Bearer The legal owner of a piece of property.
Ecoa See Equal Credit Opportunity Act.The assumability of an ARM loan may make it more attractive to an applicant who envisions selling their home at a later date.Mortgage A document that creates a lien on a property as security for the payment of a debt.In this arrangement, the borrower transfers legal title to a trustee who holds the property in trust as security for the repayment of the debt.Purchase agreement A contract signed by buyer maryland live casino baccarat and seller stating the terms and conditions of a home sale.Depending on the day of the month on which closing takes place, you'll have to pay interest from the date of closing to the end of the month.Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.FHA See Federal Housing Administration.Prime rate Lowest commercial interest rate charged by a bank on short-term loans to its most credit-worthy customers.Foreclosure (or repossession) Legal process by which the lender forces the sale of a property because the borrower has not met the mortgage terms.In the last few years, there has been huge demand for oracle financial trained professionals as there is increase in implementation of oracle finance application.Verification of deposit (VOD) A document signed by the borrower's bank or other financial institution that verifies the borrower's account balance and history.Freddie Mac See Federal Home Loan Mortgage Corporation.Equity The percentage of property value held by the owner; the difference between the current market value of a property and the outstanding mortgage balance.
The agreement is secured by a mortgage.
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Reconveyance The transfer of property back to the owner when a mortgage is fully repaid.Transfer tax Tax paid when a title passes from one owner to another.Commitment A formal offer by a lender to make a loan under certain terms or conditions to a borrower.Caps Limits on changes in ARM interest rates or monthly payments, either in an adjustment period or over zalando bonusprogramm the life of the loan.Covenants, conditions and restrictions (CC Rs) A document defining the use, requirements and restrictions of a property.Housing and Urban Development (HUD).S.I am thankful for all your efforts and helps.Asset, anything of monetary value that a person owns.This creation of districts specifies different types of property uses, such as commercial or residential.Profit and loss statement A financial statement showing revenue, expenses and profits over a period of time.
Default Failure to meet legal obligations in a contract, including failure to make payments on a loan.
Caps (Payment) Consumer safeguards may limit the amount monthly payments on an adjustable-rate mortgage may change.