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Meridian
Financial
4501 E. La Palma, Suite 150
Anaheim, CA 92807
Phone: 1-866-333-1500 (Toll Free)REAL ESTATE AND MORTGAGE TERMS: M
- The number of percentage points the lender adds to the index rate to calculate the
adjustable rate mortgage (ARM) interest rate at each adjustment.
- The most likely price a given property will bring if widely exposed on the market,
assuming fully informed buyer and seller.
- A title that is free and clear of objectionable liens, clouds or other title defects.
A title which enables an owner to sell his property freely to others and which others will
accept without objection.
- The management process through which efforts to conceive, develop and deliver goods and
services are integrated to satisfy the needs and wants of selected customers as a means of
achieving company objectives.
- The price paid for a property; the amount of money that must be given or which can be
obtained at the market in exchange under the immediate conditions existing at a certain
date. To be distinguished from market value.
- The highest price estimated in terms of money which a buyer would be warranted in paying
and a seller justified in accepting, provided both parties were fully informed, acted
intelligently and voluntarily and, further, that all the rights and benefits inherent in
or attributable to the property were included in the transfer.
- A lien created by statute for the purpose of securing priority of payment for the price
or value of work performed and materials furnished in construction or repair of
improvements to land.
- False statement made to or concealment of knowledge from another party with the intent
to provoke action from that party.
- A lien or claim against real property given as security for a loan. It is a two party
agreement as apposed to the three-party agreement of a deed of trust.
- A professional that helps consumers through the loan selection, processing and closing
of a mortgage loan. Most mortgage brokers have access to a wide range of mortgage products
through many mortgage lenders. Mortgage brokers are paid a fee by the borrower when a
suitable mortgage is found and closed.
- A written notice from the bank or other lending institution saying it will advance
mortgage funds in a specified amount to enable a buyer to purchase a house.
- The lender of money or the receiver of the mortgage document.
- Insurance required for a loan-to-value ratio above 80.01%.
- Financial intermediaries that originate mortgage loans through loan officers or
independent mortgage brokers and sell the mortgages into the secondary mortgage market.
- The document outlining the amount of the debt, the terms and payments, the interest
rate, margins and caps for ARMs, the name of the lender and the borrower, and any other
material item required by the lender.
- A funding facility, such as a commercial bank, that is used by mortgage companies to
fund loans which are sold to an investor shortly thereafter. The mortgage notes are used
as collateral for this interim financing.
- The borrower of money or the giver of the mortgage document.
- A means of making possible the orderly dissemination and correlations of listing
information to its members so that REALTORS may better serve the buying and selling
public.
GLOSSARY: |