Fixed Schedule Mortgage—a mortgage, whose payment time-scale for the period of the loan is determined at the settlement. The payments and interest rate are not obligatory stable.
Graduated Payment Mortgage (GPM)—a set-rate, set- timescale loan that starts with lower payments than a stable payment loan; the payments increase yearly from the first 5 to 10 years and then are level for the remained period of the loan.
Hazard insurance—defense against damages caused by fire, hurricane, or other known disasters. A great number of lenders want borrowers to carry it in an amount the same as the mortgage.
Infrastructure—the public supports and services required to provide residential development, together with
public roads, bridges, educational establishments and water systems.
Joint Tenancy—a type of ownership by which the proprietors own estate evenly. In case one dies, the other involuntarily becomes an heir of the whole property.
Level Payment Mortgage—a mortgage whose payments remain the same every month during the period of the loan.
Mortgage Commitment—a formal written notification by a lender, who agrees to make a mortgage loan on a peculiar estate, identifying the loan sum, duration and conditions.
Mortgage Company (Mortgage Banker)—a company, which borrows money from a bank, lends it to costumers who want to purchase a home and then sells the loans to the investors.
Mortgagee—the lender who makes a mortgage credit.
Mortgage Loan—a deal where the borrower’s estate is pawned as guarantee and which may be repaid in parts during a long period. The purchaser is obliged to repay principal and interest, to preserve the home assured, to pay all taxes and to maintain the property in good order.
PITI—principal, interest, taxes and insurance (the 4 main constituents of monthly housing payments).
Prepayment—payment of all or part of a debit before its maturity.
Property Survey—an inspection to define the frontiers of your estate. The price will depend on the complexity of the examination.
Real Estate Settlement Procedures Act (RESPA)—a federal law that requires lenders to supply home purchasers with the information about calculated closing costs. The act also determines other aspects of closing procedures.
Sales Contract—a written deal between a purchaser and a seller that accurately explicates what the acquisition embraces, what ensures, when the purchaser may move in, what the settlement costs are and alternatives the parties have if the deal is not carried out or if the purchaser is unable to get a commitment at the pre-concerted terms.
Tenancy in Common—a type of ownership in which the proprietors possess individual but equal parts. To inherit the estate, a remaining tenant should either be mentioned in the will or, if the will is missing, be entitled through state inheritance laws.
Title—confirmation (as a rule, in the form of a certificate or an action) of an individual’s right to tenure of some estate.
Transfer Taxes—taxes imposed on the transfer of real estate or property loans by local authorities.
Walk-Through—a closing examination of an apartment prior to settlement to find out the problems that should be tackled before the tenure changes.
Zoning—rules determined by local authorities concerning the place, tallness and usage for any piece of real estate within a certain area.
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