Down Payment - Law Dictionary Search Results

buy down

down the seller pays an amount to the lender so the lender provides a lower rate and lower payments many times for an ARM. The seller may increase the sales price to cover the cost of the

occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price. Insurance purchased by the buyer to protect the lender … to protect the lender in the event of default. Typically purchased for loans with less than 20 percent down payment. The cost of mortgage insurance is usually added to the monthly payment. Mortgage insurance is maintained on conventional

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annuity

(as with an insurance company) under which one or more persons receive annuities in return for prior fixed payments made by themselves or another (as an employer) annuity cer·tain pl: annuities certain : an annuity payable over

Redemption

redeeming, which in its ordinary meaning is equal to bringing off a charge or obligation by payment--.By the down payment, the entire land revenue to be recovered from that land was redeemed. Redemption, is the act of redeeming,

lease purchase (lease option)

the monthly rental payment plus an additional amount that is credited to an account for use as a down payment. Source: U.S. Department of Housing and Urban Development

deposit (earnest money)

a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer

earnest money (deposit)

repayment plan

repayment plan an agreement between a lender and a delinquent borrower where the borrower agrees to make additional payments to pay down past due amounts while making regularly scheduled payments. Source: U.S. Department of Housing and Urban

piti reserves

piti reserves 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)

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