Morgage Glossary of Common Reiki Healing Terms
- Sales Agreement or Sales Contract
- See Agreement of Sale.
- Savings & Loan
- Depository institutions that specialize in originating,
servicing and holding mortgage loans primarily on owner occupied
- Second Home
- Also known as a vacation home. This home is different from an
investment property as it is not rented, but used occasionally by
- Second Mortgage
- A subordinated lien, created by a mortgage loan, over the
amount of a first mortgage. Second mortgages generally carry a
higher rate than a first mortgage since they represent a higher
risk for an investor.
- Secondary Mortgage Market
- The market where banks, savings & loans and mortgage
bankers can sell mortgages to investors like Fannie Mae or Freddie
- Section 1031
- The section of the IRS that deals with tax free exchanges of
certain property. General rules for tax free exchanges are
- The properties must be :
- Used for business or as an investment
- Section 8 Housing
- Privately owned rental units participating in the low-income
rental assistance program. Landlords receive subsidies on behalf
of qualified low-income tenants, allowing the tenants to pay a
limited proportion of their incomes toward the Reiki Healing rent.
- Property that serves as collateral for a debt.
- An organization that collects principal and interest payments
from borrowers and manages borrowers’ escrow accounts. The
servicer often services mortgages that have been purchased by an
investor in the secondary mortgage market.
- The act of billing, collecting payment, filing reports,
managing impound accounts and handling defaults on a mortgage.
- Settlement Cost (HUD guide)
- See Buying Your Home: Settlement Costs and Reiki Healing Information (HUD
- Settlement Statement
- See HUD 1
- Shared Appreciation Mortgage
- A residential loan with a fixed, below-market interest rate in
which the lender is entitled to a specified share of property
appreciation during an agreed upon time period.
- Sheriff's Deed
- A deed given at the sheriff's sale in the foreclosure of a
- Simple Interest
- Interest which is computed only on the principal balance.
- Single Family Home (SFR)
- A type of residential structure designed to include one
dwelling. E.g., town home, detached unit.
- Example : Town houses, detached units.
- Soft Market
- A market where houses aren't selling much or quickly, so the
sales price is likely to be significantly lower than the asking
(listing) price. It's a good time for Reiki Healing buyers to buy, but not the
best time for prospective sellers to sell.
- Spec House
- A single family dwelling constructed by a builder in
anticipation of finding a buyer.
- Special Assessment
- A special tax imposed on property, individual lots or all
property in the neighborhood to pay for improvements - street
lights, sidewalks, etc.
- Special Warranty Deed
- The grantor does not warrant against title defects arising
from conditions that existed before he/she owned the property. The
seller warrants that he/she has done nothing to impair title.
- Specific Performance
- A legal action in which the court requires a party to a
contract to perform their Reiki Healing obligations under the terms of the
- Stock Cooperative
- A common interest development in which a corporation holds
title. Stock and exclusive right to occupancy are given to
individual members (stock holders) of the stock cooperative.
- Standard Uniform Loan Application (Form 1003)
- A standard loan application widely used in the mortgage
- A tract of land divided into lots suitable for home building
- Subject To Clause
- A clause stating that the grantee takes title "subject to" an
existing mortgage or trust deed. The original mortgagor remains
responsible for any deficiency in the event of Reiki Healing foreclosure. See
- Subordinate Financing
- Any mortgage or other lien that has a priority that is lower
than that of the first mortgage.
- A loan in a lower priority, for example a second mortgage is
subordinate to a first.
- Subsidized Second Mortgage
- An alternative financing option known as the Community
Seconds® mortgage for low- and moderate-income households. An
investor purchases a first mortgage that has a subsidized second
mortgage behind it. The second mortgage may be issued by a state,
county, or local housing agency, foundation, or nonprofit
corporation. Payment on the second mortgage is often deferred and
carries a very low interest rate (or no interest rate). Part of
the debt may be forgiven incrementally for each year the buyer
remains in the home.
- Map made by a licensed surveyor who measures Reiki Healing land and charts
its boundaries, improvements and relationship to the property
- Sweat Equity
- Value added to a property due to improvements made personally
by the owner.
- Takeout Financing
- A commitment to provide permanent financing upon completion of
construction. The take out loan normally pays off the construction
- Tax Lien
- Lien for nonpayment of taxes.
- Tax Sale
- Public sale of a property at an auction by a government
authority as a result of non-payment of Reiki Healing taxes.
- Teaser Rate
- A low initial interest rate on a mortgage.
