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240 Cards in this Set
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clause that allows you to speed up your loan's payment terms
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acceleration clause
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offeree aggree to all terms and conditions of contract
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acceptance
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do this by sending additional money to be applied towards the principal of yor loan when you make monthly payment
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additional principal payment
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lower initial interest rate, than a FIXED rate mort., but int. rate could increase
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adj rate mor ARM
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oringial cost of Co. +value of any capital expedniture of imporvements to prop. - depreciation
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adjusted basis
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date when int. rate changes if you hold an ARM
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adj. date
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time between adj periods
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adj. interval
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how often your mort. int. rate can change
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adj. period
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agreemnt, guarantees a loan's int. rate the day you apply for your loan
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advanced lock
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when you purchase a vehicle, fee
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advertising fee
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analysis, determines whether or not you are able to make payments on the home you want ot purchse
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affordability analysis
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reduction of debt through money payments you make on loan
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amortization
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timeline of mort. loan pmt plan
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amortization schedule
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amount of tiem it is going to take you to completely pay off balance of loan
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amortization term
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receive at the end of uear, outlines how much you have paid towards the principal, interest and taxes during th at year
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annual mortgagor statement
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measurement, allows you to see total cost of mort.
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Annual Percentage Rate (APR)
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estimates value of prop.
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appraisal
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increase in a company's value over time
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appreciation
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when tax assesor places value on prop. for purpose of prop taxes
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assess value
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value placed on prop for the purpose of finding the amoundof your prop. taxes
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assessment
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transfer of a mort. from buyer to seller, or lender to another
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assignment
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mort. transferred from current owner to buyer
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assumable mort.
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buyer of a prop agrees to take over the mort. pmt of that prop
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assumption
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provision of an assumable mort. that allows buys to assume the mort. of the seller when purchase a home
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assumption clause
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fee that is paid to lend when a home buyer assumes the seller's mort. when purch. prop
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assumption fee
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cost of owning and operating a vehicle
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average yearlly cost
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large, lump sum pmt at end of loan
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balloon mort.
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last pmt at the end of a large lump sum
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balloon pmt
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MSRP or sticker price, reflects cost of car
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base price
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preliminary agreement secured with a deposit of "good faith money" or "earnest money"
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binder
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proces of making mort. pmt every 2 weeks rather than months
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biweekly pmt mort.
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loan tha tcover mores than one property under same mrot. loan
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blanket mort.
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sincere, good faith, without fraud
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bona fide
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source of funds needed for the down pmt on your new prop.
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bridge loan
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pro that brings 2 parties together and arranges contract between them
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broker
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account wher efunds are held by lender
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buydown account
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mort. where you pay lump sum at BEGNINNING of mort. in order to pay llower int rate for a specidified term at beg
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buydown mort.
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lender may demand full pmt of mort. after end of specified period
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call option
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leasing, sales price of vehicle and equiates to amount tha tyour owuld pay for the vehicle if you were actually purchasing it
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capitalized cost
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same as the down payment you would make when you purchase a vehicle
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capitaled cost reduction
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borrowing more than the amount tha tyou need to pay off existing mort. and to pay for all of the costs associated with th erefinance.
