Mortgage 101 / Mortgage Glossary
View our in-depth Mortgage Glossary below.
View our in-depth Mortgage Glossary below.
The ownership of property by a husband and wife that provides for the automatic right of survivorship to the surviving spouse.
A mortgage wherein only interest is periodically paid, with the entire principal amount due in one lump sum upon maturity.
The evidence of the right to ownership of property.
The evidence of the right to ownership of property.
A contract by which the insurer agrees to pay the insured a specific amount for any loss resulting from certain defects in the title to real estate.
An analysis of the abstract of title on a specific piece of property in order to determine the present condition of title.
A concept used in some states providing that the mortgagee holds legal title to the property, as opposed to holding a lien against the property.
Development of commercial space, housing services, and job opportunities close to public transportation, thereby reducing dependence on automobiles. TODs are typically designed to include a mix of land uses within a quarter-mile walking distance of transit stops or core commercial areas.
A federal regulation requiring disclosure of the APR, certain finance charges, the 3-day right of rescission when refinancing a primary residence, and certain additional disclosure when advertising financing terms.
Serves as the leading source of quality data about our nation’s people and economy.
Established in 1965, HUD’s mission is to increase homeownership, support community development, and increase access to affordable housing free from discrimination. To fulfill this mission, HUD will embrace high standards of ethics, management and accountability and forge new partnerships — particularly with faith-based and community organizations — that leverage resources and improve HUD’s ability to be effective on the community level. ?
The analysis of information relating to risk and making a decision whether or not to accept that risk. The underwriter evaluates the borrower’s ability and willingness to repay the obligation and establishes that the property represents adequate security for the debt.
The analysis of information relating to risk and making a decision whether or not to accept that risk. The underwriter evaluates the borrower’s ability and willingness to repay the obligation and establishes that the property represents adequate security for the debt.
A property the title to which is free and clear.
Charging more the use of money than allowed by law.
A loan partially guaranteed by the government made by a DVA approved lender to a qualified veteran.
A revolving line of credit with a commercial bank secured by the pledge of first mortgages on residential property; the accumulation and holding of mortgage loans pending sale to an investor or other provider of financing.
A revolving line of credit with a commercial bank secured by the pledge of first mortgages on residential property; the accumulation and holding of mortgage loans pending sale to an investor or other provider of financing.
A revolving line of credit with a commercial bank secured by the pledge of first mortgages on residential property; the accumulation and holding of mortgage loans pending sale to an investor or other provider of financing.
A report from a certified pest control inspector determining the presence or absence of visible, active, termite infestation, or any visible evidence of structural damage exists.
Total ownership of a loan, as opposed to multiple lenders participating in the ownership of a single loan.
A junior mortgage which secures a debt that includes the balance due on an existing senior mortgage plus an additional amount due to the wraparound mortgageee. The wraparound mortgagee thereafter receives all payments and then remits the payments on the senior mortgage.
The return on an investment stated as a percentage of the equity invested.
The classification of land by types of uses permitted and prohibited in a given district, and by densities and intensities permitted and prohibited, including regulations regarding building location on lots.
