|AVAILABLE REAL ESTATE COMPANY|
|Office Location6278 Dupont Station Suite OneJacksonville, Florida 32217|
Office CommunicationsPhone: (904) 367-1700
Fax: (904) 367-1774Email: firstname.lastname@example.org
Calculations that are used in determining whether a borrower can qualify for a mortgage. They consist of two separate calculations: a housing expense as a percent of income ratio and total debt obligations as a percent of income ratio.
QUIT CLAIM DEED
A deed that transfers, without warranty of ownership, whatever interest or title a grantor may have at the time the conveyance is made.
This is the annual interest rate applied to the outstanding balance of the loans.
RATE REDUCTION OPTION
A fixed-rate mortgage that includes a provision that gives the borrower an option to reduce the interest rate (without refinancing) at a later date. It is similar to a prearranged refinancing agreement, except that it does not require re-qualifying.
A commitment issued by a lender to a borrower guaranteeing a specified interest rate for a specified period of time. See lock-in.
REAL ESTATE AGENT
A person who is normally licensed by the state and who, for a commission or a fee, assists in negotiating a real estate transaction.
REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
A consumer protection law that, among other things, requires advance disclosure of settlement costs to home buyers and sellers, prohibits certain types of referral and other fees, sets rules for escrow accounts, and requires notice to borrowers when servicing of a home loan is transferred.
The process of paying off one loan with the proceeds from a new loan, typically using the same property as security for the new loan.
A mortgage created to cover the costs of repairing, improving, and sometimes acquiring an existing property.
The amount of principal that has not yet been repaid. See principal balance.
The original amortization term minus the number of payments that have been applied.
A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller.
The property that will be pledged as collateral for a loan. If the borrower defaults, the lender can sell the collateral to satisfy the debt.
An interest a lender takes in the borrower's property to assure repayment of a debt. If the borrower defaults, the lender can sell the collateral to satisfy the debt.
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. See owner financing.
Are fees charged by the escrow company for allowing the borrower to be able to sign all the loan documents in the Escrow office instead of having to go to the lenders office.
Any mortgage or other lien that has a priority that is lower than that of the first mortgage. The subordinate loan has a claim to payment in a foreclosure only after the first mortgage is paid.
A fee collected to set up a third-party to monitor the borrower's property tax payments to ensure that the payments are made on time, and to prevent tax liens from occurring.
A legal document evidencing a person's right to or ownership of a property.
A company that specializes in examining and insuring titles to real estate.
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property.
TOTAL MONTHLY PAYMENT
See Monthly PITI payment.
TRANSACTION FEEA fee charged each time the borrower draws on the credit line.
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 property under a land sales contract or any other land trust device.
State or local tax payable when title to a property passes from one owner to another.
A fiduciary who holds or controls property for the benefit of another.