutual type of property ownership. It means the possessor'due south rights to the property are indefinite and can be freely transferred or inherited when the owner chooses. Information technology is most often associated with unmarried-family unit homes, equally condominiums and townhomes are purchased with covenants, conditions, and restrictions. Federal Housing Administration (FHA) loans have been around since 1934 and are meant to help first-time homebuyers. The FHA insures the loan, making it easier for lenders to offering the homebuyer a better bargain, including a lower downward payment (as low equally 3.5% of the purchase price), low closing costs, and easier credit qualifying. A fixed-rate mortgage is one of the most common types of loans. It comes with an interest rate that stays the same for the lifetime of the loan, and provides the borrower with more than stability and predictability over the lifetime of their loan. While mortgage payments can fluctuate as property taxes and homeowner's insurance modify, many consumers prefer the fixed-rate mortgage for its long-term reliability. Homes listed as for sales by possessor (FSBO) are beingness sold without the help of a real estate agent. The biggest do good to the seller is they avoid paying commission fees -- but there are few benefits to the buyer. If a homeowner doesn't make a mortgage payment (usually, for more than 90 days), foreclosure is a legal procedure during which the owner forfeits all property rights. If they are unable to pay off outstanding debt on the belongings or sell it via short auction, the property enters a foreclosure sale. If no sale is made at that place, the lender takes control of the property. The Home Equity Conversion Mortgage (HECM) is an FHA reverse mortgage programme enabling homeowners to withdraw equity on their home through either a fixed monthly payment, a line of credit, or a combination of the ii. A home equity line of credit (HELOC) provides a revolving credit line that can be helpful in paying for big expenses or consolidating higher-interest rate debt on loans -- like credit cards. A domicile inspection is carried out by an objective 3rd party to plant the condition of a belongings during a real estate transaction. An inspector will report on such things as a home'southward heating system, the stability of the foundation, and the condition of the roof. The inspection is meant to identify major issues that might touch on the value of the home and the stability of your and your lender's investment and return. A homeowner's clan (HOA) is ordinarily found when y'all purchase a condominium, townhome, or other development property. To purchase the home, you lot must as well join the HOA and pay monthly or yearly HOA fees. These fees can encompass mutual area maintenance, repairs, and general upkeep. The more civilities your building offers, the college the HOA fees typically are. When y'all buy a dwelling, it'south also necessary to purchase homeowner'due south insurance to encompass whatsoever losses or amercement yous might incur, such as natural disaster, theft, or impairment. It also protects the homeowner from liability against whatsoever accidents in the home or on the property. Insurance payments are usually included in your monthly mortgage payments. Judicial foreclosures are mandatory in some but non all states. They require all foreclosures go through the courtroom organization to confirm the debt is in default before putting the belongings upwardly for auction. The goal of judicial foreclosures is to protect property owners from corrupt lenders. Conforming loan limits cap the dollar value that can be backed by authorities-sponsored programs. A jumbo mortgage exceeds these conforming loan limits, which are tied to local median dwelling house values. Qualifications for these loans are more stringent and the loans themselves are manually underwritten to mitigate risk to the lender. A lease selection is similar rent-to-own for existent estate. It gives the lessee the ability to lease property with the pick to purchase. It includes a legal agreement with a monthly rental amount due, while also including an selection to buy the property for a predetermined price at whatever fourth dimension during the length of the agreement. In real estate, the lender refers to the individual, fiscal institution, or individual grouping lending money to a buyer to purchase property with the expectation the loan volition be repaid with interest, in agreed upon increments, by a certain date. A property lien is unpaid debt on a piece of property. Information technology's a legal notice and denotes legal action taken past a lender to recover the debt they are owed. It tin come from unpaid taxes, a court sentence, or unpaid bills and can slow down the homebuying process when unattended. A life cap refers to the maximum corporeality an interest rate on an adjustable charge per unit loan can increase over the lifetime of the loan. A life cap is also known as an accented interest rate or interest charge per unit ceiling and keeps interest rates