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cash-out refinance
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document that shows that you are entitle to a VA guaranteed loan
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certificate of eligibility
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document that states the max. dolalr amount tha tyou can borrow to purchase the home
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certificate of reasonable value (CRV)
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ensuers the tital to prop
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certificate of titile
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chronologicla order, history of all doc. that ar erelated to the transfer of ownership
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chain of title
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peroid of time that elspes between when your loan's intrest rate can be changed (months)
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change frequency
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given titl e to a prop tha tis free of any liens and disputed intrest and no question sot ownerhsp of porpo
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clear title
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when you lease a vehivle, all costs and residual value are determined up front and when the lease is over,,no further obligations
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closed-end lease
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aka settlement, title to property exchanged
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closing
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if you are purchasing a home and a title search is performed and there are any outstanding claims on prop
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cloud on title
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second person on the title of a loan
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co-borrower
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property that secures the loan
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collateral
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process when lender attpempts to bring an account current when loan payments become delinquent
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collection
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more than one mort out on prop....amoung ot 2 mort princ. combined and divded by appraised value of home
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combined loan to value (CLTV)
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compensations that is paid to a pro
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commisision
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interest expense that is calc. on the princ sum of a loan plus the accruied interst on that sum
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compound interest
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pays for damage on cars other than collsion
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comprehensive insurance
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loan used to pay for building of a home as it is constructed
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construction loan
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org. that creats reports that lendser use when determining creditworthiness
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consumer reporting agency (or Bureau)
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stipudlation that must be satisfied to render a contract legally binding
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contingency
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agreement written between buyer and seller of porp (terms and cond price of sale)
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contract of sale
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when you take out a mort forma commercial, non gv't lender
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conventional mort.
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cluase, able to change your adj rate mort.)ARM) to a fixed-rate mort. at a pre-negotiated timeframe
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Convertiibility clause
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ARM that allows you to convert loan to fixed arate mort. within a specific timeframd
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convertable Arm
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ARM: how and if that rate changes is determined by the
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Cost of Funds Index (COFI)
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written agreement between 2 ppl where parties agree to do or dont do certain things
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covenant
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record of debt pmts that is maintinaed by 3 dif credit reporting agencies
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credit history
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insurance: pays balance of mort if you were to die before mort was paid off
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credit life insurance
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number that is determined by a statistical analysis of credit hisotry
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credit score
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fees that are charged for extra services or products provided to you by an auto dealer
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dealer charges
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allowance given to a dealer or money that is paid to a car dealer by auto manufacturer
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dealer holdback
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programt offerend by auto manu. to help incrase car sales
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dealer incentives
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prive that auto manu char the car dealierships for a vehicle
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dealer invoice
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monthly expenses and obligations of long term debts / gross monthly income
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debt to income ratio
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legal doc give a 3rd party title of real prop
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deed of trust
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means you ahve failed to make pmts on loan as you had agree or that you hav fialed to meet some othe rterms
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default
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deferred interest
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remaining interest is deferred by adding amount to the balance of the loan
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failing to remit a mort. pmt by its due date
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delinquency
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PMT that is made to esnure PMT in regards to your loan processing
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deposit
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the cost the dealership passes on to the car buyer to have the car delivered to the dealer location from manu or the port of entry
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destination charge
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costs 1 percent of the loan amt and for each point you pay, you will normally receive an interest rate reduction of .25 percent
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discount point
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cash depisit
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down pmt
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when your loan is non-assumable and when you sell your home or transfer your interest in the porp, buyer will not be able to take over exisint mort PMT and the loan will need to be paid in full at closing
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due-on-sale clause
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money given to a seller by a buyer to show the seller than an offer to purchase RE or other real property
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Earnest money deposit
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reflects total cost of he loan over the # of yrs. that you actually intend to hold it
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effective rate or cost
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when there is a legal right or intrest in the land that would affect you gain of the property if you purchased it
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encumbrance
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fed law that states that a lender cannot take your race, color, national origin, religion, sex, age, marital status or any public asistance participation into consideration when determining whether of notto approve you for a loan
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Equal Credit Opportunity Act (ECOA)
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difference between what you owe to creditors for loans against the property and how much prop is worth
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equity
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when a revolving line of credit is issued to you and you will be able to borrow against that line of credit as funds are needed
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equity line of credit
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process of utilizing the services of a third party to oversee the exchange of funds and property between a buyer and seller
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Escrow
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account that is held by a lender or an escrow agent, funds are placed for a specific purpose
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escrow account
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a periodic examination of the balance of the account
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escrow analysis
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searching the public records or the abstract of title to discover previous owners and any liens or encumberances on the property
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examination of title
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trademarked name for a residential home loan program that is generally the same as a limited documentation or stated income loan
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EX Doc
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consumer protection law that protects you from misuse or negligence on behalf of the credit reporting agnecies
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Fair Credit Reporting Act
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price a buyer would be willing to pay and a seller would be willing to sell a property for it there were no extenuating circumstances relted to the sale or purchase of the porperty
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fair market value
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Federal Nation Mort. Corp, shareholder-owned compnay tha tpurchases conventional mort.s and morts. insured by the fed gov't so that lender are able to free up funds to fin add. loans
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Fannie Mae (FNMA)
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lend who gave you your mort. is insured against loss by the Fed Housing Adm.
