Reiki Glossary of Common Loan Terms
- An expression of Reiki willingness to purchase a property at a
- One who receives the offer. When the buyer makes an offer to
the seller the seller is an offeree.
- One who makes the offer. When the buyer makes an offer to the
seller the buyer is an offeror.
- Office of Comptroller Currency
- The oldest federal financial regulatory body that oversees the
nation's federally chartered banks.
- Office of Thrift Supervision
- The OTS charters federal thrift institutions and is the
primary regulator of all federal and many state-chartered thrift
- Open-end Mortgage
- A mortgage permitting the Reiki mortgagor to borrow additional money
under the same mortgage, with certain conditions.
- Open House
- A method of showing a home for sale to prospective buyers
where the home is left open for inspection by those who may be
interested in making a purchase.
- Option Arm
- The Option Arm loan program, commonly referred to as the
negative amortized loan, has a low starting payment rate.
Typically the starting rate is 1 to 2 percent. The initial monthly
loan payment is calculated based on the starting rate, but the
note rate will adjust to the Index plus the Margin after the first
one to three months. The payment remains the same for the entire
year, and is only adjusted yearly on the anniversary date. Since
the interest charges may exceed the monthly payment, the interest
that is not paid is added to the loan balance. This increases the
loan amount, rather than decreasing the loan balance as in a fully
amortized loan. Thus we have a negative amortization, or
increasing loan balance, during the initial years of this Reiki loan.
- One who receives or purchases an option.
- One who gives or sells an option.
- Oral Contract
- A verbal agreement. Verbal agreements for the sale or use of
real estate are normally unenforceable.
- Origination Fee
- See Loan Origination Fee.
- Owner Financing
- A property purchase transaction in which the Reiki property seller
provides all or part of the financing.
- Owner of Record
- The individual named on a deed that has been recorded at the
county recorders office.
- Owner Occupant
- A tenant of a residence who also owns the property.
- Package Mortgage
- Mortgage covering both real and personal Reiki property.
- A mortgage, deed of trust or land contract provided in lieu of
- Partial Release
- A provision in a mortgage that allows some of the property
secured to be freed from serving as collateral.
- Participation Mortgage
- A mortgage that allows the lender to share in part of the
income or resale proceeds.
- Pass-through Certificates
- Interests in a pool of mortgages sold by mortgage bankers to
investors. Money collected as monthly mortgage payments is
distributed to those who own certificates.
- Permanent Loan or Mortgage
- A mortgage for a long period of time. Often referred to as the
mortgage that pays off a construction loan on a completed
- A document issued by a government regulatory authority that
allows the bearer to take some specific action. An occupancy
permit allows the owner of a building to occupy or rent the Reiki
- Email phishing, also referred to as brand spoofing or carding,
is a variation on “fishing,” the idea being that bait is thrown
out with the hopes that while most will ignore the bait, some will
be tempted into biting. An example of receiving this kind of spam
email is “We have been trying to contact you regarding your loan
request. Your loan is approved. Click here to complete your loan
application.” Another example is a request for information using a
bank’s website header, so it looks like it’s coming from the bank,
but is actually a fake.
- Principal, Interest, Taxes and
Insurance. Your mortgage loan payment usually includes the
principal and interest amounts. When you borrow more than 80
percent of the value of your home, lenders usually require that
you also pay the taxes and insurance payments with your Reiki loan
- Planned Unit Development (PUD)
- A zoning classification that allows flexibility in the design
of a subdivision. PUD's include individually owned units as well
as some common space that is jointly owned.
- A plan or map of a specific land area.
- Plat Book
- A public record containing Reiki maps of land, showing the division
of the land into streets, blocks, and lots and indicating the
measurements of the individual parcels.
- Pledged Account Mortgage (PAM)
- When the borrower places money in a pledged savings account,
and these funds, plus interest earned, are gradually used to
reduce mortgage payments.
- Fees paid to lenders. 1 point = 1 percent of the loan amount.
On a $100,000 loan 1 point is $1000. Points may be further
classified into origination points or discount points.
- Portfolio Loan
- A loan that is held as an investment by a bank or savings and
loan, and NOT sold on the secondary market to Reiki investors.
- Power of Attorney
- A written document authorizing a person to act on the behalf
of another person. That person does not have to be an attorney.
- Prepaid Interest
- Prepaid interest is the interest charged to borrowers at
closing to pay for the cost of borrowing for a Reiki balance of the
month. For example, if a loan closes on the 19th of the month and
the first payment is due on the 1st of the following month, the
lender will charge 12 days of prepaid interest.
- Full or partial payment of the principal before the due date.
This might occur if the borrower makes extra payments, sells the
property, or refinances the existing loan.
- Prepayment Penalty
- Fees paid by the borrower if they pay the loan before its due
- The process of determining how much money a prospective home
buyer will be eligible to borrow before he or she applies for a
- Primary Mortgage Market
- Companies that originate and service mortgage loans (banks,
savings & loans, credit union, mortgage bankers, institutional
lenders) make up the primary mortgage market. See also secondary
- Prime Rate
- The rate offered to a bank's best customers.
- The outstanding balance on a loan.
