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This business was removed from the home collection. Find a Location. It is a nonprofit, cooperative institution that offers members a place to save and borrow. A credit union often works by having its members pool their funds so additional loans can be made to other members. Creditor A person to whom money is owed. Debt An amount owed to another. See installment loan and revolving liability. Deed The legal document conveying title to a property.

The deed is the document that transfers ownership from the seller to you. Only the seller signs the deed at closing, and you'll receive a copy of it. The closing agent will record the deed with you listed as the new property owner. Your name and the names of any other buyers appear on the deed, and it will be sent to you after it is recorded. Deed of Trust The document used in some states instead of a mortgage; title is conveyed to a trustee. In some states, a "deed of trust" is used instead of a mortgage.

When homeowners sign a deed of trust, they receive title to the property but convey title to a neutral third party -- called a trustee -- until the loan balance is paid in full. Deed-in-lieu A deed given by a mortgagor to the mortgagee to satisfy a debt and avoid foreclosure. Also called a "voluntary conveyance. Delinquency Failure to make mortgage payments when mortgage payments are due. Deposit A sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.

See earnest money deposit. Depreciation A decline in the value of property; the opposite of appreciation. Desktop Underwriter Desktop Underwriter is Fannie Mae's innovative, computer-based, automated underwriting system. After you complete a loan application with a Fannie Mae-approved lender, your loan will be underwritten -- using Desktop Underwriter -- by the lender. Underwriting is the process used to determine whether borrowers can afford the mortgage payment on the loan for which they are applying and their ability to repay the mortgage on a timely basis.

In the past, underwriting was a manual process. An underwriter would review the information, analyze the data, and approve or deny the loan. The process typically took between 30 and 60 days. With Desktop Underwriter, the underwriting process can take minutes. Desktop Underwriter automates the process for lenders by requesting information online and then analyzing the borrower's loan application and credit history data, as well as the property information.

Desktop Underwriter performs this objectively and without bias, and returns the results of the analysis to the lender in the form of a recommendation. The lender then uses the recommendation returned by the system to decide whether to approve or deny the loan. Detached Single-Family Home The most traditional type of single-family home is one that is "detached. Direct Leveraging Loan Program The Direct Leveraging Loan Program makes it easier and more economical for rural residents to own a home through lower interest rates and no down payment. Under this program, the lender offers up to 50 percent of the mortgage amount as a conventional year, fixed-rate first mortgage and the Rural Housing Service RHS offers the balance as a second mortgage at an interest rate that is generally below market.

The RHS is part of the U. Department of Agriculture. Discount Points Discount points are often used to describe a type of fee that lenders charge. Discount points are additional funds you pay the lender at closing to get a lower interest rate on your mortgage. A point equals 1 percent of the loan amount. Typically, each point you pay for a year loan lowers your interest rate by.

If the current interest rate on a year mortgage is 7. Ask your lender if you have the option of paying 1, 2, or 3 discount points -- or you can choose not to pay any discount points. It often makes more sense to pay discount points if you plan to stay in your home for a long time. Dower The rights of a widow in the property of her husband at his death. Down Payment The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage. Saving for a down payment is usually one of the most difficult parts of preparing to buy a home.

If you believe you have the needed funds, you are in a better position to seek pre-qualification from a lender to get the mortgage that is right for you. Most homeowners rely on a mortgage from a financial institution, and most mortgage products require buyers to include a portion of their own funds towards the purchase of the home. This is called the down payment.

Lenders feel more secure when buyers include a down payment, indicating they are less likely to walk away from their investment if their finances take a downturn. Historically, buyers usually made a down payment that totaled 20 percent of the home's purchase price. But today, new mortgage products allow buyers to put down as little as 3 percent to 5 percent, provided private mortgage insurance is obtained.

Sources for down payments may come from buyers' savings accounts, checking accounts, stocks and bonds, life insurance policies, and gifts. When you select your lender, ask about Fannie Mae's low down payment mortgages. Due-on-sale Provision A provision in a mortgage that allows the lender to demand repayment in full if the borrower sells the property that serves as security for the mortgage.

Due-on-transfer Provision This terminology is usually used for second mortgages. See due-on-sale provision. Earnest Money Deposit A deposit made by the potential home buyer to show that he or she is serious about buying the house. The earnest money deposit is a "good-faith" payment you submit with your offer on a home to show the seller you are serious about proceeding. The earnest money is deposited in an escrow account and will be applied to your closing costs.

Sometimes, your lender will want you to bring a receipt for the earnest money deposit along with your sales contract to the initial loan application meeting. Easement A right of way giving persons other than the owner access to or over a property. Effective Age An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age. Effective Gross Income Normal annual income including overtime that is regular or guaranteed. The income may be from more than one source. Salary is generally the principal source, but other income may qualify if it is significant and stable.

Eminent Domain The right of a government to take private property for public use upon payment of its fair market value. Eminent domain is the basis for condemnation proceedings. Employer-Assisted Housing A special Fannie Mae housing initiative that offers several different ways for employers to work with local lenders to develop plans to assist their employees in purchasing homes.