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FHA Mortgage
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trademarked name for a residential home loan program that is generally the same as a limited documentation or stated income loan
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EX Doc
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consumer protection law that protects you from misuse or negligence on behalf of the credit reporting agnecies
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Fair Credit Reporting Act
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price a buyer would be willing to pay and a seller would be willing to sell a property for it there were no extenuating circumstances relted to the sale or purchase of the porperty
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fair market value
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Federal Nation Mort. Corp, shareholder-owned compnay tha tpurchases conventional mort.s and morts. insured by the fed gov't so that lender are able to free up funds to fin add. loans
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Fannie Mae (FNMA)
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lend who gave you your mort. is insured against loss by the Fed Housing Adm.
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FHA Mortgage
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aka Freddie Mac, private coprt that helps support the secondary mortgage mrkt
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FHLMC Federal Home Loan Mortgage Corporation
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type of credit score that was developed by Fair Isaac Co....evaluate only the info contained in credit file and helps lender determine the risks associated with extending your dredit
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FICO
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when the lender agrees to lend you a specific amt of money on a specific prop at a specific interest rate
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Firm commitment
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for a home purchase, primary lien against a home
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first mortgage
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initial interest rate remains the same over life of loan
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fixed-rate mortgage
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largest non-bank financial services co in the world
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FNMA (Federal National Mortgage Association)
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FNMA, private coprotation that helps support the secondary mortgage mrkt
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Freddie Mac
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when monthly mortgage pmt that you make to lender each month on your adj. rate morgage is enough to cover costsof princ and interest and to fully amortize the remaining balance of your loan
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fully amortized arm
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insurance that owuld cover amt owed to the leasing co due to that early termination
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Gap Protection
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doc that outlines the costs that you will be expected to pay at closing
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good faith estimate
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amount of monthly mortgage omt is lower than amt needed to full amortize the mortgage
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Graduated PMT mort. (GPM)
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monthly PMT amts increase but intereest rate of loan remains same
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Growing-equity mort (GEM)
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mortgage is being guaranteed by a 3rd party (gov't institutions) aka gv't mortgage
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guarantee mortgage
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when you obligate yourself to pay the debt if the original party to the loan is unable to pay the loan according to the orginal agreement
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guaranty
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aka 2/1 buy down, when you are able to get a lower initial interest rate but with the stability of a fixed-rate mort.
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half-buy down
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aka reverse annuity mort., loan where lender pays you and you do nt need to make monthly PMTs to repay the loan (only one insured by FHA)
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Home Equity Conversion Mort. (HECM)
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revolving loan secured by a home's vlaue tha tallow you to borrw money as you need it
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Home equity line of credit
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fixed or ARM that allow you to borrow against eh equity in your home
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home equity loan
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policy that portect you from the losses to your home's value that you would incur due, fire, storms,etc
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Home Owner's Insurance
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% ratio....amt of money housing exp / gross monthly income
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housing expenses to income ratio
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aka closing statement/settlement sheet, itemized statment that outlines the costs of obtaining a home loan pyable by you at closing
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HUD-1 Settlement Statement
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aka escrow acc, set up for you by your home loan lender and is used to pay expenses like hazard insurance, mort. ins and prop taxes
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impound acc
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measurement that is used to determine the interest rate of your adj rate mort
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index
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aka teaser rate, beginning interest rate that your ARM starts with the day your loan is approved
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initial interest rate
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loan, predetermined equal PMTs due until the loan has been pain in full
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installment loan
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prop title, title insurance Co. is willing to insure against certain legal disputes, claims and liens
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insurable title
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mort, insured to protect the lenderagainst loss of you were default on your loans
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insured mortgage
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when there is a limit as to the amt that your interest rate cna go up or down (in regards to ARM)
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interest cap
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% yearly cost to borrow money
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interest rate
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amt of basis points that your variable-rate loan changes on your adj date
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interest rate adjustments
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loan instrument, money is deposited into an acc so that it can be used to reduce a monthly mort PMT during the buydown period of a mortgage.
