Percent - Page 2 - Law Dictionary

private mortgage insurance (pmi)

private mortgage insurance (pmi) insurance purchased by a buyer to protect the lender in the event of default. The cost of mortgage insurance is usually added to the monthly payment. Mortgage insurance is generally maintained until over 20 Percent of the outstanding amount of the loan is paid or for a set period of time, seven years is normal. Mortgage insurance may be available through a government agency, such as the Federal Housing Administration (FHA) or the Veterans Administration (VA), or through private mortgage insurance companies (PMI). Source: U.S. Department of Housing and Urban Development ...

per annum

per annum [Medieval Latin] : in or for each year [interest of six percent per annum] ...

points

points a point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $95,000, one point means you pay $950 to the lender. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages in order to increase the yield on the mortgage and to cover loan closing costs. These points usually are collected at closing and may be paid by the borrower or the home seller, or may be split between them. Source: U.S. Department of Housing and Urban Development ...

point

point 1 : a particular detail, proposition, or issue of law ;specif : point of error 2 : any of various incremental units used in measuring, fixing, or calculating something: as a : a unit used in calculating a sentence by various factors (as aggravating or mitigating circumstances) b : a unit used in the pricing of securities and valuation of markets c : a charge to a borrower (as a mortgagor) that is equal to one percent of the principal and that is made at closing in point or on point : relevant to the legal issues at hand ...

loan origination fee

loan origination fee a charge by the lender to cover the administrative costs of making the mortgage. This charge is paid at the closing and varies with the lender and type of loan. A loan origination fee of 1 to 2 percent of the mortgage amount is common. Source: U.S. Department of Housing and Urban Development ...

joint sponsor

joint sponsor A person who accepts legal responsibility for supporting an immigrant with an I-864 Affidavit of Support along with the sponsor. The joint sponsor must be at least 18 years of age, an American citizen or lawful permanent resident and have a domicile in the United States. The joint sponsor and his/her household must have the 125 percent income requirement by itself for the immigrant that he/she sponsors. Source: Department of State. March 2007. ...

floor

floor 1 a : a main level space (as in a stock exchange or legislative chamber) distinguished from a platform or gallery b : members of an assembly [took questions from the ] c : the right to address an assembly [the senator from Utah has the ] 2 : a lower limit [a five percent on deductions for medical expenses] ...

down payment

down payment the portion of a home's purchase price that is paid in cash and is not part of the mortgage loan. This amount varies based on the loan type, but is determined by taking the difference of the sale price and the actual mortgage loan amount. Mortgage insurance is required when a down payment less than 20 percent is made. Source: U.S. Department of Housing and Urban Development ...

ad valorem

ad valorem [Latin, according to the value] : imposed at a rate based on a percent of value [an ad valorem tax on real estate] ...

Settlement estate duty

Settlement estate duty. The further estate duty (see that title) levied under ss. 5 and 17 of the (English) Finance Act, 1894 (57& 58 Vict. c. 30) (Chitty's Statutes, tit. 'Death Duties'), on settled property passing on the death of one person to another not competent to dispose of it. The rate was by the Finance (1909-10) Act, 1910, s. 54, two percent., and the further estate duty, or 'settlement estate duty,' was levied on the principal value of the settled property, with two important qualifications, being these:(1) If the only life interest in the property after the death of the deceased were that of the wife or husband of the deceased, settlement estate duty was not leviable at all. (2) During the continuance of the settlement, the settlement estate duty was not payable more than once.The duty was abolished by the Finance Act, 1914, s. 14, in the case of persons dying after 11th May, 1914....

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