Consumer safeguards which limit the amount the interest rate on an
adjustable rate mortgage may change per year and/or the life of the
Consumer safeguards which limit the amount monthly payments on an adjustable rate mortgage may change.
The amount of cash derived over a certain period of time from an
income-producing property. The cash flow should be large enough to pay
the expenses of the income producing property (mortgage payment,
maintenance, utilities, etc).
Receiving money back when refinancing your present mortgage.
The maximum allowable interest rate over the life of the loan of an adjustable rate mortgage.
Certificate of Eligibility
The document given to qualified veterans which entitles them to
VA guaranteed loans for homes, business, and mobile homes. Certificates
of eligibility may be obtained by sending DD-214 (Separation Paper) to
the local VA office with VA form 1880 (request for Certificate of
Certificate of Reasonable Value (CRV)
An appraisal issued by the Veterans Administration showing the property's current market value.
Certificate of Title
A statement provided by an abstract company, title company, or
attorney stating that the title of real estate is legally held by the
Certificate of Veteran Status
The document given to veterans or reservists who have served 90
days of continuous active duty (including training time) It may be
obtained by sending DD 214 to the local VA office with form 26-8261a
(request for certificate of veteran status). This document enables
veterans to obtain lower down payments on certain FHA insured loans.
The time and place at which all documents for your loan are signed, dated and notarized.
Any fees paid by the borrowers or sellers during the closing of
the mortgage loan. This normally includes an origination fee, discount
points, attorney's fees, title insurance, survey, and any items which
must be prepaid, such as taxes and insurance escrow payments.
An asset that guarantees the repayment of a loan. The borrower
risks losing the asset if the loan is not repaid according to the terms
of the loan contract.
Combined Loan to Value
The relationship between the unpaid principal balances of all the mortgages on a property and the property's appraised value.
A promise by a lender to make a loan on specific terms or
conditions to a borrower or builder. A promise by an investor to
purchase mortgages from a lender with specific terms or conditions. An
agreement, often in writing, between a lender and a borrower to loan
money at a future date subject to the completion of paper work or
compliance with stated conditions.
A short term interim loan to pay for the construction of
buildings or homes. These are usually designed to provide periodic
disbursements to the builder as he progresses.
Contract Sale or Deed
Contract between purchaser and a seller of real estate to convey
title after certain conditions have been met. It is a form of
A mortgage not insured by FHA or guaranteed by the VA.
A record of an individual's open and fully repaid debts. A
credit history helps a lender to determine whether a potential borrower
has a history of repaying debts in a timely manner.
The maximum amount that you can borrow under a home equity plan.
A report of an individual's credit history prepared by a credit
bureau and used by a lender in determining a loan applicant's
An organization that gathers, records, updates, and stores
financial and public records information about the payment records of
individuals who are being considered for credit.