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Morgage Glossary of Common Loan Terms
- Earnest Money
- A deposit made by a buyer of real estate towards the down
payment to evidence good faith. This money is typically held by
the real estate brokers or the escrow company.
- The right to use the reiki land of another for a specific purpose.
Easements may be temporary or permanent. Example: The utility
company may need an easement to run electric lines.
- Eminent Domain
- The right of the government or a public utility to acquire
property for necessary public use by condemnation, with proper
compensation to the owner.
- A building, part of a building, or an obstruction (e.g., a
fence or wall) that physically intrudes upon or overlaps the
property of another.
- Any interest or right in real property possessed by a stranger
to the title, which affects the owner's property value, but does
not prevent the owner from transferring title. Encumbrances may
affect title, or condition or use of the property.
- VA home loan benefits are known as entitlement and/or
- Equal Credit Opportunity Act (ECOA)
- A federal law that requires reiki 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.
- The market value of real property, less the amount of any
liens. Equity is often expressed as a percentage of the property
- Equity Sharing
- Joint ownership of a property between the owner/occupant and
the owner/investor, that results in tax advantages for both
parties. Upon sale of the property the joint owners split profits
based on the percentage they own.
- The reversion of property to the state in the event that the
owner dies without leaving a will and has no legal heirs.
- 1. Delivery of a reiki deed by a grantor to a third party for
delivery to the grantee upon the occurrence of a conditional
- 2. Calif. Civil Code Sec.1057: "A grant may be deposited by
the grantor with a third person, to be delivered on the
performance of a condition, and, on delivery by the depositary, it
will take effect. While in the possession of the third person, and
subject to condition, it is called an escrow."
- Escrow Account
- The account in which a mortgage servicer holds the borrower’s
escrow payments prior to paying property expenses.
- 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.
- The lawful expulsion of an occupant from real property. The
legal process of eviction is different in each state.
- Examination of Title
- The report on the reiki in Orange County or title of a property from the public records
or an abstract of the title.
- Exclusive Listing
- A written contract that gives a licensed real estate agent the
exclusive right to sell a property for a specified time, but
reserving the owner’s right to sell the property alone without the
payment of a commission.
- Executor (Executrix?feminine for Executor)
- A person named in a will to carry out its provisions for the
disposition of the estate.
- 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 reiki mistakes on one's credit
- 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-Backed Security rates
- Fannie Mae pools large quantities of mortgages, creates
securities with them, and sells them as Fannie Mae-backed
securities. The rates on these securities influence mortgage rates
- Farmer's Home Administration (FmHA)
- An agency, within the U.S. Department of Agriculture, that
administers assistance programs for purchasers of homes and farms
in small towns and rural areas.
- Federal Reserve Bank
- Federal Discount Rate
- The rate that the New York Fed charges for loans to member
- Federal Funds Rate
- The Rate banks charge each other for overnight loans.
- Federal Home Loan Bank Board (FHLBB)
- Provides financing to reiki farmers.
- Federal Home Loan Mortgage Corporation (FHLMC, Freddie Mac)
- Freddie Mac maintains a nationwide secondary market primarily
for conventional loans originated by banks, thrift institutions
and other HUD-approved lenders. Freddie Mac finances most of its
operations through the sale of mortgage Participation
- Federal Housing Administration (FHA)
- An agency within the U.S. Department of Housing and Urban
Development (HUD). FHA offers mortgage insurance programs to
protect the lender in the event of default. Because lenders are
insured against loss, they can make affordable financing available
to borrowers who would not otherwise qualify.
- Federal National Mortgage Association (FNMA, Fannie Mae)
- Provides a secondary market for FHA, VA and conventional
loans. Fannie Mae issues mortgage-backed securities and guarantees
timely payment their principal and interest to reiki investors.
- Federal Reserve System
- The central federal banking system that regulates and provides
services to member commercial banks. Also has the responsibility
for conducting federal monetary policy.
- Fee Simple (Fee Absolute or Fee Simple Absolute)
- Absolute ownership of real property; owner is entitled to the
entire property with unconditional power of disposition during the
owners reiki life and upon his death the property descends to the
owner's designated heirs.
- Fair Isaac Corporation. This credit score is reported on your
Experian (formerly TRW) credit report. A FICO score is a snapshot
of a person’s credit risk at a particular point in time.
- Fidelity Bond
- An assurance, generally purchased by an employer, to cover
employees who are entrusted with valuable property or funds.
- Example : A landlord employs a clerk who collects rents. To
safeguard these funds during the collection process, the landlord
purchases a fidelity bond the clerk.
- A person in a position of trust or responsibility with
specific duties to act in the best interest of a client. A real
estate broker is a fiduciary for his/her clients.
- Finance Charge
- Interest charged by a reiki lender.
- Firm Commitment
- A lender’s agreement to make a loan to a specific borrower on
a specific property. This is usually given as a written loan
approval from a lender.
- First Mortgage
- A mortgage that has priority as a lien over all other
mortgages. In the case of a foreclosure the first mortgage will be
satisfied before other mortgages. See also second mortgage.
