Prime Rate The interest rate that banks charge to their preferred customers. Eminent Domain The right of a government to take private property for public use upon payment of its fair market value. Periodic Rate Cap For an adjustable-rate mortgage, a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid. If any changes are made, it is called a modification. Whether it's to pass that big test, qualify for that big promotion or even master that cooking technique; people who rely on dummies, rely on it to learn the critical skills and relevant information necessary for success. Refinance Transaction The process of paying off one loan with the proceeds from a new loan using the same property as security.
The problems—categorized as easy, medium, and. You could save money by doing the same thing yourself, plus you have to have faith that once you transfer money to them that they will actually transfer your funds to your lender. As a general rule we do not censor any content on the site. Margin The difference between the interest rate and the index on an adjustable rate mortgage. Spam or Self-Promotional The list is spam or self-promotional. Foreclosure The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. Consider taking supplements like 300mg magnesium, 1,000mg potassium and 3,000 to 4,000mg of sodium.
Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price. Construction Loan A short-term, interim loan for financing the cost of construction. Assessment The placing of a value on property for the purpose of taxation. It is of perpetual duration. Multi-Dwelling Units Properties that provide separate housing units for more than one family, although they secure only a single mortgage. Although some appraisers work directly for mortgage lenders, most are independent.
Freddie Mac and Fannie Mae loans are referred to as conforming loans. Comparable Sales Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Due-On-Sale Provision A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage. Earnest Money Deposit A deposit made by the potential home buyer to show that he or she is serious about buying the house. Merged Credit Report A credit report which reports the raw data pulled from two or more of the major credit repositories.
A satisfactory home inspection is often included as a contingency by the purchaser. If you're prepping to take this intense six-hour exam, 1,001 Series 7 Exam Practice Questions For Dummies covers stocks, municipal and corporate bonds, and options—plus rules for acquiring customers and handling accounts. Bond Market Usually refers to the daily buying and selling of thirty year treasury bonds. Assignment When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment. Glossary of Terms: Acceleration Clause A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The commissions are paid out of the charges paid by the seller or buyer in the purchase transaction. Appraisal A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby.
Assumable Mortgage A mortgage that can be assumed by the buyer when a home is sold. Repayment Plan An arrangement made to repay delinquent installments or advances. Delinquency Failure to make mortgage payments when mortgage payments are due. The series has been a worldwide success with editions in numerous languages. The exercises are divided into four express workouts that target your arms, abs, thighs, and buns. Chain of Title An analysis of the transfers of title to a piece of property over the years.
The sum total of all the real property and personal property owned by an individual at time of death. On a conventional loan, the loan origination fee refers to the total number of points a borrower pays. Incorrect Book The list contains an incorrect book please specify the title of the book. Normally, a lender will not accept a partial payment, but in times of hardship you can make this request of the loan servicing collection department. Instead, the new balance is calculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Point A point is 1 percent of the amount of the mortgage. These are often found in resort areas like Hawaii.
Also called a nonconforming loan. See the Home Loan Library that discusses the different types of lenders. However, there is nothing to be worried about. Practice problems that put basic math and pre-algebra in perspective This online resource offers 1,001 opportunities to practice solving problems associated with basic math and pre-algebra. This is an outgrowth of the Spanish and Mexican heritage of the area.
Common Area Assessments In some areas they are called Homeowners Association Fees. Keto Diet For Dummies Keto Diet Health Benefits Ketogenic Diet Body Ketosis High Fat Diet. In the mortgage industry, broker usually refers to a company or individual that does not lend the money for the loans themselves, but broker loans to larger lenders or investors. Things You Should Eat Focus on foods that are rich in healthy fats and other essential nutrients. . Starting with a review of algebra basics and ending with sequences, sets, and counting techniques, it covers everything from solving non-linear equations and.
Prepayment Penalty A fee that may be charged to a borrower who pays off a loan before it is due. Encumbrance Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions. The revised ratio would be 60% fat, 30 to 35% protein and 5 to 10% carbs. Be careful to read the terms of coverage, however, because often the coverage does not start immediately upon the disability, but after a specified period, sometime forty-five days. Co-borrower An additional individual who is both obligated on the loan and is on title to the property.