from ballooning also loftier over the term of the loan. Residential loan officers, or mortgage loan officers, assist the homebuyer with purchasing or refinancing a home. Loan officers are often employed by larger financial institutions and help borrowers choose the right type of loan, compile their loan awarding, and communicate with appraisers. Loan origination is the procedure during which a borrower submits a loan awarding and a fiscal institution or lender processes that application. There is usually an origination fee associated with this process. Loan servicing is a term for the administrative aspects of maintaining your loan, from the dispersal of the loan to the fourth dimension it'south paid in full. Loan servicing includes sending the borrower monthly statements, maintaining payment and residuum records, and paying taxes and insurance. Servicing is usually carried out by the lender of the loan, typically a bank or financial institution. The loan-to-value (LTV) ratio is the mortgage loan balance divided by the dwelling house's value. It shows how much you're borrowing from a lender as a percentage of your abode's appraised value. The higher your LTV, the riskier yous'll appear during the loan underwriting process because a low down payment denotes less equity or ownership in your belongings making y'all more than likely to default on your loan. The menses of time in which a borrower cannot repay their loan in total without incurring a penalty fine by the lender. A mortgage is the agreement between a borrower and a lender giving the lender the correct to the borrower'due south property if the borrower is unable to brand loan payments (with involvement) within an agreed upon timeline. A mortgage banker works straight with a lending institution to provide mortgage funds to a borrower. They can only obtain funds from a specific institution and are responsible for each part of the mortgage process, including holding evaluation, financial due diligence, and overseeing the awarding process. A mortgage broker shops several lenders, acting as a middle homo between lending institutions and the borrower. A broker can compare mortgages from several different institutions, giving the borrower a better deal. If a homebuyer makes a down payment of less than xx% of the purchase price of a home or is the recipient of an FHA or USDA loan, they'll usually be required to pay mortgage insurance. It lowers the risk of a lender giving you lot a loan, merely information technology also increases the toll of the loan. An MLS is a suite of effectually 700 regional databases containing their own listings. Each database has its own listings, requires agents to pay dues for access, and allows agents to share listings beyond regions -- without paying dues to each one. It is widely considered the near comprehensive listing service available. Amortization refers to the process of paying off a loan with regular payments so the corporeality y'all owe on the loan gradually decreases. Negative amortization happens when the amount y'all owe continues to rise, regardless of regular payments, because you lot're not paying enough to cover the interest. A no cash-out refinance is a type of loan used to meliorate the rate the borrower pays on the loan. It might likewise shorten the lifetime of a loan to benefit the borrower. In a no cash-out refinance, the borrower refinances an existing mortgage for equal to or less than the outstanding loan balance. The goal is to lower interest rates on the loan or change certain terms of the mortgage. A no-cost mortgage is a type of refinancing in which the lender pays the borrower'south loan settlement costs and extends a new loan -- ordinarily in exchange for the borrower paying higher interest rates. The mortgage lender then sells the mortgage to a secondary mortgage market for a higher price considering of the high interest rate. The note rate is the interest rate stated on a mortgage annotation. It is also commonly referred to every bit the nominal rate or face involvement rate. The original primary balance is the corporeality owed on a mortgage before the first payment has been made. The fee a borrower pays a lender to cover the costs of processing their loan awarding. Owner financing (besides known as seller financing) takes place when a borrower finances the purchase of a home through the seller, bypassing conventional mortgage lenders and financial institutions. A sales is considered "pending" if all contingencies have been met and the buyer and seller are moving toward closing. At this point, it's unlikely the auction will autumn through, and the buyer or seller gamble losing the earnest money if they walk out on the deal at this point. Per diem or "per day" fees are charged if a loan isn't canonical by the appointment the loan was scheduled to be completed. These charges are payable to the lender during closing. PITI stands for master, interest, taxes, and insurance, and refers to the sum of each of these charges, typically quoted on a monthly footing. These costs are calculated and compared to the