tag:blogger.com,1999:blog-35396606066766571512024-02-19T01:51:29.699-08:00Exit Right Realty "The Dream Team""Helping Families Achieve The American Dream""The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.comBlogger16125tag:blogger.com,1999:blog-3539660606676657151.post-86018874898745153052010-10-22T07:15:00.000-07:002010-10-22T07:15:27.687-07:00DC Home Buying Maryland House Buyer<div style="text-align: center;"><span style="font-size: large;"><span style="color: blue;">ATTN: </span><a href="http://www.newhomebuyerseminars.com/">NEW HOME BUYERS</a></span></div><div style="text-align: center;"><a href="http://www.newhomebuyerseminars.com/home_buying_programs.html">DC HOME BUYING PROGRAMS </a></div><div style="text-align: center;"><a href="http://www.newhomebuyerseminars.com/">MARYLAND FIRST TIME HOME BUYERS</a></div><div style="text-align: center;"><br />
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</div><div style="text-align: left;">Are you thinking about <a href="http://www.newhomebuyerseminars.com/">buying a home</a>? Are you considering relocating to <a href="http://realestatedcmaryland.blogspot.com/2010/09/washington-dc-realtors-agents-living-in.html">Washington DC</a> or Maryland? Are you a <a href="http://www.newhomebuyerseminars.com/">First Time Home Buyer</a>? Do you think you are ready to <a href="http://www.newhomebuyerseminars.com/">buy a house</a>? These are all questions <a href="http://www.newhomebuyerseminars.com/">New Home Buyers</a> should consider. <a href="http://www.newhomebuyerseminars.com/">Buying a home</a> is an investment into your financial future and it is important to consider every aspect of the purchase prior to investing. If you have considered these questions and you have said yes to them, but you need <a href="http://www.newhomebuyerseminars.com/home_buying_programs.html">down payment assistance</a>, there are <a href="http://www.newhomebuyerseminars.com/home_buying_programs.html">Washington DC Home Buying and Down Payment Assistance Programs</a> and there are many <a href="http://www.newhomebuyerseminars.com/home_buying_programs.html">Maryland First Time Home Buyer Programs</a> available to help you with your purchase. We cover many of these programs in our <a href="http://www.newhomebuyerseminars.com/">new home buyer seminars</a>. We go over every aspect of the home buying experience and all the state and local programs available to help you purchase! If you are looking for an <a href="http://realestatedcmaryland.blogspot.com/2010/09/exclusive-buyers-agent-real-estate.html">Exclusive Buyers Agent</a> or <a href="http://realestatedcmaryland.blogspot.com/2010/09/exclusive-buyers-agent-real-estate.html">Realestate agents</a> that have experience with working with <a href="http://www.newhomebuyerseminars.com/">home buyers</a>, you have found <a href="http://www.homesindmv.com/">the right team</a>! </div><div style="text-align: left;"><br />
</div><div style="text-align: center;"><a href="http://www.bookfresh.com/profile/997628990">Schedule a No Obligation Home Buying Analysis Today!</a></div><div style="text-align: center;"><br />
</div><div style="text-align: center;">Use the questions below to help you decide if you are ready to <a href="http://www.newhomebuyerseminars.com/">buy a home</a>!</div><div style="text-align: center;"><br />
</div><div style="text-align: left;">1. Do you have a continuous, reliable, source of income? </div><div style="text-align: left;">2. Have you been employed continuous for the last two years even if it has not been in the same job?</div><div style="text-align: left;">3. Do you have a checking or savings account? If not, do you keep records of your payment history?</div><div style="text-align: left;">4. Do you file an income tax return with the IRS each year?</div><div style="text-align: left;">5. Do you pay your bills on time?</div><div style="text-align: left;">6. Is your total monthly debt manageable? Can you afford those debts and a mortgage?</div><div style="text-align: left;">7. Are all of your financial obligations accounted for?</div><div style="text-align: left;">8. Do you have at least 3.5% to put down for a down payment?</div><div style="text-align: left;">9. Do you have additional monies saved for closing cost?</div><div style="text-align: left;">10.Have you considered your mortgage payments in addition to other costs?(i.e utility bills, repairs, etc.)</div><div style="text-align: left;">11.Are you ready for the responsibility of property upkeep i.e mowing lawns and making repairs?</div><div style="text-align: left;">12.Are you ready for the home buying process?</div><div style="text-align: left;">13.If you have experienced financial difficulties in the past, can you prove that it was due to events beyond your control?</div><div style="text-align: left;"><br />
</div><div style="text-align: left;">These are just questions that home buyers may want to consider when <a href="http://www.newhomebuyerseminars.com/">buying a home</a>. If you have answered no to any of these questions, you may want to concentrate on strengthening those areas. As <a href="http://realestatedcmaryland.blogspot.com/2010/09/washington-dc-realtors-agents-living-in.html">DC Real Estate Agents</a> and <a href="http://www.homesindmv.com/">Maryland Realtors</a>, we can help you to further understand this process and help you to accomplish your real estate goals!<br />
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</div>"The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com1tag:blogger.com,1999:blog-3539660606676657151.post-21139072037369690802010-08-20T13:40:00.000-07:002010-08-27T13:57:15.024-07:00Home Sell,Sale my House, DC House Values, Maryland,Realtors<div style="text-align: center;"><strong><u><span style="font-size: x-large;">Sell My House / House Sale / </span></u></strong></div><div style="text-align: center;"><strong><u><span style="font-size: x-large;">How to sell a house</span></u></strong></div><br />
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</div><div style="text-align: center;"><span style="font-size: large;"><strong>EXIT RIGHT DREAM TEAM HELPS <a href="http://www.dcandmarylandmls.com/sell/">HOME SELLERS</a> IN:</strong></span></div><br />
<a href="http://www.activerain.com/swhittle">DC – Washington, District Of Columbia Real Estate</a>, Communities & Areas<br />
<a href="http://www.dcandmarylandmls.com/">Georgetown DC</a>, Anacostia ; Adams Morgan; Bloomingdale; Capitol Hill; Cleveland Park, Columbia Heights; Crestwood; DuPont Circle; Foggy Bottom, NW DC,Foxhall Community; Georgetown ; Glover Park; Hillcrest, Logan Circle; Mount Pleasant ; Petworth ; Shaw / Howard ; Greater U street Corridor, Southwest DC / New Stadium; Takoma Park ; Truxton Circle ; Woodley Park ;Ledroit Park ; Massachusetts Ave ; Mt Vernon ; Sheridian – Kalorama ; Sixteen Street ; Strivers Section ; Archeology in DC , Chinatown, Downtown,<br />
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<a href="http://www.dcandmarylandmls.com/">Maryland Real Estate Page</a>, <a href="http://www.homesindmv.com/">Maryland Agents</a> / <a href="http://www.activerain.com/swhittle">MD Realtors</a> & Communities &Cities<br />
Prince Georges County – PG, <a href="http://www.activerain.com/swhittle">Montgomery County Realtors</a>, Anne Arundel County, <a href="http://www.dcandmarylandmls.com/about/">Silver Spring Realtors</a>, Bethesda, Rockville, Potomac, Accokeek Md., Annapolis Md.; Potomac Md; Baltimore County, Baltimore City Md.; Beltsville; Bladensburg Md.; Bowie Maryland; Calverton Md.; Camp Springs Md.; Capitol Heights MD; Cheverly; Clinton; College Park Md.; Colmar; Cottage City; District Heights; Edmonston Md.; Upper Marlboro, Fairmont Hgts Md; Anne Arundel County, Forestville Md; Glenarden; Glenn Dale; Greenbelt; Bethesda, Chase , Montgomery, Hyattsville Md; Indian Head; Landover Maryland; Landover Hills; Langley Park; Lanham Md; Largo Maryland; <a href="http://www.homesindmv.com/">Laurel Real Estate</a>; Mitchellville; Morningside Md; Mount Rainier; New Carrolton Md; North Brentwood; Seat Pleasant; Springdale; University Park; Upper Marlboro Maryland; Woodmore Md; St. Mary’s County; <a href="http://www.dcandmarylandmls.com/">Waldorf Real Estate</a>, <a href="http://www.activerain.com/swhittle">Montgomery County Real Estate Agents</a>; Waldorf; Laplata, Howard, <a href="http://www.activerain.com/swhittle">Potomac Md. Real Estate Agents</a><br />
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<strong><u>A Quick Message from Our Team:</u></strong></div><div style="text-align: center;"><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixWIL-n3_998iGuqV8pXsdw49NyzhgjZmY4XIUFvezmSH5l5dgVUippi4bqOvltYZdRHhXMR9SuVlEHA1ziY_6fUJRQkJwm6FJ-sOf_subucQ1lvdUu-bCUL0e8-f6ARnERw0YxOiUC3aR/s1600/502d-10-02.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" ox="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixWIL-n3_998iGuqV8pXsdw49NyzhgjZmY4XIUFvezmSH5l5dgVUippi4bqOvltYZdRHhXMR9SuVlEHA1ziY_6fUJRQkJwm6FJ-sOf_subucQ1lvdUu-bCUL0e8-f6ARnERw0YxOiUC3aR/s200/502d-10-02.jpg" width="132" /></a></div><em>“Service, Commitment & Integrity, is my personal service goals to my clients. As a <a href="http://www.activerain.com/swhittle">REALTOR</a>, I have found this position of service to be very rewarding as it relates to achieving my clients goals. I have also come to value the relationships that I have established and now understand that those established relationships were the true value obtained. I am honored when I am asked to provide real estate services to my clients. As a Licensed Professional, my main concern is protecting and working in the best interest of my clients. I take the duty of helping my clients accomplish their <a href="http://www.dcandmarylandmls.com/">real estate</a> goals very seriously. I apply this approach to both my Home Buyer and <a href="http://www.dcandmarylandmls.com/sell/">Home Seller</a> clients. I look forward to building my services on the satisfaction of my clients and providing the best <a href="http://activerain.com/swhittle">real estate</a> services possible, one transaction at a time!” </em><br />
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<em><strong>Shataa Whittle - Realtor (DC & Maryland) 202-276-2295 - read more about Shataa </strong><a href="http://www.dcandmarylandmls.com/sell/"><strong>click here...</strong></a></em><br />
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<div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLhfiA4-8CCUXirU5JJcH7nMqOun2d3JdNdUZF4V8i-i_2yKYHEi5Iqh8m7TYIMbx5lFCDLinRF82nPbFRbeCzNePP-kXt80Z0rcPl5uDBrd0pfz-UIR_wP39KJQgRNM77YgQ5MFpTbJv7/s1600/pic+of+milissa.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" ox="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhLhfiA4-8CCUXirU5JJcH7nMqOun2d3JdNdUZF4V8i-i_2yKYHEi5Iqh8m7TYIMbx5lFCDLinRF82nPbFRbeCzNePP-kXt80Z0rcPl5uDBrd0pfz-UIR_wP39KJQgRNM77YgQ5MFpTbJv7/s200/pic+of+milissa.jpg" width="194" /></a></div> <em>“For me, being a <a href="http://www.homesindmv.com/">REALTOR</a> is about more than just <a href="http://www.homesindmv.com/">selling homes</a>. It means building a relationship with my clients that is based on my expertise and respect for them, their families, their hopes and dreams. My clients can trust that I will always go that extra mile to make their real estate experience the best they’ve ever had”</em><br />
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<em><strong>Milissa Alonso Bell - Realtor (Maryland) 301-672-3687 - read more about Milissa, </strong></em><a href="http://www.homesindmv.com/"><em><strong>click here...</strong></em></a><br />
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<em>SOLD “ My job is to make sure your goals are accomplished! I always work with your best interest in mind. I am confident that I can help you to achieve your real estate goals!”</em><br />
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<strong><em>Cory T. Miller - (DC & MD )Realtor –703-201-2120</em></strong><br />
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Are you thinking about <a href="http://www.dcandmarylandmls.com/sell/">selling a home</a>? <a href="http://www.dcandmarylandmls.com/sell/">Home Selling</a> can be very challenging and time consuming in this current real estate market. However, using the assistance of a <a href="http://www.homesindmv.com/">Local Real Estate professional</a> that understands the challenges within this changing market can help you through some of the challenges that people face when they are <a href="http://www.dcandmarylandmls.com/sell/">selling a house</a>. We can help to make sure that the experience is not as challenging by proving you with professional real estate services that will help you when selling a house. We offer proven solutions on how to <a href="http://www.dcandmarylandmls.com/sell/">sell a house</a> which will help when you are thinking about selling a home. We are very knowledgeable about the different <a href="http://www.dcandmarylandmls.com/sell/">home selling options</a>, <a href="http://www.dcandmarylandmls.com/sell/">home values</a> and pricing methods, and various <a href="http://www.dcandmarylandmls.com/sell/">home selling</a> techniques that will help to get your property sold!<br />
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If you are facing an obstacle right now and need to <a href="http://activerain.com/swhittle">sell a house</a> now, we can help you also. If you are:<br />
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• <a href="http://www.preforeclosure911.com/">Facing Foreclosure</a><br />
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• Thinking about doing a <a href="http://www.preforeclosure911.com/">Short Sale</a><br />
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• Need to relocate<br />
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• Want to know the value of your home<br />
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• or any other <a href="http://www.dcandmarylandmls.com/sell/">home selling</a> information<br />
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We can help! If you have said or though the words “<a href="http://www.dcandmarylandmls.com/sell/">I need to Sell My House</a>”, “<a href="http://www.dcandmarylandmls.com/sell/">How much is my house worth</a>" or, "<a href="http://www.dcandmarylandmls.com/sell/">How do I sell a house</a>", We can help you to figure out the best solutions possible to help you sell your home!<br />
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Our combined experience, dedication and strong communication will provide you with the tools needed to get your home sold! You'll receive that with our team and we are here for you and will help ensure the successful and profitable sale of your home. We will work hard to make sure that you have the Local Advantage over your neighbors, Internet Advertising making sure that your house is exposed to the growing demand of internet real estate shoppers, Email Campaigns to contact area <a href="http://www.homesindmv.com/">REALTORS</a> and our coombined contacts of nearly 1,000 <a href="http://www.newhomebuyerseminars.com/">home buyers</a> looking in areas similar to yours, and most of all a Personal face to face approach to assure that buyer contacts are pursued and not tossed aside.<br />
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We are here to help you to accomplish your goals. We are The <a href="http://exitrightdreamteam.blogspot.com/">EXIT RIGHT REALTY DREAM TEAM</a> and we are dedicated to making sure that we help you to accomlish your real estate goals!"The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com2tag:blogger.com,1999:blog-3539660606676657151.post-64256891044651386512010-08-20T12:43:00.001-07:002010-08-20T12:43:17.409-07:00Banks Keep an Eye Out for Short-Sales FraudShort-sale fraud totals $310 million annually and the average amount of fraud is $41,000 per transaction, according to real estate research firm CoreLogic’s 2010 short-sale research study. <br />
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"The best way to mitigate fraud risk and unnecessary loss is through a collaborative effort where lenders collectively share pre-closing and post-closing information,” says Craig Forcardi, senior research director, consumer lending at The Tower Group.<br />
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CoreLogic concluded:<br />
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The number of short sales in the market has more than tripled since 2008, with the estimated annual volume at 400,000. <br />
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Over half (55.8 percent) of all short sales occur in just four states (California, Florida, Texas, and Arizona). <br />
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Approximately 4 percent of short sales have a subsequent resale within 18 months. <br />
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Investor-driven short sales are not inherently bad. Investors provide the industry with necessary liquidity. <br />
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Short sale transactions may be deemed risky to the lender when either the second sale amount is vastly higher than the short sale amount, and/or the two sale transactions are executed within a very short window of time. <br />
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Approximately one in every 53 (1.9 percent) short-sale transactions was part of an egregious flip and therefore deemed risky."The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-57867633748455776252010-08-20T12:37:00.001-07:002010-08-20T12:37:54.170-07:00NAR: Homeownership, Stable Communities LinkedHome owners are more active in their communities, benefit from improved education opportunities, and report higher levels of self-esteem and happiness when compared to renters, according to leading research. A new report from the NATIONAL ASSOCIATION OF REALTORS®, Social Benefits of Homeownership and Stable Housing, explores the impact of stable housing and the positive social outcomes resulting from homeownership.<br />
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“Homeownership is in investment in your future – home is where we make memories, build our lives and feel comfortable and secure,” said Vicki Cox Golder. “Owning a home has long-standing government support in this country because homeownership benefits individuals and families, strengthens our communities, and is integral to our nation’s economy.”<br />