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interest rate buydown plan
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limit as to how much interest rate of an ARM mort. can go up or down
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interest rate cap
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aka lifetime cap, max interest that you can be charged on your ARM
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interest rate ceiling
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max amt that an ARM can decreaes over life of a loan
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interest rate floor
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when a leder guarantees to loan you money at a set interest rate, protecting you from potential rate increases
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interest rate lock
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aka teaser rate, interest rate that you will pay at beginning of ARM
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introductory rate
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aka dealer invoice, basis price that a dealer is charged for a vehicle
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invoice price
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mort, greater amt than the limits set by Freddie Mac or Fannie Mae (usually pay higher interest rate)
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jumbo loan
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loan, allows you to lease a home with optino of purchasing it at the end of the lease period
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lease-purchase mort. loan
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any amts that you owe to others
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liabilities
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part of homeowner's insurance policy, insurance coerage that protects you against any potential claims involving your negligence on your home's prop or an action that caused bidily harm or porp damage to someone else
|
liability insurance
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when prop is being used to guarantee or secure a debt
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lien
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when you have a ARM, max amt that your interest rate can go up or down over the life of the loan
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lifetime rate cap
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doc, states your income and employment info on the loan app, beneficial if you are self-employed
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limited Doc
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agreement between you and fin institution that allows yout o withdraw funds as you need them
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line of credit
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money that you borrow and then repay with interest
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loan
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process of creating a new loan that is secured by RE
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Loan origination
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company will process your monthly PMT, sen dyou your monthly mort. statements and will handle your escrow acc and pay the exp out of the account
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loan servicing
|
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amt of mort. / fair marktet value of home (%)
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loan to value ratio
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when lender guarantees that the interest rate they have quotes you will remain the same for a specific period of time
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lock
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length of time a mort. lender will honor an agreed upon loan intrest rate
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lock in period
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interest rate for a home loan that is guaranteed not to changed by a lender that for an agreed upon period of time
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lock in rate
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help sell slow moving cars and reduce excess , rfund money for purchasing vehicle
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maunifacturers rebate
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w/ ARM, the int rate % points a lender will add to an indexed int rate which is used ot determing your t. adj int rate
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margin
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credit reporting agency, created by combining all 3 of these beaues reports
|
merged credit report
|
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federally mandated label afficed to the window of new cars at car dealers that disloes the base price of car, any installed options, MSRP, fregith costs, gas mileage
|
monroney sticker price
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ARM that recalculated a loan holders inderetst rate on amonethly basis
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monethly ARM
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part of Mort. PMT that is put towards the princ and int of loan
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monthly fixed installment
|
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legal doc that pledges to a lender your real prop to secure your home loan
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mortgage
|
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mort originating Co. that originates loans and sells them on the secondary MRK shortly after writing the loan
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mortgage banker
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independent contractor that offers loan products from a variety of lenders
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mortgage broker
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policy that protects your lender from loss if you were to default on the obligations of your loan
|
mortgage life insurance
|
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mortgage lender
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mortgagee
|
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the borrower
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mortgagor
|
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aka sticker price or list price, normally does not inclue additions options, destination charges or taxes, title and licent fees