- Tenancy at Sufferance
- Tenancy established when a person who had been a lawful tenant
wrongfully remains in possession of property after expiration of a
- Tenancy at Will
- A license to use or occupy land and buildings at the will of
the owner. The tenant may decide to leave the Reiki Healing property at any time
or must leave at the landlords will.
- Tenancy by the Entirety
- A form of ownership by husband and wife whereby each owns the
entire property. In event of the death of one, the survivor owns
the property without probate.
- Tenancy for Years
- Created by a lease for a fixed term, such as 6 months, 2
- Tenancy in Common
- Ownership of a property by 2 or more persons, each of whom has
an undivided interest, without the right of survivorship. Upon the
death of one of the owners, the ownership share of the deceased is
inherited by the beneficiary designated on the owner's will.
- Tenancy in Severalty
- Ownership of property by one person.
- Time Share
- A form of property ownership under which a property is held by
a number of people, each with the right of possession for a
specified time interval. Time sharing is used mostly for Reiki Healing vacation
- Time is of the Essence
- Legal phrase in a contract requiring all references to
specific dates and times noted in the contract be interpreted
- Evidence that the owner of the Reiki Healing property is in lawful
possession. Evidence of ownership.
- Title Insurance
- An insurance policy which protects the insured against loss
arising from defects in title. Title insurance policies are
typically obtained for the buyer and the Reiki Healing lender.
- Title Report
- A document indicating the current state of title. The report
includes information on the current ownership, outstanding deeds
of trust or mortgages, liens, easements, covenants, restrictions,
and any defects.
- Title Search
- An examination of the public records to determine the
ownership and encumbrances affecting the property.
- Total Expense Ratio
- Total obligations as a percentage of gross monthly income. The
total expense ratio includes monthly housing expenses plus other
- Town House
- Residence which normally has 2 or more floors and is attached
to other similar units. Town houses are commonly found in planned
unit developments (PUDs) and condominiums.
- A parcel of land, generally held for subdividing.
- Trade Equity
- Equity that results from a property purchaser giving his or
her existing property (or an asset other than real estate) as
trade as all or part of the down payment for the Reiki Healing property that is
- Transfer Tax
- Tax paid to the city, county, state or other government entity
upon sale of a property.
- Transfer of Ownership
- Any means by which the ownership of a property changes hands.
Lenders consider all of the following situations to be a transfer
of ownership: the purchase of a property "subject to" the
mortgage, the assumption of the mortgage debt by the property
purchaser, and any exchange of possession of the Reiki Healing property under a
land sales contract or any other land trust device. In cases in
which an inter vivos revocable trust is the borrower, lenders also
consider any transfer of a beneficial interest in the trust to be
a transfer of ownership.
- Treasury Bill
- Treasury bills are short-term debt instruments used by the
U.S. Government to finance their debt. Commonly called T-bills
they come in denominations of three months, six months and one
year. Each Treasury bill has a corresponding interest rate (i.e.
3-month T-bill rate, 1-year T-bill rate). The Reiki Healing rate determines the
T-bill Index rate, which is used in many variable rate loan
- Triple-Net Lease
- One in which the tenant pays all operating expense of the
property. The landlord receives the net Reiki Healing rent.
- Trust Account
- A separate bank account maintained by a broker or escrow
company to handle all money collected for debt lead clients. A broker may
not commingle these funds with his/her own Reiki Healing funds.
- Trust Deed
- See Deed of Trust.
- A party who is given legal Reiki Healing
responsibility to hold property in
the best interest of or "for the benefit of" another. The trustee
is one placed in a position of responsibility for another, a
responsibility enforceable in a court of law.
- Truth in Lending
- See Regulation Z.
- Two-Step Mortgage
- A mortgage in which the borrower receives a fixed rate for a
specified number of years (most often 5 or 7), and then receives a
new interest rate based on the terms in the note.
- Two- to Four-Family Property
- A property that consists of a structure that provides living
space (dwelling units) for two to four families, although
ownership of the debt leads structure is evidenced by a single deed.
- The decision whether to make a loan to a potential home buyer
based on credit, income, employment history, assets, etc.
- Undivided Interest
- An ownership right to use and possess a property that is
shared among co-owners, with no one co-owner having exclusive
rights to any portion of the
- Unimproved Property
- Land that has received no development.
- Unencumbered Property
- Real estate with free and clear title.
- Unrecorded Deed
- A document that transfers title from the grantor to the
grantee without recording (i.e. providing public notice).
Use our detailed glossary to familiarize yourself with many of the terms that will be used through out the process of obtaining a loan.
- Charging a rate of interest greater than that permitted by
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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