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NAR’s study identifies research from government, industry, and academia that identified the relationship between homeownership and stable communities. Home owners move far less frequently than renters, and therefore are embedded into the same neighborhood and community for a longer amount of time. This allows for social cohesion, ultimately resulting in social benefits and stronger communities.<br />
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“REALTORS® care as much about keeping families in their homes as they do about helping them find the home of their dreams,” said Golder. “Social benefits do not arise solely from ownership, but also from greater housing stability and social ties associated with less frequent moves among home owners.” <br />
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Several research studies cited in the NAR report have found that homeownership has a significant impact on educational achievement. For instance, the decision by teenage students to stay in school is higher for those raised by parents who are homeowners compared to those whose parents are renters. Access to economic and educational opportunities are also more prevalent in neighborhoods with high rates of homeownership. Furthermore, studies have shown that changing schools frequently due to moving impacts negatively a child’s educational outcome. <br />
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Civic participation is another social benefit resulting from homeownership and stable housing. Home owners are proven to be more politically active and are more likely to vote in local elections compared to renters. In addition, homeowners have a higher membership in voluntary organizations. <br />
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Studies have shown that home owners are more likely to believe that they can do things as well as anyone else, and they self-report higher ratings on their physical health. “The research shows that home owners report higher self-esteem and happiness than renters, resulting in better overall health, both physically and psychologically,” said Golder. <br />
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When it comes to property, home owners have more invested both financially and emotionally. Property crimes affect home owners directly, but nonviolent property crimes can impact the property values of the entire neighborhood. Therefore, home owners are more motivated to deter crime by forming and implementing voluntary crime-prevention programs. In addition, it is easier for home owners to recognize perpetrators in stable neighborhoods because of extensive social ties. Unstable neighborhoods often display social disorganization which can lead to higher levels of crime. <br />
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Along with protecting their home and neighborhood from crime, home owners spend more time and money maintaining their home than renters. Neighbors also influence other home owners to improve their property, resulting in a better overall quality of the community. <br />
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“Homeownership certainly contributes to positive social outcomes, but those outcomes are truly a result of stable housing communities,” said Golder. “With strong social ties and a cohesive community, home owners can enjoy not only the long-term financial benefit of owning a home, but also a more satisfying life – which is what’s really at the heart of the American Dream.”"The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-16713828302035740402010-08-20T12:36:00.001-07:002010-08-20T12:36:42.922-07:00Low Rates Finally Spark RefinancingsMortgage lenders have seen refinancing demand rise as the 30-year fixed rate tumbled to 4.4 percent — the lowest level in the nearly 40 years that Freddie Mac has tracked the statistic. <br />
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However, experts say borrowers who would benefit most from a refi likely will not qualify for new loans due to income cuts, unemployment, low credit scores, or insufficient equity. Borrowers who already refinanced in the last 18 months, along with borrowers whose adjustable-rate loans are ready to reset, will account for most of the refi activity; and many will move into shorter-term mortgages to more quickly repay their debt."The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-58078792824047512302010-08-20T12:34:00.001-07:002010-08-20T12:34:56.933-07:00The Worst Is Over, Some Experts ConcludeWith housing recovering slowly, most economists predicted in a recent survey that it will take at least five years for average home prices to climb back to the levels they commanded in 2006.<br />
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This year, some hard-hit areas may see another dip, but properties values will most likely rise.<br />
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"Softness in the summer months will be followed by firming conditions and momentum as the year unfolds and the economy strengthens," says Robert Denk, an economist for the National Association of Home Builders."The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-68510112759119607762010-08-20T12:33:00.001-07:002010-08-20T12:33:26.466-07:00Four Proposals for Reforming Fannie and FreddieThe government is wrestling with what to do about Fannie Mae and Freddie Mac, which have needed a combined $148 billion since the government bailed them out two years ago.<br />
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There are many ways to restructure the system. Here are four that have the most support:<br />
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1. Fully private system. Eliminate Fannie and Freddie and let private lenders take over. The problem is that the market for mortgage securities issued without government backing is small – perhaps, nonexistent.<br />
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2. Semi-private system. Dissolve Fannie and Freddie and turn their function over to private companies that would pay for the right to issue government-backed mortgage securities. Small banks don’t like this plan because it would inevitably increase the role of the largest banks.<br />
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3. Hybrid system. Fannie and Freddie would compete against other companies that would also issue government-backed mortgage securities.<br />
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4. Government-run system. Fannie and Freddie would become part of the government. This is unpopular because it would expand the ballooning federal debt."The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-1189921620146172242010-08-18T06:41:00.000-07:002010-08-18T06:41:26.794-07:00Restore Your Credit<div align="left">If you have ever had some issues that have affected your credit score, I know you must want to know how to restore your credit. Different financial difficulties that can cause your score to drop would include :</div><div align="left"><br />
</div><ul><li><div align="left">Loss of income (job loss, divorce, death)</div></li>
<li><div align="left">Emergency and/or unexpected expenses (medical expenses, etc.)</div></li>
<li><div align="left">Poor Money Management( overspending, compulsive buying, purchasing things you cant afford)</div></li>
<li><div align="left">Defective goods and services (car repair, house repair, etc..)</div></li>
<li><div align="left">Fraudulent use of your credit card ( identity theft)</div></li>
</ul><div align="left">Always remember the warning signs of credit issues:</div><div align="left"><br />
</div><ul><li>Inability to pay your bills on time</li>
<li>Paying late fees</li>
<li>Difficulty deciding which bills to pay each month</li>
<li>Forced into using credit cards for routine purchases for which you would normally make with cash or checks</li>
<li>Spending more than 20% of your monthly net income to pay back credit cards and other loans, not including mortgage</li>
<li>Borrowing money to make payments on existing loan obligations</li>
<li>Frequently at near or over your credit card limit</li>
<li>Paying only minimum payment due on your credit cards bills</li>
<li>Paying bills late or putting off necessary things, like visits to the doctor, because you don't have enough money</li>
</ul>We found this information and thought we would share this with you. As always, we hope you find this information to be beneficial to you. If you want to know more about your credit, we cover credit information in our Home Buying Seminars, be sure to attend one. Look at the top right hand corner of this site for the next date, time, and location of our next <a href="http://www.newhomebuyerseminars.com/">New Home Buyer Seminar</a>. <br />
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Thanks for reading our blog,<br />
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<span style="font-size: xx-small;">Contributions to this post was made by Freddie Mac & Fannie Mae - Credit Smart </span>"The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-55368364143549308582010-08-16T07:54:00.000-07:002010-08-16T07:54:57.199-07:00Credit Scores<div align="center"><strong><u>Factors That Influence Your Credit Score</u></strong></div><div align="center"><br />
</div><div align="left">Did you know that credit scores are statistical models that evaluate your individual credit risks by comparing credit info about you to other people? Credit scores are used today to help speed up the loan approval process. This score is a snapshot based on current information in your report. It does not last forever. Below are some factors that influence your credit score:</div><div align="left"><br />
</div><ol><li><div align="left"><span style="color: red;">Your Payment History</span></div></li>
<li><div align="left"><span style="color: red;">The amount of debt you owe</span></div></li>
<li><div align="left"><span style="color: red;">How long you have been using credit</span></div></li>
<li><div align="left"><span style="color: red;">How often you've applied for new credit and taken on new debt</span></div></li>
<li><div align="left"><span style="color: red;">The types of credit you currently use, such as credit cards, retail accounts, installment loans, finance company accounts and mortgages.</span></div></li>
</ol><div align="left"><span style="color: black;">Did you know that your income was not a factor in calculating your credit score? </span></div><div align="left"><br />
</div><div align="left">You can obtain a copy of your FICO credit score online by going to <a href="http://www.myfico.com/">www.myfico.com</a></div><div align="left"><br />
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</div><div align="center"><u><span style="color: red;"><strong>Ways to Improve Your Credit Score</strong></span></u></div><div align="center"><br />
</div><ol><li><span style="color: red;">Pay your bills consistently on time</span></li>
<li><span style="color: red;">Check your credit report and correct any errors immediately</span></li>
<li><span style="color: red;">Keep credit card balances low</span></li>
<li><span style="color: red;">Apply for credit cards you need ONLY</span></li>
<li><span style="color: red;">Pay off debt rather than transfer to a new card</span></li>
<li><span style="color: red;">Establish credit and use it WISELY!</span></li>
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<span style="color: black;">Be sure to continue to check back on our blog, we are always posting information that we think would help families to Achieve The American Dream! </span><br />
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Feel free to contact us, we are always holding New Home Buying Seminars...we would love for you to join us, check back for the next seminar we will be holding. <br />
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Talk to you soon!<br />
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</div>"The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-49959164935228389472010-08-10T08:55:00.000-07:002010-08-10T08:57:59.872-07:00FREE CREDIT REPORT INFO<div align="center"><strong><u>CREDIT MYTHS</u></strong></div><div align="center"><br />
</div><div align="left">There are so many myths out here as it relates to credit, credit reporting, and credit score. We have done a little research and have discovered the main credit report myths and want to share this information with you free of charge. The information provided below has been gathered from government agency reports to include Freddie mac and Fannie Mae. We hope this information is helpful to you. Please see the myths below:</div><div align="left"><br />
</div><div align="left"><strong><span style="color: red;">Myth</span>: <em><u>If you catch up on your late payments, it wont show up on your credit report</u></em></strong></div><ul><li><br />
<div align="left">Each time payments are paid late, there is a risk that the credit company will report on your credit late. Even if you catch up, it will still show that you were late and that could hurt your score. Call your creditors and humbly ask if they will remove the late fee as a courtesy. It may or may not work, but at least you would have tried.</div></li>
</ul><div align="left"><strong><span style="color: red;">Myth:</span> <em><u>If you pay a small amount by the due date, it would be counted as full payment</u></em></strong></div><ul><li>All minimum payments must be paid by the due date. If it is paid short of the minimum amount due, then the creditor could report to the credit reporting agency, the fact that you are late. Unfortunately, the creditors will not give you an A for effort. Remember to pay your bills on time. </li>
</ul><strong><span style="color: red;">Myth</span>: <em><u>If you have a good reason for not paying, it would be overlooked</u></em></strong><br />
<ul><li>Contact your creditors immediately if you experience a crisis. If you loose your job or become ill or experience a financial crisis, it is always recommended that you contact your creditors and see if something could be worked out. NEVER assume that is would be overlooked. </li>
</ul><strong><span style="color: red;">Myth</span>: <em><u>When paid, the bad debt will go away</u></em></strong><br />
<ul><li>The history on your credit report provides all of your credit information. Bad debts, charge offs, late payments, and any other collections item, stays on your credit for a period of 7 years. </li>
</ul><strong><span style="color: red;">Myth</span>: <em><u>You are responsible for debts on joint accounts or co-signed accounts if they are not your purchases</u></em></strong><br />
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<ul><li>Anytime you are a joint acct owner or co-signer, regardless of whether you have paid your fare share, both parties can be held completely responsible for the payment. The same is true for divorces.</li>
</ul><strong><span style="color: red;">Myth</span>: <em><u>You are not allowed to see your credit report</u></em></strong><br />
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<ul><li>You have the right to see what is in your credit report. A copy of your credit report may be free or may cost you a small amount of money.</li>
</ul><span style="color: red;"><strong>Myth:</strong> </span><span style="color: black;"><strong><em><u>Once you have credit problems, your score will not improve for seven years</u></em></strong></span><br />
<ul><li>You can improve your credit score over a shorter period of time because recent entries to your credit report may carry more weight. Make sure you continue to work on your credit issues and don't ever give up!</li>
</ul><br />
The moment we found this information, we felt it would be beneficial to you. Thanks for allowing us to share with you. Call a member of our team now and we can speak with you over the phone if you have any additional questions."The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-25678197239302107932010-08-09T10:38:00.000-07:002010-08-09T10:38:41.566-07:00Mortgages: Fixed Rates, ARM...<div align="center"><strong>TYPES OR MORTGAGES</strong></div><div align="center"><br />
</div><div align="left">There are so many different types of mortgages that a person could get confused. The information below should help keep you on the right track and help to make sure that you are informed. It is important to be informed as it relates to your mortgage products. <a href="mailto:jfanning@americatrustfunding.com">Lenders</a> are available and can help you to understand mortgages better. However, as agents, we want to make sure that we are able to provide helpful information to all of our clients. Please see the different types of mortgages below. These are the major ones to be on the look out for. Remember, in all of your wisdom, make sure you have understanding!</div><div align="left"><br />
</div><ul><li><div align="left">Fixed Rate Mortgages - Loans were the interest rates never change offering the same principle and interest payments monthly. This does not include Taxes, Insurance, PMI, or any other state and local fees associated with your loan.</div></li>
<li><div align="left">Adjustable Rate Mortgages - usually starts with a lower interest rate and adjust periodically based on an index that reflects changing market interest rates.</div></li>
<li><div align="left">Balloon/ Reset Mortgages - mortgages reset at the end of 5 or 7 years which at the end of that time you must sell your house or get a new loan called a refi.</div></li>
<li><div align="left">Graduated Payment Mortgages - This mortgage starts out with lower monthly payments, then over a period of years, the payments go up slowly</div></li>
<li><div align="left">Interest Only Mortgages - Monthly interest only loans require that the borrow pay the balance for the first 5 or 10 years. Interest only periods do end, please be sure to ask your lender about the terms and conditions</div></li>
<li><div align="left">Option ARMs - Flex monthly payments that the borrowers choose how much to pay from one month to the next based on a few choices. </div></li>
</ul><div align="left">Always shop around for the best mortgage rates, terms and conditions. Don't forget to get your good faith estimate. You should get it shortly after you have submitted an application...</div><div align="left"><br />
