Term
|
Definition
The voluntary surrender of property, whether owned or leased. Abandonment does not relieve obligations associated with ownership or lease |
|
|
Term
|
Definition
| A reduction in amount or intensity. Usually relates to a decrease in taxes or to a decrease in continuing payments such as rent. |
|
|
Term
|
Definition
A potential borrower's ability to afford the purchase of a home. Consideration of a borrower's ability to repay involves the review of income, assets, liabilities, the type of product, and other factors.
The federal ability to repay rule sets forth the specific underwriting factors and mortgage professionals must examine when determining a borrower's ability to repay. |
|
|
Term
|
Definition
| A title that is clear of any liens, judgements, or other encumbrances. |
|
|
Term
| Abstract/Abstract of title |
|
Definition
|
|
Term
|
Definition
| making current an existing title abstract |
|
|
Term
|
Definition
| A professional in the title industry, sometimes an attorney, who conducts a title search and produces an abstract. |
|
|
Term
|
Definition
| A clause in a mortgage or deed of trust that allows the lender to demand immediate repayment of the balance of a loan under certain conditions, such as default by the borrower. |
|
|
Term
|
Definition
| A declaration by a person signing a document that such signature is a voluntary act, made before a duly authorized person. |
|
|
Term
|
Definition
| a term used in fha loans meaning the total cost to close the loan. |
|
|
Term
|
Definition
| an unpreventable destructive occurrence of the natural world. |
|
|
Term
|
Definition
| an addition or supplement to a contract |
|
|
Term
| Adjustable Rate mortgage ARM or Variable rate Mortgage |
|
Definition
| A mortgage in which the interest rate is adjusted periodically based on a pre determined margin, index, and adjustment interval. |
|
|
