An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee...
Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested...
A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Back to Terms Read More →
A fiduciary who holds or controls property for the benefit of another. Back to Terms Read More →
A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of...
An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different...
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage...
An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results...
State or local tax payable when title passes from one owner to another. Back to Terms Read More →
Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of...
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims...
Insurance that protects the lender (lender’s policy) or the buyer (owner’s policy) against loss arising from disputes over...
A company that specializes in examining and insuring titles to real estate. Back to Terms Read More →
A legal document evidencing a person’s right to or ownership of a property. Back to Terms Read More →
A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the...
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not...
Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash. Back to Terms Read More →
Any mortgage or other lien that has a priority that is lower than that of the first mortgage. Back to Terms Read More →
A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments,...
A housing development that is created by dividing a tract of land into individual lots for sale or lease. Back to Terms Read More →
The collection of mortgage payments from borrowers and related responsibilities of a loan servicer. Back to Terms Read More →
An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer...
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. Back to Terms Read More →
A loan that is backed by collateral. Back to Terms Read More →
A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back...
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant. Back to Terms Read More →
The right to enter or leave designated premises. Back to Terms Read More →
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease...
A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing...
A fund set aside for replacement of common property in a condominium, PUD, or cooperative project — particularly that which has...