</div><div align="left">We hope this information helps. If you want to discuss further, please do not hesitate to contact us and we will be happy to answer any question you may have. </div><div align="left"><br />
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</div>"The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-18141053265183540762010-08-05T12:10:00.000-07:002010-08-05T12:50:45.819-07:00HOME BUYING CREDIT<div style="text-align: center;"><span style="font-size: large;"><strong>ATTN: HOMEBUYERS</strong></span><br />
<span style="font-size: large;"><strong>Consider your Credit</strong></span></div><br />
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Credit is one of the most powerful words on earth. It dictates just about every financial aspect in our life. Scores range from 300 to 850 with 850 representing the highest FICO score. Credit payment history dictates your score and your score dictates your credit worthiness in which dictates the over health of your credit and finances. It is extremely important when buying a house, that you have checked off your credit check list, making sure that everything is current and in good standing with your creditors. Your monthly payments should be made on time every month. This establishes payment history which is viewed by banks when determining certain factors pertaining to your loan type and interest rates. Generally the following factors are considered with FICO credit ratings: Payment History makes up about 35% , Amounts Owed = 30% of your score, Length of Credit History = 15% of your score, New Credit = 10% of your score and Types of credit used equals 10% of your score. Fair Isaac Corporation ( FICO), uses the credit scores to measure the likeliness that you will pay all debts as agreed. The same works with if you have a lower score, which indicates that you will most likely not repay your debt. Major Credit Reporting agencies like Equifax, Trans Union, and Experian, all gather information pertaining to your credit history and then provide a score based on your history. It is extremely important that you understand your credit in addition to the factors that affect your score, so that you will be able to maintain or improve your credit status. <br />
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Here are a couple of tips that may help you either improve or maintain your credit:<br />
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• Pay your bills on time. Remember that this payment history factor contributes to 35% of your over all score. It is crucial that you maintain at least minimum balances on your revolving debts, which will ultimately make the biggest impact on your credit. Remember, credit is very important and can have either a positive or negative affect on Home Buying.<br />
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• In all cost please try to avoid late payments. However, if you find your credit contains a few late fess, then you may contact the creditor to request them to be removed. If that does not work due to financial difficulties that you may have gone thru and as a result you know have negative reporting information, then try to resume making payments as soon as possible. This will avoid additional fess and balances accumulated. Remember, the amounts owed makes up the second biggest contribution to your score in the form of Amounts Owed, which makes up 30% of your FICO score. Remember, credit is very important and can have either a positive or negative affect on Home Buying. Avoid maxing out your credit cards, and paying down installment loans, this fact is important regarding your debt to income ratios. <br />
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• It is recommended that you do not close any accounts that are current. If you are no longer using them then don’t. However, if you keep them open it will contribute to your credit score in the area of Length Of Credit History, which makes up 15% of your credit score. Even though that are open accounts, it is still considered to be good because of the contribution that it makes to your Lenth of Credit history. This is very important to lenders if you are trying to get a home loan.<br />
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• Try to keep your revolving credit at a minimal, to include department store cards and credit cards. This will help your score in the area of New Credit Accounts, which makes up 10% of your FICO score. This is important because when you are in the market to purchase a home, it is important that you do not have any items that may be considered to impact your ability to repay the home loan. Remember to always use New Credit Accounts wisely and keep in mind your debt ratios. If at all possible, when you are in the market to purchase a home, avoid opening up accounts all together.<br />
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• Another factor would be Types of credit Used, which makes up 10% of your score. Remember, the type of credit that you obtain will impact your score. <br />
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Note: Bankruptcies affect your credit for 7 – 10 years. Please remember to use your credit wisely and responsibly. If you are purchasing a home in the Washington DC and need financing, I can help. Click on the link below to get pre-approved for your new home purchase.<br />
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More articles and information on understanding your credit.<br />
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<a href="http://www.cbsnews.com/stories/2003/04/29/earlyshow/contributors/raymartin/main551521.shtml">Understand more about your credit report and score…</a><br />
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<a href="http://www.bbb.org/us/Consumer-Tips/">BBB Better Business Bureau Credit Article….</a><br />
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<a href="http://ezinearticles.com/?5-Tips-For-Understanding-Your-College-Credit-Card-Offer&id=721244">College Credit Article Alert….</a><br />
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<a href="http://findarticles.com/p/articles/mi_m1365/is_12_37/ai_n19344986/">Rewards of a Strong Credit Score…..</a><br />
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<a href="http://findarticles.com/p/articles/mi_m4130/is_3_35/ai_n16819412/">Worldwide Credit Ratings…….</a><br />
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<a href="http://www.creditexpert.com/Message.aspx?PageTypeID=Article%20Summary%20TOC&SiteVersionID=2&SiteID=100003&sc=1205&bcd=">Various Credit Articles….</a>"The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-71524140973480867812010-08-05T10:44:00.000-07:002010-08-05T10:44:55.398-07:00MORTGAGE GLOSSARY TERMS<div style="text-align: center;"><span style="font-size: large;"><strong>A- Z</strong></span></div><br />
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Acceleration Clause- <br />
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A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender. <br />
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Adjustable-rate mortgage (ARM)<br />
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A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes. <br />
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Adjustment Date<br />
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The date the interest rate changes on an adjustable-rate mortgage <br />
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Amortization<br />
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The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time. <br />
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Amortization Schedule<br />
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A table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero. <br />
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Annual Percentage Rate (APR)<br />
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This is not the note rate on your loan. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your actual loan amount. You will come up with a number close to the APR. Because you are using the same payment on a smaller amount, the APR is always higher than the actual not rate on your loan. <br />
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Application<br />
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The form used to apply for a mortgage loan, containing information about a borrower’s income, savings, assets, debts, and more. <br />
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Appraisal<br />
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A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby. <br />
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Appraised Value<br />
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An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. 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. <br />
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Appraiser<br />
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An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent. <br />
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Appreciation<br />
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The increase in the value of a property due to changes in market conditions, inflation, or other causes. <br />
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Assessed Value<br />
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The valuation placed on property by a public tax assessor for purposes of taxation. <br />
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Assessment<br />
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The placing of a value on property for the purpose of taxation. <br />
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Assessor<br />
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A public official who establishes the value of a property for taxation purposes. <br />
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Asset<br />
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Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others. <br />
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Assignment<br />
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When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment. <br />
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Assumable Mortgage<br />
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A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan. <br />
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Assumption<br />
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The term applied when a buyer assumes the seller’s mortgage. <br />
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Balloon Mortgage<br />
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A mortgage loan that requires the remaining principal balance be paid at a specific point in time. 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. <br />
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Balloon Payment<br />
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The final lump sum payment that is due at the termination of a balloon mortgage. <br />
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Bankruptcy<br />
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By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishment of an ability to repay debt. <br />
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Bill of Sale<br />
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A written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds. <br />
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Biweekly Mortgage<br />
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A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty year mortgage. They charge a set-up fee and a transfer fee for every payment. Your funds are deposited into a trust account from which your monthly payment is then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce your principle. 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. <br />
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Bond Market<br />
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Usually refers to the daily buying and selling of thirty year treasury bonds. Lenders follow this market intensely because as the yields of bonds go up and down, fixed rate mortgages do approximately the same thing. The same factors that affect the Treasury Bond market also affect mortgage rates at the same time. That is why rates change daily, and in a volatile market can and do change during the day as well. <br />
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Bridge Loan<br />
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Not used much anymore, bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment. One reason for their fall from favor is that there are more and more second mortgage lenders now that will lend at a high loan to value. In addition, sellers often prefer to accept offers from buyers who have already sold their property. <br />
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broker<br />
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Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. 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. (See the Home Loan Library that discusses the different types of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so. <br />
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Buydown<br />
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Usually refers to a fixed rate mortgage where the interest rate is "bought down" for a temporary period, usually one to three years. After that time and for the remainder of the term, the borrower’s payment is calculated at the note rate. In order to buy down the initial rate for the temporary payment, a lump sum is paid and held in an account used to supplement the borrower’s monthly payment. These funds usually come from the seller (or some other source) as a financial incentive to induce someone to buy their property. A "lender funded buydown" is when the lender pays the initial lump sum. They can accomplish this because the note rate on the loan (after the buydown adjustments) will be higher than the current market rate. One reason for doing this is because the borrower may get to "qualify" at the start rate and can qualify for a higher loan amount. Another reason is that a borrower may expect his earnings to go up substantially in the near future, but wants a lower payment right now. <br />
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Call Option<br />
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Similar to the acceleration clause. <br />
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Cap<br />
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Adjustable Rate Mortgages have fluctuating interest rates, but those fluctuations are usually limited to a certain amount. Those limitations may apply to how much the loan may adjust over a six month period, an annual period, and over the life of the loan, and are referred to as "caps." Some ARMs, although they may have a life cap, allow the interest rate to fluctuate freely, but require a certain minimum payment which can change once a year. There is a limit on how much that payment can change each year, and that limit is also referred to as a cap. <br />
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Cash-out Refinance<br />
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When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as a "cash out refinance." <br />
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Certificate of Deposit<br />
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A time deposit held in a bank which pays a certain amount of interest to the depositor. <br />
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Certificate of Deposit Index<br />
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One of the indexes used for determining interest rate changes on some adjustable rate mortgages. It is an average of what banks are paying on certificates of deposit. <br />
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Certificate of Eligibility<br />
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A document issued by the Veterans Administration that certifies a veteran’s eligibility for a VA loan. <br />
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Certificate of Reasonable Value (CRV)<br />
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Once the appraisal has been performed on a property being bought with a VA loan, the Veterans Administration issues a CRV. <br />
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Chain of Title<br />
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An analysis of the transfers of title to a piece of property over the years. <br />
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Clear Title<br />
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A title that is free of liens or legal questions as to ownership of the property. <br />
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Closing<br />
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This has different meanings in different states. In some states a real estate transaction is not consider "closed" until the documents record at the local recorders office. In others, the "closing" is a meeting where all of the documents are signed and money changes hands. <br />
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Closing Costs<br />
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Closing costs are separated into what are called "non-recurring closing costs" and "pre-paid items." Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. "Pre-paids" are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application. <br />
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Closing Statement<br />
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See Settlement Statement. <br />
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Cloud on Title<br />
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Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by deed, release, or court action. <br />
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Co-borrower<br />
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An additional individual who is both obligated on the loan and is on title to the property. <br />