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MSRP (Manufacturers Suggested Retail Price)
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when mortg. balance is going up insteadof down due to the fact that the monthly PMTs you are making on your home are not enough to cover all of the interest and any of the principlal of your loan
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negative amortization
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loan that you can obtain at no out-of-pocket cost to you
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no-cost loan
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clause wher eyou cannot transfer your mort to a buyer without the lender's prior approval
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non-assumption claus
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legal doc that serves as written promis to repay your lender the money you have borrowed when you take out a home loan
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note
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interest rate that is outlined in your mort not and is the interest rate tha tyou will pay on your home loan
|
note rate
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t. amt that you that you own on your mort when you first obtain it
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original princ balance
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fee that you will pay to your lender to cover costs of processing your loan (points, 1 point=1% of loan amt)
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origination fee
|
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max amt that your monthly loan PMTs can reach
|
PMT cap
|
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when the intrest rate of yoru arm or gradualted PMt arm changed and the pmt amount takes efffect; date
|
PMT change date
|
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when you have an ARM, max amt that your monthly PMTs can go up or down during a single adjustme period
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periodic PMT rate cap
|
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LT loan of 10 yrs or more that is often used for home constructino financing
|
permanent loan
|
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when you purch home, you may opt to take out a second loan in your to pay a lower down PMT and still avoid paying private mort insurance
|
Piggy Back Loan
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amt of cash that you must have available after you make your down pmt and pay all of the closing costs associated with your home purchase
|
PITI Reserves
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mort. some of the funds that to closing are put into an interst-bearing savings acc
|
Pledged Acc Mort.
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fee you pay up front to the lender at the time of closing
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points (dicsount points)
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commitment from a lender that you are approved to purchase a home within the price range specidied
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pre-approved loan
|
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status doc confirming ownership of a porp and the existence or absence of items or claims against the property
|
preliminary title report
|
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at the time of closing o f sale of a houose or prop, certain expenses and fees will need to be paid to cover the future cost of items like prop taxes
|
prepaid expense items
|
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when you purchase a vehivle, costs related to prepairing the vehicle for delivery to you
|
preparation charges
|
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money that is paid to your lender prior to the due date in order to reduce the balance of your loan
|
prepayment
|
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a fee charged to a loan holder for paying off a loan prior to it being due
|
prepayment penalty
|
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a non binding opinion by a loanofficer to help you determine how much money you can afford to spend on a home by anayzing your income, debt and savings info
|
pre-qualification
|
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interest rate that is charged by banks to A-credit clientele
|
prime rate
|
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the AMT of money that you still oew on your loan
|
principal balance
|
|
if escrow associated with mort....your mort PMT is diveded by interest, principal, taxes, and insurance
|
Principal, Interest, Taxes, and Insurance (PITI)
|
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insurance meant to protect a lender from financial loss if your loan holder were to default on a home loan
|
Private Mortgage Insurance (PMI)
|
|
a written agreement promising to pay back money over a certain period of time and a specific interest rate
|
promissory note
|
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a document that outlines the terms ad conditions of the sale of the property
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purchase and sale agreement
|
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a ratio that compares a borrows total anitcipated housing exp and current financial obligations to ensure that they will be able to meet the total AMT of their exp if approved for a loan
|
qualifying ratio
|
|
a fixed rate mort that allows borrower to reduce the interest rate of their mort without refinancing
|
rate improvement mort.
|
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when a lender commits to issuing a specific interest rate to a borrower and guarantees to hold it for a specified period of time
|
rate lock
|
|
a licensed pro who negotiates RE transactions
|
RE Agent
|
|
a consumer protection law (1974) by fed gov't that covers one to four family properties. demands that lenders provide you with advances notive of all of your closing costs prior to closing and establishes guidelines for escrow account balances
|
RE Settlement Procedures Act (RESPA)
|
|
RE agent or broker that is affiliated with the National Associateion of Realtors or with the National Association of RE Boards
|
Realtor
|
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if you're will to pay a higher rate of interest on your mort, you can get this credit
|
rebate point
|
|
when county registars doc legal papers to make them a part of public record
|
recording
|
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costs associated with having a doc recorded by a registarts office in order to make it a part of public record.
