The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by his or her gross monthly income. See housing expenses-to-income ratio.
A set of restrictions filed by a subdivider to cover an entire tract or subdivision.
Formal written document transferring title to real estate; a new deed is used for each transfer.
An instrument given by the borrower to a third party (trustee) vesting title to the property in the trustee as security for the borrower's repayment of the mortgage loan.
The document required by the lender to be recorded along with the security instrument for an ARM.
Provision placed in a deed to control use and occupancy of the property by future owners.
Failure to make mortgage payments or violations other provisions of the mortgage note.
Personal claim against the debtor when the sale of foreclosed property does not yield sufficient proceeds to pay off the loan(s) and accrued interest.
Title to a negotiable instrument obtained by fraud. Title to real property which lacks some of the elements necessary to transfer good title.
When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance.Seenegative amortization
Failure to make payments on time. this can lead to foreclosure.
Department of Veterans Affairs (VA)
An independent agency of the federal government which guarantees long-term, low-or no-down payment mortgages to eligible veterans.
Decrease in value to real property improvements caused by deterioration or obsolescence.
Real Estate left by will.
One to whom real estate is given by will.
A testator who leaves real estate.
A lender that can complete the processing and closing of an FHA loan without prior approval from FHA.
An amortized mortgage in which principal and interest are computed on the remaining balance.
A loan funded below par (100%). Lenders or investors will fund loans at a discount in order to increase the overall yield on the note.
Payments made during the course of an escrow or at closing.
Stamps affixed to a deed showing the amount of transfer tax.
The rights of a widow to a portion of her deceased husband's property.
Cash to be paid by the buyer at closing to consummate a real estate transaction.
A clause in a mortgage or deed of trust which places the real estate as security for existing debts between the parties.