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Collateral<br />
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In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust. <br />
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collection<br />
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When a borrower falls behind, the lender contacts them in an effort to bring the loan current. The loan goes to "collection." As part of the collection effort, the lender must mail and record certain documents in case they are eventually required to foreclose on the property. <br />
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Commission<br />
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Most salespeople earn commissions for the work that they do and there are many sales professionals involved in each transaction, including Realtors, loan officers, title representatives, attorneys, escrow representative, and representatives for pest companies, home warranty companies, home inspection companies, insurance agents, and more. The commissions are paid out of the charges paid by the seller or buyer in the purchase transaction. Realtors generally earn the largest commissions, followed by lenders, then the others. <br />
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Common Area Assessments<br />
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In some areas they are called Homeowners Association Fees. They are charges paid to the Homeowners Association by the owners of the individual units in a condominium or planned unit development (PUD) and are generally used to maintain the property and common areas. <br />
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Common Areas<br />
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Those portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc. <br />
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Common Law<br />
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An unwritten body of law based on general custom in England and used to an extent in some states. <br />
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Community Property<br />
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In some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumstances. This is an outgrowth of the Spanish and Mexican heritage of the area. <br />
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Comparable Sales<br />
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Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps." <br />
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Condominium<br />
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A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership. <br />
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Condominium Conversion<br />
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Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership. <br />
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Condominium Hotel<br />
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A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned. These are often found in resort areas like Hawaii. <br />
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Construction Loan<br />
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A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses. <br />
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Contingency<br />
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A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector. <br />
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Contract<br />
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An oral or written agreement to do or not to do a certain thing. <br />
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Conventional Mortgage<br />
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Refers to home loans other than government loans (VA and FHA). <br />
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convertible ARM<br />
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An adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time. <br />
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cooperative (co-op)<br />
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A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. <br />
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Cost of Funds Index (COFI)<br />
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One of the indexes that is used to determine interest rate changes for certain adjustable-rate mortgages. It represents the weighted-average cost of savings, borrowings, and advances of the financial institutions such as banks and savings & loans, in the 11th District of the Federal Home Loan Bank. <br />
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credit<br />
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An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date. <br />
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Credit History<br />
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A record of an individual's repayment of debt. Credit histories are reviewed my mortgage lenders as one of the underwriting criteria in determining credit risk. <br />
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Creditor<br />
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A person to whom money is owed. <br />
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Credit Report<br />
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A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. <br />
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Credit Repository<br />
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An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit. <br />
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Debt<br />
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An amount owed to another. <br />
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Deed<br />
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The legal document conveying title to a property. <br />
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Deed-in-lieu<br />
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Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record. <br />
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Deed of Trust<br />
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Some states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing. <br />
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Default<br />
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Failure to make the mortgage payment within a specified period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of the due date, the loan is considered to be in default. <br />
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Delinquency<br />
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Failure to make mortgage payments when mortgage payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit bureaus. <br />
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Deposit<br />
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A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit." <br />
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Depreciation<br />
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A decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining monetary value of an asset and is used as an expense to reduce taxable income. Since this is not a true expense where money is actually paid, lenders will add back depreciation expense for self-employed borrowers and count it as income. <br />
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Discount Points<br />
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In the mortgage industry, this term is usually used in only in reference to government loans, meaning FHA and VA loans. Discount points refer to any "points" paid in addition to the one percent loan origination fee. A "point" is one percent of the loan amount. <br />
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Down Payment<br />
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The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage. <br />
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Due-on-sale Provision<br />
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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. <br />
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Earnest Money Deposit<br />
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A deposit made by the potential home buyer to show that he or she is serious about buying the house. <br />
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Easement<br />
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A right of way giving persons other than the owner access to or over a property. <br />
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Effective Age<br />
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An appraiser’s estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age. <br />
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Eminent Domain<br />
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The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings. <br />
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Encroachment<br />
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An improvement that intrudes illegally on another’s property. <br />
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Encumbrance<br />
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Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions. <br />
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Equal Credit Opportunity Act (ECOA)<br />
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A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs. <br />
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Equity<br />
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A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens. <br />
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Escrow<br />
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An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed. <br />
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Escrow Account<br />
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Once you close your purchase transaction, you may have an escrow account or impound account with your lender. This means the amount you pay each month includes an amount above what would be required if you were only paying your principal and interest. The extra money is held in your impound account (escrow account) for the payment of items like property taxes and homeowner’s insurance when they come due. The lender pays them with your money instead of you paying them yourself. <br />
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Escrow Analysis<br />
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Once each year your lender will perform an "escrow analysis" to make sure they are collecting the correct amount of money for the anticipated expenditures. <br />
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Escrow Disbursements<br />
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The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due. <br />
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Estate<br />
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The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death. <br />
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Eviction<br />
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The lawful expulsion of an occupant from real property. <br />
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Examination of Title<br />
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The report on the title of a property from the public records or an abstract of the title. <br />
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Exclusive Listing<br />
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A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time. <br />
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Executor<br />
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A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form. <br />
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Fair Credit Reporting Act<br />
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A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record. <br />
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fair market value<br />
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The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept. <br />
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Fannie Mae (FNMA)<br />
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The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds. For a discussion of the roles of Fannie Mae, Freddie Mac (FHLMC), and Ginnie Mae (GNMA), see the Library. <br />
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Federal Housing Administration (FHA)<br />
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An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing. <br />
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Fee Simple<br />
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The greatest possible interest a person can have in real estate. <br />
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Fee Simple Estate<br />
<br />
An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property. <br />
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FHA Mortgage<br />
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A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan. <br />
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Firm Commitment<br />
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A lender's agreement to make a loan to a specific borrower on a specific property. <br />
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First Mortgage<br />
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The mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions. <br />
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Fixed-rate Mortgage<br />
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A mortgage in which the interest rate does not change during the entire term of the loan. <br />
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Fixture<br />
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Personal property that becomes real property when attached in a permanent manner to real estate. <br />
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Flood Insurance<br />
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Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas. <br />
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Foreclosure<br />
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The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. <br />
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401(k)/403(b)<br />
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An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 401(k) plans are provided by employers that are private corporations. 403(b) plans are provided by employers that are not for profit organizations. <br />
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401(k)/403(b) loan<br />
<br />
Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Loans against 401K plans are an acceptable source of down payment for most types of loans. <br />
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G-L<br />
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Government Loan (mortgage)<br />
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A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are classified as conventional loans. <br />
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Government National Mortgage Association (Ginnie Mae)<br />
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A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA) <br />
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Grantee<br />
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The person to whom an interest in real property is conveyed. <br />
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Grantor<br />
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The person conveying an interest in real property. <br />
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Hazard Insurance<br />
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Insurance coverage that in the event of physical damage to a property from fire, wind, vandalism, or other hazards. <br />
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Home Equity Conversion Mortgage (HECM)<br />
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Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you. It enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property. <br />
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Home Equity Line of Credit<br />
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A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount. <br />
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Home Inspection<br />
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A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. <br />
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Homeowners' Association<br />
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A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements. <br />
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Homeowner's Insurance<br />
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An insurance policy that combines personal liability insurance and hazard. insurance coverage for a dwelling and its contents. <br />
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Homeowner's Warranty<br />
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A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay. <br />
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HUD Median Income<br />
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Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD). <br />
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HUD-1 Settlement Statement<br />
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A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet." <br />
