An arrangement made to repay delinquent installments or advances. Back to Terms Read More →
Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises...
The original amortization term minus the number of payments that have been applied. Back to Terms Read More →
The amount of principal that has not yet been repaid. See principal balance. Back to Terms Read More →
The process of paying off one loan with the proceeds from a new loan using the same property as security. Back to Terms Read More →
The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a...
The public official who keeps records of transactions that affect real property in the area. Sometimes known as a “Registrar...
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National...
Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and...
A consumer protection law that requires lenders to give borrowers advance notice of closing costs. Back to Terms Read More →
A person licensed by the National Association of Realtors to negotiate and transact the sale of real estate Back to Terms Read More →
A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made. Back to Terms Read More →
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period...
Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The “top”...
The acquisition of property through the payment of money or its equivalent. Back to Terms Read More →
A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold. Back to Terms Read More →
A project or subdivision that includes common property that is owned and maintained by a homeowners’ association for the benefit...
A meeting in an announced public location to sell property to repay a mortgage that is in default. Back to Terms Read More →
A written promise to repay a specified amount over a specified period of time. Back to Terms Read More →
Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults....
The four components of a monthly mortgage payment on impounded loans. Principal refers to the part of the monthly payment that reduces...
The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining...
The interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media...
The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage. Back to...
This usually refers to the loan officer’s written opinion of the ability of a borrower to qualify for a home loan, after the...
A fee that may be charged to a borrower who pays off a loan before it is due. Back to Terms Read More →
Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a...
A loosely used term which is generally taken to mean that a borrower has completed a loan application and provided debt, income, and...
A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can...
A point is 1 percent of the amount of the mortgage. Back to Terms Read More →
