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Library
Mortgage Definitions
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- Commonly known as a vacation home. This home is not rented and is occupied by the owners occasionally.
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- A loan secured by a mortgage or trust deed, which lien is junior to another mortgage or trust deed.
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- The buying and selling of mortgage notes between sophisticated investors such as pension funds, commercial banks, savings and loans, and wall street firms.
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- An entity, such as FNMA or FHLMC, that buys mortgage loans for investment or sells them again to another secondary market investor. Secondary market investors do not service loans and do not collect payments from borrowers.
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- The buying and selling of first mortgages of trust deeds by banks, insurance companies, government agencies, and other mortgagees.
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- Real or personal property pledged by a borrower, as additional protection for the lender's interest.
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- Agent who takes the seller as a client, is legally obligated to a set of fiduciary duties, and is required to put the seller's interests above all others.
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- A sewage system, whereby waste is drained through pipes and a tile field into a septic tank.
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- Regulates the distance from the lot line to the point where improvements may be constructed.
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- This booklet gives an overview of the lending process and is required by HUD. It is provided to consumers after the loan application is completed.
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- A statement prepared by broker, escrow, or lender, giving a complete breakdown of the cost of involved in a real estate transaction.
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- A deed given at the sheriff's sale in foreclosure of a mortgage.
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- A phrase indicating that everything necessary to convey has been done by the grantor.
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- A residential home that is not attached physically to another home.
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- Lawsuit requesting that a contract be exactly carried out, usually asking that the seller be ordered to convey the property as previously agreed.
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- An application developed by FNMA and FHLMC that is widely used in the mortgage industry.
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- Unique housing finance programs to assist first time home buyers and low to moderate housing groups. Each state and local group has different sets of criteria.
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- An involuntary lien, includes tax liens, judgement liens, mechanic liens, etc.
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- A document which is recorded to change the trustee under the deed of trust.
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- Map made by a licensed surveyor who measures that land and charts its boundaries, improvements and relationship to the property surrounding it.
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