Mortgage - Law Dictionary Search Results
appraisal
: the estimation of the value of real estate for the purpose of taxation, sale, or securing a mortgage c : the estimation of the value of damage done to property for the purpose of adjusting an
arrear
arrear 1 a : the condition of being behind in one's duties or esp. financial obligations usually used in pl. [in s with the rent] b : the condition of being due at the end of...
assume
a risk] 2 : to take over (the debts or obligations of another) as one's own [ a mortgage]
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assumption clause
a provision in the terms of a loan that allows the buyer to take legal responsibility for the mortgage from the seller. Source: U.S. Department of Housing and Urban Development
b loan or b paper
b loan or b paper FICO scores from 620 - 659. Factors include two 30 day late mortgage payments and two to three 30 day late installment loan payments in the last 12 months. No delinquencies
back end ratio (debt ratio)
back end ratio (debt ratio) a ratio that compares the total of all monthly debt payments (mortgage, real estate taxes and insurance, car loans, and other consumer loans) to gross monthly income. Source: U.S. Department of...
bank
the course of collection land bank 1 : a bank that provides financing for land development and farm mortgages esp. by issuing stock see also federal land bank in this entry 2 : a trust that holds
discount point
of percentage points in interest to give you a lower rate and lower payments for part of the mortgage term (usually for one year or less). After the discount period, the ARM rate will probably go up
c loan or c paper
or c paper FICO scores typically from 580 to 619. Factors include three to four 30 day late mortgage payments and four to six 30 day late installment loan payments or two to four 60 day late
certificate of title
stating that the title to the specified property is free and clear except for any encumbrance (as a mortgage) listed on it: as a : a certificate issued by a motor vehicle registry called also title b
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