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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: P
- Mortgage covering both real and personal property.
- A mortgage, deed of trust or land contract which is given instead of cash.
- The legal rule which prevents previous oral or written negotiations to a signed contract
from changing the contract.
- A release of a portion of property covered by a mortgage.
- A mortgage on completed construction on the same property under one mortgage or trust
deed.
- Property which is movable. All property is either personality, realty or mixed.
- A term that is frequently used when physical deterioration is intended. In a broad
concept it may relate to those elements contributing to depreciation that are existent or
inherent in the physical property itself, as distinguished from other and external
circumstances that may influence its utilization. Not a clear or proper them without
qualification and explanation.
- Abbreviation for principal, interest, taxes and insurance, often combined in a single
monthly mortgage payment.
- A map or chart of a lot, subdivision or community, showing boundary lines, buildings and
easements.
- Abbreviation for private mortgage insurance: insurance issued by a company, which
insures the lender against loss in the event that the borrower defaults on the mortgage.
- Origination fees charged by the originating lender or broker and/or discount fees charge
by lenders to increase the overall yield. A point is equal to one percent of the principal
amount of your mortgage.
- Loans held as an investment by a bank, savings and loan or credit union.
- A written instrument authorizing a person to act as the agent of the person granting it,
and a general power authorizing the agent to act generally in behalf of the principle. A
special power limits the agent to a particular or specific act as: a landowner may grant
an agent special power of attorney to convey a single and specific parcel of property.
Under the provisions of a general power of attorney, the agent having the power may convey
any or all property of the principal granting the general power of attorney..
- Prepaid interest is the interest charged to borrowers at loan closing to pay for the
cost of borrowing for a partial month. For example, if a loan closes on the 15th of the
month and the first payment is due 45 days later, the lender will charge 15 days of
prepaid interest.
- Perorations of prepaid items of expense which are credited to the seller in the closing
statement.
- Full payment of the principal before the due date; occurs when a property is sold or the
borrower refinances the existing loan.
- Charge levied by the lender for paying off a mortgage loan before its maturity date.
- The process of obtaining a real estate loan, including the consumer's completion of a
loan application form, validation of the credit and property information, loan
underwriting by the lender and closing of the mortgage loan.
- Considered the permanent location of residency.
- 1) The outstanding balance of a loan. 2) A party to a real estate transaction. 3) The
head of a real estate firm.
- Insurance which covers the portion of a mortgage loan above 80% thereby reducing the
lenders risk to principal loss in the event of a borrowers default. The insurance coverage
allows lenders to make higher loan-to-value ratios (95% LTV).
- Charges for the lender's services associated with making the loan.
- The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in
every legal way and to exclude everyone else from interfering with these rights. Property
is generally classified into two groups, personal property and real property.
- A tax levied by the local municipality or county on real and personal property.
- The allocation of expenses, such as taxes between buyer and seller at closing based on
the number of days the property is owned during the month of closing.
- To divide in proportionate shares, such as taxes, insurance, rent, or other items.
- A housing development where there is a homeowners association and common areas owned by
the homeowners.
- A mortgage used to finance the purchase of real property.
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