|
recording fees
|
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repaying one debt with the funds from a new loan
|
refinancing
|
|
a federally mandated law that requires lender to provide borrowers with the Annual Percentage Rate (APR) of a loan
|
Regulation Z
|
|
loan that covers the costs of purchasing and repairing of a property that is in need of improvements
|
rehabilitiation mortgage
|
|
the cancellation or termination of a contract
|
rescission
|
|
aka form (1003) will need to be filled out when purchase a home and apply for a mort
|
residential loan app form (1003)
|
|
a mort. that puts a lien on a home that is second in position to the lien placed by a first mort
|
second mort
|
|
whenever you borrow money and the loan is ack by collateral
|
secured loan
|
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collateral or prop that you pledge to secure a loan
|
security
|
|
company that send you your monthly statement and collects your monthly mort PMT
|
servicer
|
|
process of collecting monthly mort PMT, mailing of statments, the PMT of exp out of an escrow account and all other operational procedures related to the handling of a mort.
|
servicing
|
|
when you purchase a prop, the time at which you pay for the home and you and the seller sign the final doc (aka closing)
|
settlement
|
|
a mort program where the lender receives a % of a home's future appreciation in return for receiving a lower interest rate or inderest deferral
|
Share Appreciation Mort (SAM)
|
|
when interest on your loan is computed solely on the princ balance of your loan
|
simple interest
|
|
calc used to figure out the monthly PMT that is required for a loan holder to repay the bal of a mort. in equal monthly installments over the time that remain on a mort. at a current rate of interest
|
standard PMT cal
|
|
mort., when interest rate gradually increases over the first few year of the loan
|
step rate mort
|
|
a loan that places a secondary or "junior" lien on property
|
subordinate financing
|
|
when a lender uses a third party process, originate, underwriter, fund, close, or package a mortgage.
|
third-party origination
|
|
doc that grants and proves ownership of an asset
|
title
|
|
a Co. that confirms ownership to a prop and verifies if any liens exist against the prop
|
title company
|
|
insurance that protects a borrower and lender against any defects in a prop's title such as title-search errors and against any losses a borrower or lender would incur as a result of a prop disputes
|
title insurance
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a doc that provides the result of a title search
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title report
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for the purch of a property, process of confirming the legal ownership of the prop to ensure that there are not liens or encumberances on the propand that the seller is the legal owner of the prop
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title search
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% of a potential loan borrowers total monthly exp's to their gross monthly income
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total expense ratio
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when you purchase or sell a prop, the tax paid to the state or local gov't as a % of the prop's value
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transfer tax
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index that lenders use to establish the interest rates of some of their adj rate mort. products
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treasury index
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a federally mandated law that requires lenders to provide borrowers with a written disclosure of the costs associated with a mort uncluding items such as finance charges, the Annual Percentage Rate (APR), the size of the credit line, any annual fees, and the lenght of the grace period
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truth in lending act
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a mort program that allows a borrower to hav ea set interest rate for the firs few years of the mort. then adjust upward to a set rate for the duration of the loan
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2 step mortgage
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procedure when a loan app is evaluated to assess a lenders' risk involved with making a loan a loan to a borrower
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underwriting
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loan a lender makes to a borrower that is not backed by collateral
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unsecured loan
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exp a borrower incurs when closing a home loan
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upfront costs
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when you take out a car loan, htere is normally a period of time hwer you owe more on the car than what the car is worth
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upside down
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home loands that a guaranteed by the US dept of veteran affairs are referred to as VA mort loans
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VA Mort loans
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a banks doc that provides a lender with written proof that loan applicant has the money avaiblable ina checking or savings acc that was stated on a loan app
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verification of depisit (VOD)
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a type of refinancing that allows you to borrow more money form a second loan while still retaining your original mort.
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wraparound mort.
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aka no-cost loan, with a zero-cost loan a borrower will not be required to pay any points or closing costs
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zero cost loan
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