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peril
risk of death, destruction, or loss 2 : the cause of a loss (as of property) [insured their home against fire, floods, and other s] compare risk
interest
residence and that was incurred for the acquisition, construction, improvement, or refinancing of the residence or through a home equity loan sim·ple interest : interest computed on the principal of a loan or account
loan to value (ltv) ratio
(ltv) ratio a percentage calculated by dividing the amount borrowed by the price or appraised value of the home to be purchased; the higher the LTV, the less cash a borrower is required to pay as down
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mitigation
mitigation term usually used to refer to various changes or improvements made in a home; for instance, to reduce the average level of radon. Source: U.S. Department of Housing and Urban Development
mortgage acceleration clause
balance of a loan is repaid in a lump sum. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a
mortgage insurance
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 in the event of default. Typically purchased
no cash out refinance
the amount remaining on the mortgage. The borrower does not get any cash against the equity of the home. Also called a "rate and term refinance." Source: U.S. Department of Housing and Urban Development
nondischargeable debt
nondischargeable debt A debt that cannot be eliminated in bankruptcy. Examples include a home mortgage, debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans
open fields doctrine
law enforcement officers may make a warrantless search of the area outside of the curtilage of a person's home without violating the Fourth Amendment to the U.S. Constitution called also open fields rule
order
stalking by another esp. by prohibiting or restricting access or proximity to the protected party [excluded from the home by a restraining order issued because of domestic violence] called also protection order protective order compare temporary restraining
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