Encroachment An improvement that intrudes illegally on another's property. Encumbrance Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions. Endorser A person who signs ownership interest over to another party. Contrast with co-maker. Equal Credit Opportunity Act ECOA A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

Equity A homeowner's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage. A lender determines how much equity you have in your home by taking the appraised value of the home and subtracting any mortgage debt. Errors in Credit Report Your credit report may contain inaccuracies.

The best way to ensure there are no errors in your credit report is to request copies and review the information. Since each of the main credit bureaus keeps its own records, you may want to request copies from all three: Trans Union, Equifax, and Experian. If you have been turned down for credit because of the information in your credit report, you are entitled to receive a free copy of your report within 60 days of the denial.

If you haven't been denied credit, you can still request a copy of your credit report, usually for a nominal fee. If you find errors in your report, follow the directions in the credit report and contact the agencies to have the errors corrected. They will investigate the targeted items and remove incorrect information. You don't have to delay applying for a mortgage while errors in your report are being corrected.

Explain the discrepancies in the report to your lender and state that the credit agency is correcting them. Escrow An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit by a borrower with the lender of funds to pay taxes and insurance premiums when they become due, or the deposit of funds or documents with an attorney or escrow agent to be disbursed upon the closing of a sale of real estate. Escrow Account The account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses.

An escrow account is money that is deposited with a third party -- outside the buyer and the seller -- to be used to pay various fees. A borrower typically provides funds that will pay taxes, mortgage insurance, lease payments, hazard insurance premiums, and other payments when they are due. An escrow payment by the holder of a mortgage is also known as "impounds" or "reserves" in some states. When escrow funds are used to pay taxes, hazard insurance, and other fees, it is called an escrow disbursement. Periodically, an escrow analysis will be performed to determine if current monthly deposits provide sufficient funds to pay bills when they are due.

Escrow Analysis The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due. Escrow Collections Funds collected by the servicer and set aside in an escrow account to pay the borrower's property taxes, mortgage insurance, and hazard insurance. Escrow Disbursement The use of escrow funds to pay real estate taxes, hazard insurance, mortgage insurance, and other property expenses as they become due.

Escrow Payment The portion of a mortgagor's monthly payment that is held by the servicer to pay for taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Known as "impounds" or "reserves" in some states. Establishing a Credit Record It is possible to establish a credit history even if you do not have a traditional credit record that shows credit card payments or payments on a student or car loan.

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You can build a nontraditional credit history, for example, by documenting your monthly payments to previous and current landlords; to utility companies for your gas, water and telephone services; and to insurance companies for medical, life, and automobile coverage. Your lender can provide further details on how you can effectively establish a credit record. Estate The ownership interest of an individual in real property.

The sum total of all the real property and personal property owned by an individual at time of death. Eviction The lawful expulsion of an occupant from real property. Examination of Title The report on the title of a property from the public records or an abstract of the title. Exclusive Listing A written contract that gives a licensed real estate agent the exclusive right to sell a property for a specified time, but reserving the owner's right to sell the property alone without the payment of a commission.

Executor A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. Fair Market Value The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

Fannie 97 A financing option for a fixed-rate mortgage that offers home buyers a 3 percent down payment loan with a term between 15 and 30 years. The mortgage features a loan-to-value LTV percentage of 97 percent, and is designed to expand homeownership opportunities for people with modest incomes. Borrowers must take a pre-purchase home-buyer education session to qualify for a Fannie 97 mortgage. This is a fixed-rate mortgage, with terms between 15 and 30 years.

It is suitable for borrowers who have limited funds for their down payment and closing costs. Requires a down payment of only 3 percent. Provides expanded debt-to-income ratios. For example, you may use up to 33 percent of your gross monthly income for housing expenses each month instead of the standard 28 percent and 38 percent for your total monthly debt expenses instead of standard 36 percent. You must attend a home buyer education session offered or approved by your lender. To qualify for this loan, you must earn no more than the area median income.

You must have one month's mortgage payment, or cash reserve, in your savings account after you go to closing. Can be used to buy one-family, principal residences, including condos and planned unit developments. Manufactured homes are also eligible. Manufactured housing units must be built on a permanent chassis at a factory and then transported to a permanent site and attached to a foundation.

It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Virgin Islands is 50 percent higher than our loan limits in the rest of the country. Generally, any mortgage above this limit is considered a "jumbo loan", and will carry a higher interest rate. Fannie Mae Mortgage Fannie Mae works to reduce down payment requirements and cut closing costs when developing mortgage products so more dreams of homeownership can come true. Fannie Mae provides technology tools for Fannie Mae approved lenders to use when providing mortgages to home buyers.

These tools can help borrowers get their mortgages quicker and cheaper. Fannie Mae, working with our lender partners, develops and funds mortgages that make it possible for more Americans to own homes. You can find an array of Fannie Mae mortgages, including fixed-rate mortgages, adjustable-rate mortgages, low down payment mortgages, home improvement mortgages, reverse mortgages, special financing mortgages, and others offered through Fannie Mae approved lenders. What distinguishes Fannie Mae mortgages? Simply put -- you will pay less.