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Joint Tenancy<br />
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A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety. <br />
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Judgment<br />
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A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor. <br />
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Judicial Foreclosure<br />
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A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure. <br />
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Jumbo Loan<br />
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A loan that exceeds Fannie Mae’s and Freddie Mac’s loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans. <br />
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Late Charge<br />
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The penalty a borrower must pay when a payment is made a stated number of days. On a first trust deed or mortgage, this is usually fifteen days. <br />
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Lease<br />
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A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time. <br />
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Leasehold Estate<br />
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A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it. <br />
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Lease Option<br />
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An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price. <br />
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Legal Description<br />
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A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony. <br />
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Lender<br />
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A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders." <br />
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Liabilities<br />
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A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others. <br />
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Liability Insurance<br />
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Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner’s insurance policy. <br />
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Lien<br />
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A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien. <br />
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Life Cap<br />
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For an adjustable-rate mortgage (ARM), a limit on the amount that the enterest rate can increase or decrease over the life of the mortgage. <br />
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Line of Credit<br />
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An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower. <br />
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Liquid Asset<br />
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A cash asset or an asset that is easily converted into cash. <br />
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Loan<br />
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A sum of borrowed money (principal) that is generally repaid with interest. <br />
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Loan Officer<br />
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Also referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the lending institution. <br />
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Loan Origination<br />
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How a lender refers to the process of obtaining new loans. <br />
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Loan Servicing<br />
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After you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, and provide a variety of other services. <br />
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Loan-to-value (LTV)<br />
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The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower). <br />
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Lock-in<br />
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An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost. <br />
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Lock-in Period<br />
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The time period during which the lender has guaranteed an interest rate to a borrower. <br />
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M-R<br />
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Margin<br />
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The difference between the interest rate and the index on an adjustable rate mortgage. The margin remains stable over the life of the loan. It is the index which moves up and down. <br />
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Maturity<br />
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The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable. <br />
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Merged Credit Report<br />
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A credit report which reports the raw data pulled from two or more of the major credit repositories. Contrast with a Residential Mortgage Credit Report (RMCR) or a standard factual credit report. <br />
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Modification<br />
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Occasionally, a lender will agree to modify the terms of your mortgage without requiring you t refinance. If any changes are made, it is called a modification. <br />
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Mortgage<br />
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A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds. <br />
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Mortgage Banker<br />
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For a more complete discussion of mortgage banker, see "Types of Lenders." A mortgage banker is generally assumed to originate and fund their own loans, which are then sold on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. However, firms rather loosely apply this term to themselves, whether they are true mortgage bankers or simply mortgage brokers or correspondents. <br />
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Mortgage Broker<br />
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A mortgage company that originates loans, then places those loans with a variety of other lending institutions with whom they usually have pre-established relationships. <br />
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Mortgagee<br />
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The lender in a mortgage agreement. <br />
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Mortgage Insurance (MI)<br />
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Insurance that covers the lender against some of the losses incurred as a result of a default on a home loan. Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that have a loan-to-value higher than eighty percent. Mortgages above 80% LTV that call themselves "No MI" are usually a made at a higher interest rate. Instead of the borrower paying the mortgage insurance premiums directly, they pay a higher interest rate to the lender, which then pays the mortgage insurance themselves. Also, FHA loans and certain first-time homebuyer programs require mortgage insurance regardless of the loan-to-value. <br />
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Mortgage Insurance Premium (MIP)<br />
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The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company. <br />
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Mortgage Life and Disability Insurance<br />
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A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage payment for a specified amount of time during the disability. 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. <br />
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Mortgagor<br />
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The borrower in a mortgage agreement. <br />
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Multidwelling Units<br />
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Properties that provide separate housing units for more than one family, although they secure only a single mortgage. <br />
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Negative Amortization<br />
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Some adjustable rate mortgages allow the interest rate to fluctuate independently of a required minimum payment. If a borrower makes the minimum payment it may not cover all of the interest that would normally be due at the current interest rate. In essence, the borrower is deferring the interest payment, which is why this is called "deferred interest." The deferred interest is added to the balance of the loan and the loan balance grows larger instead of smaller, which is called negative amortization. <br />
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No cash-out Refinance<br />
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A refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is caculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Often referred to as a "rate and term refinance." <br />
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No-cost Loan<br />
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Many lenders offer loans that you can obtain at "no cost." You should inquire whether this means there are no "lender" costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a "no-point" loan, the interest rate will be higher than if you obtain a loan that has costs associated with it. <br />
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Note<br />
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A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time. <br />
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Note Rate<br />
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The interest rate stated on a mortgage note. <br />
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Notice of Default<br />
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A formal written notice to a borrower that a default has occurred and that legal action may be taken. <br />
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Original Principal Balance<br />
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The total amount of principal owed on a mortgage before any payments are made. <br />
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Origination Fee<br />
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On a government loan the loan origination fee is one percent of the loan amount, but additional points may be charged which are called "discount points." One point equals one percent of the loan amount. On a conventional loan, the loan origination fee refers to the total number of points a borrower pays. <br />
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Owner Financing<br />
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A property purchase transaction in which the property seller provides all or part of the financing. <br />
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Partial Payment<br />
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A payment that is not sufficient to cover the scheduled monthly payment on a mortgage loan. 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. <br />
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Payment Change Date<br />
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The date when a new monthly payment amount takes effect on an adjustable-rate mortgage (ARM) or a graduated-payment mortgage (GPM). Generally, the payment change date occurs in the month immediately after the interest rate adjustment date. <br />
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Periodic Payment Cap br> For an adjustable-rate mortgage where the interest rate and the minimum payment amount fluctuate independently of one another, this is a limit on the amount that payments can increase or decrease during any one adjustment period. <br />
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Periodic Rate Cap <br />
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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. <br />
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Personal Property<br />
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Any property that is not real property. <br />
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PITI<br />
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This stands for principal, interest, taxes and insurance. If you have an "impounded" loan, then your monthly payment to the lender includes all of these and probably includes mortgage insurance as well. If you do not have an impounded account, then the lender still calculates this amount and uses it as part of determining your debt-to-income ratio. <br />
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PITI Reserves<br />
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A cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months. <br />
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Planned Unit Development (PUD) <br />
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>A type of ownership where individuals actually own the building or unit they live in, but common areas are owned jointly with the other members of the development or association. Contrast with condominium, where an individual actually owns the airspace of his unit, but the buildings and common areas are owned jointly with the others in the development or association. <br />
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Point<br />
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A point is 1 percent of the amount of the mortgage. <br />
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Power of Attorney<br />
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A legal document that authorizes another person to act on one’s behalf. A power of attorney can grant complete authority or can be limited to certain acts and/or certain periods of time. <br />
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Pre-approval<br />
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A loosely used term which is generally taken to mean that a borrower has completed a loan application and provided debt, income, and savings documentation which an underwriter has reviewed and approved. A pre-approval is usually done at a certain loan amount and making assumptions about what the interest rate will actually be at the time the loan is actually made, as well as estimates for the amount that will be paid for property taxes, insurance and others. A pre-approval applies only to the borrower. Once a property is chosen, it must also meet the underwriting guidelines of the lender. Contrast with pre-qualification. <br />
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Prepayment <br />
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Any amount paid to reduce the principal balance of a loan before the due date. Payment in full on a mortgage that may result from a sale of the property, the owner's decision to pay off the loan in full, or a foreclosure. In each case, prepayment means payment occurs before the loan has been fully amortized. <br />
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Prepayment Penalty<br />
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A fee that may be charged to a borrower who pays off a loan before it is due. <br />
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Pre-qualification <br />
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This usually refers to the loan officer’s written opinion of the ability of a borrower to qualify for a home loan, after the loan officer has made inquiries about debt, income, and savings. The information provided to the loan officer may have been presented verbally or in the form of documentation, and the loan officer may or may not have reviewed a credit report on the borrower. <br />
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Prime Rate<br />
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The interest rate that banks charge to their preferred customers. Changes in the prime rate are widely publicized in the news media and are used as the indexes in some adjustable rate mortgages, especially home equity lines of credit. Changes in the prime rate do not directly affect other types of mortgages, but the same factors that influence the prime rate also affect the interest rates of mortgage loans. <br />
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Principal<br />
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The amount borrowed or remaining unpaid. The part of the monthly payment that reduces the remaining balance of a mortgage. <br />
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Principal Balance <br />
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The outstanding balance of principal on a mortgage. The principal balance does not include interest or any other charges. See remaining balance. <br />
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Principal,interest, taxes, and insurance (PITI) <br />
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The four components of a monthly mortgage payment on impounded loans. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance. <br />
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Private mortgage insurance (MI) <br />
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Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require MI for a loan with a loan-to-value (LTV) percentage in excess of 80 percent. <br />
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Promissory Note<br />
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A written promise to repay a specified amount over a specified period of time. <br />
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Public Auction<br />