borrower's monthly gross income when approving a mortgage loan. A borrowers PITI should generally be less than or equal to 28% of their gross monthly income. A planned unit development (PUD) is a housing customs made up of unmarried family unit residences, townhomes, and condominiums -- too as commercial units. PUDs offer many mutual areas endemic past the HOA and amenities beyond what normal apartment buildings or townhomes offer, including tennis courts and outdoor playgrounds. Before submitting an offer on a home (or even engaging with a real estate agent) you'll likely exist required to get pre-approved. This ways a lender has checked your credit, verified your information, and approved you for up to a specific loan amount for a period of up to 90 days. Unlike pre-blessing, pre-qualification is more of an judge of how much yous can afford to spend on a home. The prime number interest rate is typically awarded to a U.South. bank's all-time customers. It's the all-time-available loan rate and is usually three points above the federal funds rate: the rate banks charge each other for overnight loans. The principal of a loan is the corporeality of money owed on that loan. As you make monthly mortgage payments, your master -- in theory -- goes down. The corporeality of interest you lot pay on a monthly loan will bear upon how much of your monthly mortgage payment goes to paying downwards the principal. A high interest charge per unit means you'll pay less on the principal, meaning you'll pay more on your loan over time. A purchase agreement demonstrates a heir-apparent'south intent to purchase a slice of property and a seller's intent to sell that belongings. The certificate outlines the terms and weather of a sale and holds each political party legally answerable to meeting their understanding. A purchase-coin mortgage, likewise known as owner or seller financing, is issued to the heir-apparent by the seller of a home during the purchase transaction. It is done to bypass a typical mortgage broker or lending channel and allows the heir-apparent to presume the seller's mortgage. A quitclaim deed is a document transferring ownership of property from one party to another. It transfers the championship of the property -- but only transfers what the seller actually owns. If ii people own a domicile jointly, one person could but transfer their half of the property via quitclaim. This type of transaction is ordinarily used when holding is beingness transferred betwixt family members not using traditional real estate channels. A rate lock allows borrowers to lock in an advantageous interest rate before a existent estate transaction closes. A rate lock allows the borrower to lock in that interest rate for a specific period of fourth dimension protecting them from market fluctuations. A existent estate amanuensis is licensed to negotiate and coordinate the buying and selling of real manor transactions. Near real estate agents must work for a realtor or banker with additional training and certification. Real estate owned (REO) refers to property endemic by a bank, government bureau, or other lender. Homes typically get real manor owned after an unsuccessful foreclosure sale or brusk auction. The Existent Manor Settlement Procedures Act (RESPA) requires lenders to provide disclosures to borrowers informing them of real estate transactions, settlement services, and relevant consumer protection laws. Its goal is to regulate settlement costs, prohibit specific practices such as kickbacks, and limits the utilise of escrow accounts. Refinancing replaces an existing loan with a new one. Debt is not eliminated when a borrower refinances. Instead, it typically offers better terms, including a lower involvement charge per unit, lower monthly mortgage payments, or a faster loan term. If a 3rd party heir-apparent offers to buy or charter a property possessor's asset, the correct of first refusal ensures the property holder is allowed a chance to buy or lease the asset under the same terms offered past the third party earlier the property possessor accepts the third-political party offer. The right of egress is a person's legal right to exit a property. The right of ingress is the right to enter a property. Information technology is generally used in rental or easement situations in which the tenant or person to which easement has been granted needs access to a shared driveway, a private road to the belongings, etc. The correct of survivorship is employed most ofttimes when there is articulation ownership or tenancy of a holding. It ensures that the surviving possessor automatically receives the deceased possessor's share of the property becoming the sole owner of the property. A sale leaseback occurs when a heir-apparent closes on a habitation and so leases back tenancy to the seller. This usually occurs when the seller needs more than fourth dimension to vacate the home, in which case, the buyer becomes a sort of landlord and receives payment from the seller for every day they remain in the dwelling house. A second mortgage is when a property