Under the umbrella of the federal government, this agency purchases conventional from insured depository institutions and other mortgage bankers.
A written statement that estimates closing costs the borrower must pay within three days of the loan application.
The government entity that provides funds for VA and FHA loans.
A residential mortgage in which the payments begin low, but increase over the life of the loan.
A person who acquires an interest in land by some official document
A person who transfer an interest in land to another.
Total income before all expenses are deducted.
The total income earned by a borrower per month before expenses are deducted.
A payment plan that accelerates the repayment of a loan by increasing the payments every year by some predetermined factor. This typically cuts a 30-year repayment loan down to 15-20 years.
A contractual agreement to pay a debt or perform an obligation made by two parties in the event of that person
A party assigned by the courts that oversees and carries out the wishes of a party who cannot represent himself.
An subjective line set by ranking officials in navigable rivers that outlaws any structures from being built passed this line.
A premium that is paid to the insurer that covers the insured against fire damage and other natural disasters.
The person that will inherit lands or other property from a deceased person who did not have an official will.
A reverse annuity mortgage that guarantees the borrower will receive monthly payments in the case that the lender can no longer make payments to the borrower.
A loan secured by the equity of a home that is used for home improvements, major expenses, or debt consolidation.
A comprehensive report completed by a qualified inspector that includes both structural and mechanical systems.
A short-term loan, usually lasting 10 years or less, that is used for repairs and additions to existing structures without affecting the mortgage loan.
A loan that covers expenses regarding failures in mechanical systems within a property such as plumbing, heating systems, or electrical.
A U.S. Government agency that oversees the Federal Housing Administration; this agency implements federal housing and community development programs.
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