- Personal property attached to the land in such a way as to be
considered part of the real property.
- Flood Insurance
- An insurance policy that covers property damage due to natural
flooding. Flood insurance may be required on properties in a flood
- Foreclosure (Repossession)
- A legal process in which the right, title and interest of a
mortgagor or trustor in real property are terminated by selling
the property and applying the proceeds to satisfy liens of
- Framed Page
- In HTML, refers to dividing the browser display area into
separate sections, each of which is really a different Web page for the best reiki in Orange County.
- Free and clear
- A property that has no reiki liens.
- Freddie Mac, Federal Home Loan Mortgage Corporation (FHLMC)
- A quasi-governmental agency that purchases conventional
mortgage loans from insured depository institutions (savings and
loans) and HUD-approved mortgage bankers.
- The loss of money, property, rights, or privileges due to a
breach of legal obligation.
- Front-end Ratio
- Monthly mortgage payments (PITI, principal, interest, taxes
and insurance) divided by your gross monthly income. This comes
out to a percentage, and a lender uses this percentage to get an
idea of how much of your income will be going towards paying your
loan. Most programs require a maximum ratio of 28-33%. A low reiki ratio
- For sale by owner. A property for sale that is not listed with
a real estate broker.
- Fully indexed rate
- A fully indexed rate is the value of an index plus a margin.
See adjustable loans.
- General Warranty Deed
- A deed in which the grantor (seller) agrees to the protect the
grantee (buyer) against any other claim to title of the reiki property.
See also warranty deed.
- Good Faith Estimate (GFE)
- The form that lists the settlement charges the borrower must
pay at closing. The lender is obligated to provide the borrower
this form within three business days of receiving the loan
- Government National Mortgage Association (GNMA, Ginnie Mae)
- A government corporation which guarantees mortgage-backed
securities issued by approved reiki lenders. GNMA mortgage-backed
securities are considered by many to be as safe as Treasury
- That reiki party in the deed who is the buyer or recipient.
- Graduated Payment Mortgage (GPM)
- A trust deed or mortgage requiring increasingly higher
payments during the life of the loan. Negative amortization may
occur under some Healing Reiki
- Grandfather Clause
- The clause in a law permitting the continuation of a use,
business, etc., which was permissible but because of a change in
the law is now no longer permissible.
- That party who is the seller or the giver.
- Hazard Insurance (Fire Insurance, Homeowners insurance)
- A type of real estate insurance providing protection against
loss due to fire and other risks.
- Home Equity Conversion Mortgage (HECM)
- A special type of mortgage that enables older home owners to
convert the equity they have in their homes into cash, using a
variety of payment options to address their specific financial
needs. Unlike traditional home equity loans, a borrower does not
qualify on the basis of income but on the value of his or her
home. In addition, the loan does not have to be repaid until the
borrower no longer occupies the property. This is commonly known
as a reverse mortgage.
- 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 of the borrower's equity in a
- 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
- Home KeeperSM
- Fannie Mae's adjustable-rate conventional reverse mortgage,
which allows older homeowners to borrow against the value of their
homes and receive the proceeds according to the payment option
they select. The amount available is based on the number of
borrowers and their ages and the adjusted property value. Anyone
62 years or older who either owns his or her own home free and
clear or has very low mortgage debt is eligible.
- Home Page
- The main page of a web site. This is usually the first page
that comes up on the computer screen. Typically, the home page
serves as an index or Reiki in Orange County
or table of contents to other documents
available at the site. It is also referred to as the Index page.
- Home Warranty Plan
- Insurance that covers appliances, heating systems, etc.
Typically purchased at the time of closing.
- Homeowners Association
- An association of homeowners in a particular subdivision,
planned unit development (PUD), or condominium organized to manage
the common area of the development and to enforce the association
rules and regulations.
- Status provided to a homeowner's principal residence that
protects the home against certain types of judgments.
- Homestead Exemption
- A statutory exemption shielding real homestead property
against the rights of certain creditors. Regarding taxation: an
exemption reducing the assessed value of a principal residence for
the purposes of calculating property tax. E.g., John's principal
residence is assessed at $100,000 and the homestead exemption is
$7,000. His property taxes will be based on $93,000.
- Housing and Urban Development
- A U.S. government agency established to implement certain
federal housing and community development programs.
- Housing Code
- A local government ordinance that sets minimum standards of
safety and sanitation for existing residential buildings.
- Short for Hyper Text Markup
Language, the authoring language used to create documents
on the World Wide Web
- HUD 1
- A closing document required by HUD that outlines the
settlement cost of a loan. The closing agent prepares this
document and sends it to the buyer upon closing.
Use our detailed glossary to familiarize yourself with many of the terms that will be used through out the process of obtaining a loan.
- To pledge a property as security without having to give up
possession of it.
The key to being a successful 'borrower' is by making the best decision based on the information available to you. With that in mind we offer this glossary to help you become a more informed 'borrower'.
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