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A meeting in an announced public location to sell property to repay a mortgage that is in default. <br />
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Planned Unit Development (PUD)<br />
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A project or subdivision that includes common property that is owned and maintained by a homeowners' association for the benefit and use of the individual PUD unit owners. <br />
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Purchase Agreement<br />
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A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold. <br />
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Purchase Money Transaction<br />
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The acquisition of property through the payment of money or its equivalent. <br />
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Qualifying Ratios<br />
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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. <br />
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Quitclaim Deed<br />
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A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made. <br />
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Rate Lock<br />
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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. <br />
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Real Estate Agent<br />
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A person licensed to negotiate and transact the sale of real estate. <br />
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Real Estate Settlement Procedures Act (RESPA)<br />
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A consumer protection law that requires lenders to give borrowers advance notice of closing costs. <br />
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Real Property<br />
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Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. <br />
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Realtor¬<br />
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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. <br />
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Recorder<br />
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The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk." <br />
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Recording<br />
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The noting in the registrar’s office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record. <br />
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Refinance Transaction<br />
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The process of paying off one loan with the proceeds from a new loan using the same property as security. <br />
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Remaining Balance<br />
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The amount of principal that has not yet been repaid. See principal balance. <br />
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Remaining Term<br />
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The original amortization term minus the number of payments that have been applied. <br />
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Rent Loss Insurance<br />
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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. <br />
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Repayment Plan<br />
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An arrangement made to repay delinquent installments or advances. <br />
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Replacement Reserve Fund<br />
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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. <br />
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Revolving Debt<br />
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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. <br />
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Right of First Refusal<br />
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A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others. <br />
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Right of Ingress or Egress<br />
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The right to enter or leave designated premises. <br />
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Right of Survivorship<br />
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In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant. <br />
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S-Z<br />
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Sale-Leaseback<br />
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A technique in which a seller deeds property to a buyer for a consideration, and the buyer simultaneously leases the property back to the seller. <br />
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Second Mortgage<br />
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A mortgage that has a lien position subordinate to the first mortgage. <br />
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Secondary Market<br />
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The buying and selling of existing mortgages, usually as part of a "pool" of mortgages. <br />
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Secured Loan<br />
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A loan that is backed by collateral. <br />
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Security<br />
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The property that will be pledged as collateral for a loan. <br />
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Seller Carry-back<br />
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An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage. <br />
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Servicer<br />
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An organization that collects principal and interest payments from borrowers and manages borrowers’ escrow accounts. The servicer often services mortgages that have been purchased by an investor in the secondary mortgage market. <br />
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Servicing<br />
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The collection of mortgage payments from borrowers and related responsibilities of a loan servicer. <br />
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Settlement Statement<br />
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See HUD1 Settlement Statement <br />
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Subdivision<br />
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A housing development that is created by dividing a tract of land into individual lots for sale or lease. <br />
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Subordinate Financing<br />
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Any mortgage or other lien that has a priority that is lower than that of the first mortgage. <br />
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Survey<br />
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A drawing or map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features. <br />
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Sweat Equity<br />
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Contribution to the construction or rehabilitation of a property in the form of labor or services rather than cash. <br />
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Tenancy in Common<br />
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As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death. <br />
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Third-party Origination<br />
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A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market. <br />
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Title<br />
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A legal document evidencing a person's right to or ownership of a property. <br />
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Title Company<br />
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A company that specializes in examining and insuring titles to real estate. <br />
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Title Insurance<br />
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Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property. <br />
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Title Search<br />
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A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding. <br />
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Transfer of Ownership<br />
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Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device. <br />
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Transfer Tax<br />
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State or local tax payable when title passes from one owner to another. <br />
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Treasury Index<br />
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An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. <br />
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Truth-in-Lending<br />
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A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges. <br />
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Two-step Mortgage<br />
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An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term. <br />
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Two- to Four-family Property<br />
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A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed. <br />
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Trustee<br />
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A fiduciary who holds or controls property for the benefit of another. <br />
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VA Mortgage<br />
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A mortgage that is guaranteed by the Department of Veterans Affairs (VA). <br />
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Vested<br />
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Having the right to use a portion of a fund such as an individual retirement fund. For example, individuals who are 100 percent vested can withdraw all of the funds that are set aside for them in a retirement fund. However, taxes may be due on any funds that are actually withdrawn. <br />
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Veterans Administration (VA)<br />
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An agency of the federal government that guarantees residential mortgages made to eligible veterans of the military services. The guarantee protects the lender against loss and thus encourages lenders to make mortgages to veterans."The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-86056529929019426142010-08-05T10:28:00.000-07:002010-08-05T10:28:17.406-07:00REAL ESTATE GLOSSARY TERMS : A - L<div style="text-align: center;">Real Estate Glossary / Terminolgy</div><br />
<span style="color: red; font-size: large;"><strong>A </strong></span><br />
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<span style="color: red;">acceleration clause</span> - A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender. <br />
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<span style="color: red;"><strong>adjustable-rate mortgage (ARM)</strong></span> - A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes. <br />
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<span style="color: red;"><strong>adjustment date</strong></span> - The date the interest rate changes on an adjustable-rate mortgage. <br />
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<span style="color: red;">amortization</span> - The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time. <br />
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<span style="color: red;"><strong>amortization schedule</strong></span> - A table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. It also shows the gradual decrease of the loan balance until it reaches zero. <br />
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<span style="color: red;"><strong>annual percentage rate (APR)</strong></span> - This is not the note rate on your loan. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your actual loan amount. You will come up with a number close to the APR. Because you are using the same payment on a smaller amount, the APR is always higher than the actual note rate on your loan. <br />
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<span style="color: red;"><strong>application</strong></span> - The form used to apply for a mortgage loan, containing information about a borrower's income, savings, assets, debts, and more. <br />
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<span style="color: red;"><strong>appraisal</strong></span> - A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby. <br />
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<span style="color: red;"><strong>Appraised value</strong></span> - An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. 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. <br />
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<span style="color: red;"><strong>appraiser </strong></span> - An individual qualified by education, training, and experience to estimate the value of real property and personal property. Although some appraisers work directly for mortgage lenders, most are independent. <br />
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<span style="color: red;"><strong>appreciation</strong></span> - The increase in the value of a property due to changes in market conditions, inflation, or other causes. <br />
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<span style="color: red;"><strong>assessed value</strong></span> - The valuation placed on property by a public tax assessor for purposes of taxation. <br />
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<strong><span style="color: red;">assessment </span></strong>- The placing of a value on property for the purpose of taxation. <br />
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<span style="color: red;"><strong>assessor</strong></span> - A public official who establishes the value of a property for taxation purposes. <br />
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<span style="color: red;"><strong>asset</strong></span> - Items of value owned by an individual. Assets that can be quickly converted into cash are considered "liquid assets." These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others. <br />
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<span style="color: red;"><strong>assignment </strong></span> - When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment. <br />
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<span style="color: red;"><strong>assumable mortgage</strong></span> - A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan. <br />
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<span style="color: red;"><strong>assumption</strong></span> - The term applied when a buyer assumes the seller's mortgage. <br />
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<span style="font-size: large;">B</span><br />
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<span style="color: red;"><strong>balloon mortgage</strong></span> - A mortgage loan that requires the remaining principal balance be paid at a specific point in time. 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.<br />
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<span style="color: red;"><strong>balloon payment</strong></span> - The final lump sum payment that is due at the termination of a balloon mortgage.<br />
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<span style="color: red;"><strong>bankruptcy</strong></span> - By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishment of an ability to repay debt.<br />
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<span style="color: red;"><strong>bill of sale</strong></span> - A written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds. <br />
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<strong><span style="color: red;">biweekly mortgage</span></strong> - A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty year mortgage. They charge a set-up fee and a transfer fee for every payment. Your funds are deposited into a trust account from which your monthly payment is then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce your principle. 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. <br />
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<span style="color: red;"><strong>bond market</strong></span> - Usually refers to the daily buying and selling of thirty year treasury bonds. Lenders follow this market intensely because as the yields of bonds go up and down, fixed rate mortgages do approximately the same thing. The same factors that affect the Treasury Bond market also affect mortgage rates at the same time. That is why rates change daily, and in a volatile market can and do change during the day as well. <br />
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<span style="color: red;"><strong>bridge loan</strong></span> - Not used much anymore, bridge loans are obtained by those who have not yet sold their previous property, but must close on a purchase property. The bridge loan becomes the source of their funds for the down payment. One reason for their fall from favor is that there are more and more second mortgage lenders now that will lend at a high loan to value. In addition, sellers often prefer to accept offers from buyers who have already sold their property. <br />