owner borrows against the value of their home. They are likewise commonly referred to every bit HELOCs and draw on the market place value of the habitation to provide the borrower with funds to use however they wish. They are granted in a lump sum or a line of credit that can exist paid back using rate choices that help plan payments. A secured loan is backed by the borrower'southward assets, including cars, a second domicile, or other large items that can be used as payment to a lender if the borrower is unable to pay back the loan. A seller acquit-back is financing in which the seller acts as a bank or financial institution financing some or all of the transaction. The heir-apparent will sign a promissory note agreeing to pay a specific amount (similar a mortgage) to the seller, and the seller transfers the title to the new possessor. If the buyer is unable to make their monthly payments at any time, the seller can legally foreclose and take back the holding. A mortgage servicer manages the daily administrative work around a loan, including processing loan payments, responding to borrower inquiries, and tracking principal and interest paid. A short sale occurs when a homeowner sells their property for less than what'due south owed on the mortgage. A brusque sale allows the lender to recoup some of the loan that's owed to them just must exist approved by the lender earlier the seller moves forward. A home'southward title represents the rights to the holding. Those rights are transferred from the seller to the heir-apparent during a real estate transaction and give the buyer legal rights to the property upon closing. In existent estate, transfer of ownership refers to transfer of a holding's act and championship from the seller to the heir-apparent at endmost. Transfer taxation is a transaction fee charged upon the transfer of a property'south championship. It is imposed past the state, canton, and municipal dominance where the transaction is taking place and is based on the property's value and nomenclature. Typically, the seller is responsible for paying real estate transfer tax, unless otherwise agreed upon during the transaction. The treasury alphabetize is published by the Federal Reserve Board and based on the average yield of Treasury securities. Fiscal institutions frequently apply this index as the basis for mortgage notes. A home is "under contract" when a seller has accepted an offer from a buyer only the transaction has non even so closed. Service members, veterans, and eligible surviving spouses tin receive home loan guarantees provided by private lenders. The Department of Veteran'south Affairs guarantees a portion of the loan, which leads to more favorable terms for the borrower. Whether you're a buyer, seller, or realtor, it's important to stay up to date on current real estate trends and market fluctuations. Check out this roundup of height real manor blogs and top websites for selling a home. 
Existent Estate Terms and Definitions
Acceleration clause
Active contingent
Active nether contract
Addendum
Adjustable-rate mortgage (ARM)
Adjustment appointment
Amortization
Annual pct charge per unit (APR)
Appraisal
Appreciation
Assessed value
Assignment
Assumable mortgage
Balloon mortgage
Bi-weekly mortgage
Bridge loan
Broker
Buydown
Call selection
Greenbacks-out refinance
Document of eligibility
Document of reasonable value
Chain of title
Articulate title
Endmost
Endmost costs
Co-borrower
Commission
Mutual expanse assessments
Customs belongings
Comparable sales
Structure loan
Contingency
Contingent vs. pending
Conventional mortgage
Convertible ARM
Cost of funds index (COFI)
Deed
Deed-in-lieu of foreclosure
Default
Delinquency
Discount points
Downward payment
Due-on-sale clause
Earnest money deposit
Easement
Eminent domain
Inroad
Encumbrance
Equal Credit Opportunity Human activity
Disinterestedness
Escrow
Test of title
Exclusive listing
Fair Credit Reporting Human activity
Fair market value
Fee simple
FHA mortgage
Fixed-rate mortgage
For auction by owner
Foreclosure
Home Equity Conversion Mortgage
Home equity line of credit
Home inspection
Homeowner's association
Homeowner's insurance
Judicial foreclosure
Colossal loan
Lease option
Lender
Lien
Life cap
Loan officer
Loan origination
Loan servicing
Loan-to-value
Lock-in period
Mortgage
Mortgage banker
Mortgage broker
Mortgage insurance
Multiple List Service (MLS)
Negative acquittal
No cash-out refinance
No-cost mortgage
Note rate
Original principal residual
Origination fee
Possessor financing
Pending
Per Diem
PITI
Planned unit development
Pre-approving
Pre-qualification
Prime interest rate
Master
Buy agreement
Purchase-money mortgage
Quitclaim deed
Rate lock
Existent estate agent
Real estate owned
Real Estate Settlement Procedures Human activity
Refinance
Right of offset refusal
Right of ingress or egress
Correct of survivorship
Sale-leaseback
Second mortgage
Secured loan
Seller carry-back
Servicer
Short sale
Title
Transfer of ownership
Transfer taxation
Treasury alphabetize
Under contract
VA mortgage
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