Mortgage - Law Dictionary Search Results
closing costs
final property transfer not included in the price of the property. Typical closing costs include charges for the mortgage loan such as origination fees, discount points, appraisal fee, survey, title insurance, legal fees, real estate professional fees,
convertible arm
convertible arm an adjustable-rate mortgage that provides the borrower the ability to convert to a fixed-rate within a specified time. Source: U.S. Department
credit enhancement
credit enhancement a method used by a lender to reduce default of a loan by requiring collateral, mortgage insurance, or other agreements. Source: U.S. Department of Housing and Urban Development
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creditor
by a lien (as by attachment) secured creditor : a creditor who has a security interest (as a mortgage) unsecured creditor : general creditor in this entry
debenture
by the issuer's general credit rather than a specific lien called also debenture bond see also indenture compare mortgage bond at bond NOTE: Debentures are often convertible to stocks.
deed
benefit of the creditor or to be sold upon the debtor's default to pay the debt : a mortgage with a power of sale called also trust deed mas·ter deed : a deed that submits the land
life cap
cap a limit on the range interest rates can increase or decrease over the life of an adjustable-rate mortgage (ARM). Source: U.S. Department of Housing and Urban Development
freddie mac
freddie mac Federal Home Loan Mortgage Corporation (FHLM); a federally chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this
loan acceleration
loan acceleration an acceleration clause in a loan document is a statement in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment
revenue stamp
for use as evidence of a tax (as on a package of cigarettes, a proprietary article, or a mortgage or deed) : tax stamp
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