Glossary

A lien against a property for unpaid taxes.
Taxes and insurance refer to the amounts that may be paid into an escrow account each Term The number of years it will take to pay off a loan. The loan term is used to determine the payment amount, repayment schedule and total interest paid over the life of the loan.
Fees charged for services rendered by parties other than the lender. These fees may include, for example, appraisal and credit report.
Written evidence of ownership in property.
An examination of records to determine the legal ownership of property and all liens and encumbrances on it. Usually performed by a title company or attorney.
The total of all closing costs, prepaid expenses, down payment and any other fees or adjustments due at closing.
Total obligations as a percentage of gross monthly income. The total expense ratio includes monthly housing expenses plus other monthly debts. Used to help qualify a potential borrower for a home loan.
The total of all of the combined expenses due to the ownership of property, including: principal, interest, mortgage insurance, homeowners association (maintenance) dues and any special assessments
The Total Monthly Payment is the amount you will pay each month.
A type of residence that shares common walls with other dwellings.
A charge for conveyance of property.
A conveyance of all or a portion of rights, title or interest in property from one party to another. The requirements to effectuate a legal transfer vary by state laws.
A fiduciary that holds or controls property for the benefit of another.
Major types of loans include: Purchase money loan - a loan used to pay for your home. Home equity loan and line of credit - money borrowed against the equity in your home. Refinance loan - a loan used to repay an existing mortgage loan.
Back to Top



Back to Top