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<strong><span style="color: red;">broker</span></strong> - Broker has several meanings in different situations. Most Realtors are "agents" who work under a "broker." Some agents are brokers as well, either working form themselves or under another broker. 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. (See the Home Loan Library that discusses the different types of lenders). As a normal definition, a broker is anyone who acts as an agent, bringing two parties together for any type of transaction and earns a fee for doing so. <br />
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<span style="color: red;"><strong>buydown</strong></span> - Usually refers to a fixed rate mortgage where the interest rate is "bought down" for a temporary period, usually one to three years. After that time and for the remainder of the term, the borrower's payment is calculated at the note rate. In order to buy down the initial rate for the temporary payment, a lump sum is paid and held in an account used to supplement the borrower's monthly payment. These funds usually come from the seller (or some other source) as a financial incentive to induce someone to buy their property. A "lender funded buydown" is when the lender pays the initial lump sum. They can accomplish this because the note rate on the loan (after the buydown adjustments) will be higher than the current market rate. One reason for doing this is because the borrower may get to "qualify" at the start rate and can qualify for a higher loan amount. Another reason is that a borrower may expect his earnings to go up substantially in the near future, but wants a lower payment right now. <br />
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<span style="color: red;"><strong>call option</strong></span> - Similar to the acceleration clause. <br />
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<span style="color: red;"><strong>cap</strong></span> - Adjustable Rate Mortgages have fluctuating interest rates, but those fluctuations are usually limited to a certain amount. Those limitations may apply to how much the loan may adjust over a six month period, an annual period, and over the life of the loan, and are referred to as "caps." Some ARMs, although they may have a life cap, allow the interest rate to fluctuate freely, but require a certain minimum payment which can change once a year. There is a limit on how much that payment can change each year, and that limit is also referred to as a cap. <br />
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<span style="color: red;"><strong>cash-out refinance</strong></span> - When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as a "cash out refinance." <br />
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<span style="color: red;"><strong>certificate of deposit</strong></span> - A time deposit held in a bank which pays a certain amount of interest to the depositor. <br />
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<strong><span style="color: red;">certificate of deposit index - </span></strong>One of the indexes used for determining interest rate changes on some adjustable rate mortgages. It is an average of what banks are paying on certificates of deposit. <br />
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<span style="color: red;"><strong>Certificate of Eligibility</strong></span> - A document issued by the Veterans Administration that certifies a veteran's eligibility for a VA loan. <br />
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<span style="color: red;"><strong>Certificate of Reasonable Value (CRV)</strong></span> - Once the appraisal has been performed on a property being bought with a VA loan, the Veterans Administration issues a CRV. <br />
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<span style="color: red;"><strong>chain of title</strong></span> - An analysis of the transfers of title to a piece of property over the years. <br />
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<strong><span style="color: red;">clear title</span></strong> - A title that is free of liens or legal questions as to ownership of the property. <br />
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<strong><span style="color: red;">closing</span></strong> - This has different meanings in different states. In some states a real estate transaction is not consider "closed" until the documents record at the local recorders office. In others, the "closing" is a meeting where all of the documents are signed and money changes hands. <br />
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<span style="color: red;"><strong>closing costs</strong></span> - Closing costs are separated into what are called "non-recurring closing costs" and "pre-paid items." Non-recurring closing costs are any items which are paid just once as a result of buying the property or obtaining a loan. "Pre-paids" are items which recur over time, such as property taxes and homeowners insurance. A lender makes an attempt to estimate the amount of non-recurring closing costs and prepaid items on the Good Faith Estimate which they must issue to the borrower within three days of receiving a home loan application. <br />
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<span style="color: red;"><strong>closing statement</strong></span> - See Settlement Statement. <br />
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<span style="color: red;"><strong>cloud on title</strong></span> - Any conditions revealed by a title search that adversely affect the title to real estate. Usually clouds on title cannot be removed except by deed, release, or court action. <br />
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<span style="color: red;"><strong>co-borrower</strong></span> - IAn additional individual who is both obligated on the loan and is on title to the property. <br />
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<span style="color: red;"><strong>collateral - </strong></span>In a home loan, the property is the collateral. The borrower risks losing the property if the loan is not repaid according to the terms of the mortgage or deed of trust. <br />
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<span style="color: red;"><strong>collection</strong></span> - When a borrower falls behind, the lender contacts them in an effort to bring the loan current. The loan goes to "collection." As part of the collection effort, the lender must mail and record certain documents in case they are eventually required to foreclose on the property. <br />
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<span style="color: red;"><strong>commission</strong></span> - Most salespeople earn commissions for the work that they do and there are many sales professionals involved in each transaction, including Realtors, loan officers, title representatives, attorneys, escrow representative, and representatives for pest companies, home warranty companies, home inspection companies, insurance agents, and more. The commissions are paid out of the charges paid by the seller or buyer in the purchase transaction. Realtors generally earn the largest commissions, followed by lenders, then the others. <br />
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<span style="color: red;"><strong>common area assessments - </strong></span>In some areas they are called Homeowners Association Fees. They are charges paid to the Homeowners Association by the owners of the individual units in a condominium or planned unit development (PUD) and are generally used to maintain the property and common areas. <br />
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<strong><span style="color: red;">common areas </span></strong><br />
Those portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc. <br />
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common law -An unwritten body of law based on general custom in England and used to an extent in some states. <br />
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community property -In some states, especially the southwest, property acquired by a married couple during their marriage is considered to be owned jointly, except under special circumstances. This is an outgrowth of the Spanish and Mexican heritage of the area. <br />
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comparable sales -Recent sales of similar properties in nearby areas and used to help determine the market value of a property. Also referred to as "comps." <br />
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condominium -A type of ownership in real property where all of the owners own the property, common areas and buildings together, with the exception of the interior of the unit to which they have title. Often mistakenly referred to as a type of construction or development, it actually refers to the type of ownership. <br />
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condominium conversion -Changing the ownership of an existing building (usually a rental project) to the condominium form of ownership. <br />
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condominium hotel -A condominium project that has rental or registration desks, short-term occupancy, food and telephone services, and daily cleaning services and that is operated as a commercial hotel even though the units are individually owned. These are often found in resort areas like Hawaii. <br />
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construction loan -A short-term, interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses. <br />
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contingency -A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector. <br />
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contract -An oral or written agreement to do or not to do a certain thing. <br />
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conventional mortgage -Refers to home loans other than government loans (VA and FHA). <br />
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convertible ARM -An adjustable-rate mortgage that allows the borrower to change the ARM to a fixed-rate mortgage within a specific time. <br />
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cooperative (co-op) -A type of multiple ownership in which the residents of a multiunit housing complex own shares in the cooperative corporation that owns the property, giving each resident the right to occupy a specific apartment or unit. <br />
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cost of funds index (COFI) -One of the indexes that is used to determine interest rate changes for certain adjustable-rate mortgages. It represents the weighted-average cost of savings, borrowings, and advances of the financial institutions such as banks and savings & loans, in the 11th District of the Federal Home Loan Bank. <br />
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credit -An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date. <br />
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credit history -A record of an individual's repayment of debt. Credit histories are reviewed my mortgage lenders as one of the underwriting criteria in determining credit risk. <br />
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creditor -A person to whom money is owed. <br />
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credit report -A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. <br />
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credit repository -An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit. <br />
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<span style="font-size: large;">D</span><br />
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debt -An amount owed to another. <br />
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deed -The legal document conveying title to a property. <br />
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deed-in-lieu -Short for "deed in lieu of foreclosure," this conveys title to the lender when the borrower is in default and wants to avoid foreclosure. The lender may or may not cease foreclosure activities if a borrower asks to provide a deed-in-lieu. Regardless of whether the lender accepts the deed-in-lieu, the avoidance and non-repayment of debt will most likely show on a credit history. What a deed-in-lieu may prevent is having the documents preparatory to a foreclosure being recorded and become a matter of public record. <br />
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deed of trust -Some states, like California, do not record mortgages. Instead, they record a deed of trust which is essentially the same thing. <br />
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default -Failure to make the mortgage payment within a specified period of time. For first mortgages or first trust deeds, if a payment has still not been made within 30 days of the due date, the loan is considered to be in default. <br />
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delinquency -Failure to make mortgage payments when mortgage payments are due. For most mortgages, payments are due on the first day of the month. Even though they may not charge a "late fee" for a number of days, the payment is still considered to be late and the loan delinquent. When a loan payment is more than 30 days late, most lenders report the late payment to one or more credit bureaus. <br />
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deposit -A sum of money given in advance of a larger amount being expected in the future. Often called in real estate as an "earnest money deposit." <br />
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depreciation -A decline in the value of property; the opposite of appreciation. Depreciation is also an accounting term which shows the declining monetary value of an asset and is used as an expense to reduce taxable income. Since this is not a true expense where money is actually paid, lenders will add back depreciation expense for self-employed borrowers and count it as income. <br />
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discount points -In the mortgage industry, this term is usually used in only in reference to government loans, meaning FHA and VA loans. Discount points refer to any "points" paid in addition to the one percent loan origination fee. A "point" is one percent of the loan amount. <br />
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down payment -The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage. <br />
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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. <br />
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<span style="font-size: large;">E</span><br />
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earnest money deposit -A deposit made by the potential home buyer to show that he or she is serious about buying the house. <br />
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easement -A right of way giving persons other than the owner access to or over a property. <br />
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effective age -An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age. <br />
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eminent domain -The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings. <br />
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encroachment -An improvement that intrudes illegally on another's property. <br />
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encumbrance -Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions. <br />
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Equal Credit Opportunity Act (ECOA) -A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs. <br />
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equity -A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens. <br />
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escrow -An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed. <br />
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escrow account -Once you close your purchase transaction, you may have an escrow account or impound account with your lender. This means the amount you pay each month includes an amount above what would be required if you were only paying your principal and interest. The extra money is held in your impound account (escrow account) for the payment of items like property taxes and homeowner's insurance when they come due. The lender pays them with your money instead of you paying them yourself. <br />
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escrow analysis -Once each year your lender will perform an "escrow analysis" to make sure they are collecting the correct amount of money for the anticipated expenditures. <br />
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escrow disbursements -The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due. <br />
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estate -The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death. <br />
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eviction -The lawful expulsion of an occupant from real property. <br />
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examination of title -The report on the title of a property from the public records or an abstract of the title. <br />
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exclusive listing -A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time. <br />
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executor -A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form. <br />
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<span style="font-size: large;">F</span><br />
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Fair Credit Reporting Act -A consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record. <br />
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fair market value -The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept. <br />
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Fannie Mae (FNMA) -The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds. For a discussion of the roles of Fannie Mae, Freddie Mac (FHLMC), and Ginnie Mae (GNMA), see the Library. <br />
<br />
Fannie Mae's Community Home Buyer's Program -An income-based community lending model, under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low- or moderate-income family's buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase home-buyer education sessions. <br />
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Federal Housing Administration (FHA) -An agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing. <br />