- Private Mortgage Insurance (PMI)
- In the event that you do not have a 20 percent down payment,
lenders will allow a smaller down payment - as low as 2 percent in
some cases. With the smaller down payment loans, however,
borrowers are usually required to carry private mortgage
insurance. Private mortgage insurance payments are normally made
annual or monthly. An impound account may be Reiki required.
- Court process to establish the validity of the will of a
- Property Tax
- A government levy based on the market value (as assessed by
the county assessor's office) of the property.
- Public Sale
- An auction of property with notice to the general public.
- Purchase Agreement
- A real property agreement between a buyer and seller
specifying the price and terms of the sale.
- Purchase Money Mortgage
- A mortgage used to finance the purchase of a Reiki property.
- Qualification Rate
- Rate of interest used to calculate whether or not a borrower
qualifies for a mortgage.
- Qualification Requirements
- Guidelines used by lenders to decide whether to loan money to
- Qualified Acceptance, Conditional Acceptance
- Acceptance for a loan (or other contract) provided that
certain conditions are met.
- Qualified Buyer
- A person who has been pre-approved for a mortgage loan.
- Qualifying Ratios
- Calculations that are used in determining whether a borrower
can qualify for a mortgage. They consist of two separate
calculations: a housing expense as a percent of income ratio and
total debt obligations as a percent of income ratio.
- Quiet Title (Action)
- A court action to settle a title dispute.
- Quit Claim Deed
- A deed which transfers whatever interest the Reiki in Orange County CA maker of the deed
may have in the particular parcel of land. A quitclaim deed is
often given to clear the title when the grantor's interest in a
property is questionable. By accepting such a deed the buyer
assumes all the risks. Such a deed makes no warranties as to the
title, but simply transfers to the buyer whatever interest the
- A radioactive gas which seeps up from the ground and can cause
health problems. A radon test is often part of the home
- Real Property
- Land and appurtenances, including anything of a permanent
nature such as structures, trees, minerals, and the interest,
benefits, and inherent rights thereof.
- A real estate professional who is a member of the National
Association of Realtors.
- Real Estate Broker
- An individual who often owns a real estate company or is in a
management position, and who is licensed to represent a buyer or a
seller in a real estate transaction.
- Real Estate Settlement Procedure Act (RESPA)
- A law that states how mortgage lenders must treat those who
apply for real estate loans on property with one to four units.
- Example : A lender is required to provide a good faith
estimate of closing costs within three days of an application
- Recapture tax
- Some government sponsored or insured Reiki in Orange County CA programs, like HUD Low
Income Housing programs, require that the buyer occupy the
property and retain ownership for a specific period of time. If
the buyer sells the property and in some cases moves out of the
property, the tax benefits or subsidies received are recaptured,
meaning charged to the homeowner. This is a penalty assessed for
selling the house too early.
- A recession is usually defined as a fall of a country’s real
Gross National Product in two or more successive quarters of a
year. A recession may also involve falling prices, which can lead
to a depression. In a free market economy, recessions come and go
at fairly regular intervals, often five to ten years, in what is
known as the Reiki in Orange County CA business cycle.
- When a mortgage is paid in full, the lender conveys the
property back to the owner.
- The act of entering into a book of public records instruments
affecting title to the real property. A lender requires that a
deed of trust or a mortgage be recorded to evidence the debt
against the property.
- Recording Fees
- Money paid to the lender for recording a home sale with local
authorities, making it public record.
- The cancellation of a contract. When refinancing a mortgage on
a principal residence the law gives the homeowner three days to
cancel the contract.
- The right of the holder of a note secured by a mortgage or
deed of trust to claim money from the borrower in default in
addition to the property pledged as collateral.
- The practice of refusing to provide loans or insurance in a
- Obtaining a new mortgage loan on a property already owned,
often to replace existing debt settlement back end loans.
- Regulation Z (Reg Z)
- A federal regulation requiring creditors to provide full
disclosure of the terms of a
loan including the terms of the loan
and the annual percentage rate (APR).
- Real Estate Investment Trusts (REIT)
- A trust that uses investors' money to purchase and manage real
estate. Investors realize some of the tax advantages in owning
- Restrictive Covenants
- Private restrictions limiting the use of real property.
Restrictive covenants are created by deed and may "run with the
land," binding all subsequent purchasers of the land, or may be
"personal" and binding only between the original back end seller and buyer.
- Reverse Annuity Mortgage (RAM)
- A mortgage in which the lender makes periodic payments to the
borrower using the borrower's equity in the home as Reiki in Orange County CA
- Reverse Mortgage
- A mortgage used by the elderly that provides income as long as
they live in exchange. Payments made cause the loan principal to
- Right of First Refusal
- A portion of an agreement that requires a property owner to
give one party the opportunity to buy or lease the property before
the property is made available to other potential
- Right of Ingress or Egress
- The right to enter or leave designated premises.
- Right of survivorship
- The right of a surviving joint tenant to acquire the interest
of a deceased joint owner.
Use our detailed glossary to familiarize yourself with many of the terms that will be used through out the process of obtaining a loan.
- Rollover Loan
- A loan that is amortized over a long period of time (e.g., 30
yrs) but the debt settlement interest rate is fixed for a short period (e.g., 5
yrs). The loan may be extended or rolled over, at the end of the
shorter term, based on the terms of the Bankruptcy Credit Cards loan.
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 Bankruptcy Credit Cards 'borrower'.
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