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Your Location: Home
- Mortgage Loan
Mortgage Loan
Mortgage Terms:
qualifying ratios
Calculations that are used in determining whether a borrower can qualify
for a mortgage. There are two ratios. The "top" or "front"
ratio is a calculation of the borrower's monthly housing costs (principle,
taxes, insurance, mortgage insurance, homeowner's association fees) as
a percentage of monthly income. The "back" or "bottom"
ratio includes housing costs as will as all other monthly debt.
quitclaim deed
A deed that transfers without warranty whatever interest or title a grantor
may have at the time the conveyance is made.
rate lock
A commitment issued by a lender to a borrower or other mortgage originator
guaranteeing a specified interest rate for a specified period of time
at a specific cost.
real estate agent
A person licensed to negotiate and transact the sale of real estate.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers advance
notice of closing costs.
real property
Land and appurtenances, including anything of a permanent nature such
as structures, trees, minerals, and the interest, benefits, and inherent
rights thereof.
Realtor
A real estate agent, broker or an associate who holds active membership
in a local real estate board that is affiliated with the National Association
of Realtors.
efinance transaction
The process of paying off one loan with the proceeds from a new loan using
the same property as security.
remaining balance
The amount of principal that has not yet been repaid. See principal balance.
remaining term
The original amortization term minus the number of payments that have
been applied.
rent loss insurance
Insurance that protects a landlord against loss of rent or rental value
due to fire or other casualty that renders the leased premises unavailable
for use and as a result of which the tenant is excused from paying rent.
repayment plan
An arrangement made to repay delinquent installments or advances.
replacement reserve fund
A fund set aside for replacement of common property in a condominium,
PUD, or cooperative project -- particularly that which has a short life
expectancy, such as carpeting, furniture, etc.
revolving debt
A credit arrangement, such as a credit card, that allows a customer to
borrow against a preapproved line of credit when purchasing goods and
services. The borrower is billed for the amount that is actually borrowed
plus any interest due.
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