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fee simple -The greatest possible interest a person can have in real estate. <br />
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fee simple estate -An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building (the unit) and is an owner in common with respect to the land and other common portions of the property. <br />
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FHA mortgage -A mortgage that is insured by the Federal Housing Administration (FHA). Along with VA loans, an FHA loan will often be referred to as a government loan. <br />
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firm commitment -A lender's agreement to make a loan to a specific borrower on a specific property. <br />
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first mortgage -The mortgage that is in first place among any loans recorded against a property. Usually refers to the date in which loans are recorded, but there are exceptions. <br />
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fixed-rate mortgage -A mortgage in which the interest rate does not change during the entire term of the loan. <br />
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fixture -Personal property that becomes real property when attached in a permanent manner to real estate. <br />
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flood insurance -Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas. <br />
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foreclosure -The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. <br />
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401(k)/403(b) -An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 401(k) plans are provided by employers that are private corporations. 403(b) plans are provided by employers that are not for profit organizations. <br />
401(k)/403(b) loan <br />
Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Loans against 401K plans are an acceptable source of down payment for most types of loans. <br />
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<span style="font-size: large;">G</span><br />
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government loan (mortgage) -A mortgage that is insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) or the Rural Housing Service (RHS). Mortgages that are not government loans are classified as conventional loans. <br />
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Government National Mortgage Association (Ginnie Mae) -A government-owned corporation within the U.S. Department of Housing and Urban Development (HUD). Created by Congress on September 1, 1968, GNMA performs the same role as Fannie Mae and Freddie Mac in providing funds to lenders for making home loans. The difference is that Ginnie Mae provides funds for government loans (FHA and VA) <br />
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grantee -The person to whom an interest in real property is conveyed. <br />
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grantor -The person conveying an interest in real property. <br />
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<span style="font-size: large;">H</span><br />
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hazard insurance -Insurance coverage that in the event of physical damage to a property from fire, wind, vandalism, or other hazards. <br />
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Home Equity Conversion Mortgage (HECM) -Usually referred to as a reverse annuity mortgage, what makes this type of mortgage unique is that instead of making payments to a lender, the lender makes payments to you. It enables older home owners to convert the equity they have in their homes into cash, usually in the form of monthly payments. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home. In addition, the loan does not have to be repaid until the borrower no longer occupies the property. <br />
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home equity line of credit -A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount. <br />
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home inspection -A thorough inspection by a professional that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. <br />
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homeowners' association -A nonprofit association that manages the common areas of a planned unit development (PUD) or condominium project. In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements. <br />
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homeowner's insurance -An insurance policy that combines personal liability insurance and hazard insurance coverage for a dwelling and its contents. <br />
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homeowner's warranty -A type of insurance often purchased by homebuyers that will cover repairs to certain items, such as heating or air conditioning, should they break down within the coverage period. The buyer often requests the seller to pay for this coverage as a condition of the sale, but either party can pay. <br />
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HUD median income -Median family income for a particular county or metropolitan statistical area (MSA), as estimated by the Department of Housing and Urban Development (HUD). <br />
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HUD-1 settlement statement -A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet." <br />
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<span style="font-size: large;"><strong>J</strong></span><br />
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joint tenancy -A form of ownership or taking title to property which means each party owns the whole property and that ownership is not separate. In the event of the death of one party, the survivor owns the property in its entirety. <br />
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judgment -A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor.<br />
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judicial foreclosure -A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court. Other states use non-judicial foreclosure. <br />
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jumbo loan -A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans. <br />
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<span style="font-size: large;"><strong>L</strong></span><br />
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<b>late charge -</b>The penalty a borrower must pay when a payment is made a stated number of days. On a first trust deed or mortgage, this is usually fifteen days. <br />
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lease -A written agreement between the property owner and a tenant that stipulates the payment and conditions under which the tenant may possess the real estate for a specified period of time. <br />
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leasehold estate -A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it. <br />
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lease option -An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price. <br />
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legal description -A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony. <br />
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lender -A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders." <br />
liabilities <br />
A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others. <br />
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liability insurance -Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party. It is usually part of a homeowner's insurance policy. <br />
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lien -A legal claim against a property that must be paid off when the property is sold. A mortgage or first trust deed is considered a lien. <br />
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life cap -For an adjustable-rate mortgage (ARM), a limit on the amount that the enterest rate can increase or decrease over the life of the mortgage. <br />
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line of credit -An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower. <br />
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liquid asset -A cash asset or an asset that is easily converted into cash. <br />
<br />
loan -A sum of borrowed money (principal) that is generally repaid with interest. <br />
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loan officer -Also referred to by a variety of other terms, such as lender, loan representative, loan "rep," account executive, and others. The loan officer serves several functions and has various responsibilities: they solicit loans, they are the representative of the lending institution, and they represent the borrower to the <br />
lending institution. <br />
<br />
loan origination -How a lender refers to the process of obtaining new loans. <br />
<br />
loan servicing -After you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, <br />
and provide a variety of other services. <br />
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loan-to-value (LTV) -The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower). <br />
<br />
lock-in -An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost. <br />
<br />
lock-in period -The time period during which the lender has guaranteed an interest rate to a borrower."The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-16705243884051043502010-08-04T19:08:00.000-07:002010-08-04T19:09:15.649-07:00Pre-settlement agreement for Short SalesHas anyone done a Pre-settlement agreement on a short Sales? I ask this because my clients and some agents are asking if the seller will consider a pre-settlement. With all the risk and liability that is involved. I wanted to know if sellers are allowing pre-settlement agreement while the property is being negotiated with the bank? Anyone…<br />
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<a href="http://www.homesindmv.com/">http://www.homesindmv.com/</a>"The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com0tag:blogger.com,1999:blog-3539660606676657151.post-28921186124550619522010-07-29T13:51:00.000-07:002010-08-21T20:45:21.172-07:00DC Realtor: Shataa's Experience w/ Home Buyers<div style="text-align: center;"><script src="http://as00.estara.com/as/InitiateCall2.php?accountid=200106294866" type="text/javascript">
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<a href="mailto:swhittle@mylocalrealtypartner.com">email Shataa: Click Here!</a></div><br />
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</div><div style="border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf1y2obTVp3_pF68Lz8ucQ4bEymB1d6RrDxfEeKipUl37itJWvc_pjMpiQBUn3K5p_UpLHn71t6sQ7gjmHmQxZZ2brb3fggUIZBtw9DHz69f9Oo5iBv7y_Ll-gF8rdlUtH0zec9uUQurnf/s1600/502d-10-02.jpg" imageanchor="1" style="clear: left; cssfloat: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" ox="true" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgf1y2obTVp3_pF68Lz8ucQ4bEymB1d6RrDxfEeKipUl37itJWvc_pjMpiQBUn3K5p_UpLHn71t6sQ7gjmHmQxZZ2brb3fggUIZBtw9DHz69f9Oo5iBv7y_Ll-gF8rdlUtH0zec9uUQurnf/s200/502d-10-02.jpg" width="133" /></a>Shataa Whittle is a <a href="http://www.activerain.com/swhittle">Realtor </a> that provides real estate services to clients within the DC Metro Area. She is a licensed professional in Washington DC and Maryland. She incorporates a sophisticated approach, extensive area knowledge, and a clearly focused mind when it comes to working with her clients. This experience has provided her with great insight into how real estate values are formed and how they interact with the dynamics of The <a href="http://www.dcandmarylandmls.com/">Washington D.C. Real Estate</a> Market. Shataa brings this experience enthusiastically to her clients, as she provides a truly in depth analysis of the market that affects their real estate needs. As a Licensed Professional, she is dedicated to the best interest of her clients. She truly values her client’s time and attention when showing properties. To assure good time management, she incorporates a “Wish List” to make sure that her clients are shown properties that are of interest to them. Shataa serves clients seeking homes of all sizes, from condominiums, to cottages, to castles. She has successful record of accomplishment and extensive experience working with <a href="http://www.newhomebuyerseminars.com/">first-time homebuyers</a> as well as those looking to move up to their dream home. If you are considering buying or selling a home, then she invites you to contact her to learn more about how she can help you to accomplish your real estate goals. </div><br />
Regardless of her client’s price range, the process is the same. This process begins with an initial goal-setting meeting. Topics discussed are client's needs in a new home, timing, style & location preferences, and lifestyle & wish list of features. This initial meeting streamlines the home search process and allows Shataa to find a perfect fit for her clients. She strives to make her clients' experience enjoyable and rewarding by listening carefully to their needs from the start and always understanding their goals. Thereafter, she provides attentive service throughout the process to ensure a seamless transaction.<br />
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For her Buyer clients, her main mission is to assure that their interest is protected at all times. Another goal for her buyer clients is to seek and show the perfect property based on their Wish List. Her extensive experience and area knowledge plays a vital role when assisting her <a href="http://www.newhomebuyerseminars.com/">home buying</a> clients. She always seeks to provide information to <a href="http://www.newhomebuyerseminars.com/">home buyer</a> clients to make sure that they are able to make an informed decision while protecting their real estate interest. She provides her clientele with an honest, straightforward education on the intricacies of the transaction process to inspire the soundest investment decisions. Her services are coupled with strong work ethics and organization skills. She is an experienced professional that knows the community and is ready to execute her skills to help her clients meet their goals. Her vision is to provide the best real estate services that she can offer to her clients, one real estate transaction at a time. <br />
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In spite of the current challenges within the real estate industry, Shataa still envisions using her real estate skills to help at least 100 families to achieve their realestate goals this year. She enjoys helping clients experience the American Dream of homeownership. She realizes that homeownership is a good foundation to begin climbing the financial latter. She believes that this dream will become an accomplished reality, one real estate transaction at a time. Shataa is a member of the National Association of Realtors and many other local Real Estate Association Boards. She is also an experienced investor. She enjoys swimming, writing poetry, networking, and spending time with family and friends. <br />
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<div style="text-align: center;"><a href="http://www.newhomebuyerseminars.com/">Home Buying</a> Programs Experience</div><br />
• Assisted homebuyers using the HPAP, EHAP, Voucher, DC Bond Programs & more…<br />
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• Provide assistance to Homebuyers using the NACA, CDA, & other Maryland Home Buying Programs<br />
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<div style="text-align: center;">Notable Achievements / Sales and Marketing Experience</div><br />
• Listed among the Top 5 Realtors in the office for 2009<br />
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• Licensed DC & <a href="http://www.activerain.com/swhittle">MD Realtor</a>; Certified Distressed Property Expert (CDPE Certified)<br />
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• Manage team, sales and marketing operations<br />
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• Negotiate loan terms and conditions<br />
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• Submit and Negotiate offers for buyers<br />
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• Receive, Review, and Negotiate offers for sellers<br />
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• Help <a href="http://www.dcandmarylandmls.com/sell/">home sellers</a> with <a href="http://www.preforeclosure911.com/">short sale</a> negotiations<br />
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• Draft Contracts<br />
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• Work with investors to secure properties<br />
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• Provide Full REO Services to asset managers and lawyers<br />
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• Host Home Ownership workshops<br />
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<div style="text-align: center;">Professional Affiliations</div><br />
• GCAAR <a href="http://www.dcandmarylandmls.com/about/">Realtor</a> Association<br />
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• Maryland Association of <a href="http://www.activerain.com/swhittle">Realtors</a><br />
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• NAR – National Association of <a href="http://www.dcandmarylandmls.com/about/">Realtors</a><br />
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• DC Realtor Association<br />
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<div style="text-align: center;">Call her today for a Professional Real Estate Consultation or Market Analysis. </div><br />
<div style="text-align: center;">Her Contact information can be found below.</div><br />
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<div style="text-align: center;">202-276 - 2295 - CELL DIRECT</div><br />
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<div style="text-align: center;">A full property search can be conducted at <a href="http://www.mylocalrealtypartner.com/">http://www.mylocalrealtypartner.com/</a></div>"The Dream Team"http://www.blogger.com/profile/13316084969897041237noreply@blogger.com1