Generally, any mortgage above the Fannie Mae loan limit is considered a "jumbo loan", and it will carry a higher interest rate than a Fannie Mae loan. Another way to distinguish a Fannie Mae mortgage from others is the time and costs involved in getting one. When developing mortgage products, Fannie Mae works to reduce down payment requirements and cut closing costs, so more dreams of homeownership can come true.

That's why we provide technology tools for Fannie Mae approved lenders to use when providing mortgages to home buyers. Fannie Mae Properties Fannie Mae owns, manages, and has available for sale, single-family detached homes, two- to four-unit properties, condominiums, and townhouses in a variety of neighborhoods. The number, type, and sales price may vary substantially. The homes vary in age and may require repairs. Fannie Mae homes are sold through local real estate brokers whose contact information is provided in the Fannie Mae-owned Properties Search results under Resources on fanniemae.

Fannie Mae's Community Home Buyer's Program An income-based community lending model, under which mortgage insurers and Fannie Mae offer flexible underwriting guidelines to increase a low- or moderate-income family's buying power and to decrease the total amount of cash needed to purchase a home. Borrowers who participate in this model are required to attend pre-purchase home-buyer education sessions. Fannie Mae's signature low down payment product, the Community Home Buyer's Program lets you use a greater amount of your monthly income toward housing costs compared to other standard mortgage products.

Requires a down payment of only 5 percent. You do not need one month's mortgage payment, or cash reserves, in your savings account when you go to closing. You may use up to 33 percent of your gross monthly income for housing expenses each month instead of the standard 28 percent and 38 percent for your total monthly debt expenses instead of standard 36 percent. A Fannie Mae approved lender will work with you to help you find the lowest cost mortgage for which you can qualify. Fannie Mae has taken a public stance in favor of consumer rights and against any type of predatory lending.

We work with lenders that advance these same rights, not charging exorbitant fees, or steering customers to mortgages that aren't in their best interests. When you work with a Fannie Mae approved lender who uses Desktop Underwriter, you can get your mortgage processed quicker, spend less time on paperwork, and possibly save money in closing costs. So, when you work with a Fannie Mae approved lender, you work with a lender that not only makes credit easier to access and may be more affordable but offers you a streamlined mortgage process.

Fannie Mae approved lenders can also offer you the widest range of mortgage products available -- no matter what your need. Use our Find a Lender feature to locate a lender serving your area to learn about the variety of Fannie Mae mortgage products available. Federal Housing Administration An agency of the U.

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Its main activity is the insuring of residential mortgage loans made by private lenders. The FHA sets standards for construction and underwriting but does not lend money or plan or construct housing. Fee Simple The greatest possible interest a person can have in real estate. Fee simple ownership provides the owner with unrestricted powers to dispose of the owned property as the owner sees fit.

Of all types of ownership a person can have in real estate, fee simple provides the greatest amount of personal control. Fee Simple Estate An unconditional, unlimited estate of inheritance that represents the greatest estate and most extensive interest in land that can be enjoyed. It is of perpetual duration. When the real estate is in a condominium project, the unit owner is the exclusive owner only of the air space within his or her portion of the building the unit and is an owner in common with respect to the land and other common portions of the property.

FHA mortgages have a maximum loan limit that varies depending on the average cost of housing in a given region. In general, the loan limit is less than what is available with a conventional mortgage through a lender. Also known as a government mortgage. With FHA insurance, you can purchase a home with a low down payment from 3 percent to 5 percent of the FHA appraised value or the purchase price, whichever is lower.

In general, the loan limit is less than what is available with a mortgage through a lender. Final Walk-Through Inspection Your sales contract should include a clause that allows you to examine the property you want to purchase within the 24 hours before closing. This walk-through, during which you will be accompanied by the real estate sales professional, is your chance to ensure that the seller has vacated the house and left behind whatever property was agreed upon.

Make sure to check that all lights, appliances, and plumbing fixtures are in working order.

You will also want to make sure that all conditions of the sales contract have been met. If they aren't, or you observe major problems, you have the right to delay the closing until the problems are corrected. One other option is to make sure money to correct the problems is placed in an escrow account at closing to cover the cost of repairs. Financial Index An index is a number to which the interest rate on an adjustable rate mortgage ARM is tied. It is generally a published number expressed as a percentage, such as the average interest rate or yield on U.

Treasury bills. A margin is added to the index to determine the interest rate that will be charged on ARMs. This interest rate is subject to any caps associated with the mortgage. The interest rate changes on an ARM are tied to some type of financial index. Some of the most common type of indexed ARMs are: Your lender can provide information on how to track the index and a history of the index they use.

Finder's Fee A fee or commission paid to a mortgage broker for finding a mortgage loan for a prospective borrower. Firm Commitment A lender's agreement to make a loan to a specific borrower on a specific property. First and Second Mortgages A "first mortgage" is the primary lien against a property. The term is usually coined "first mortgage" only when a "second mortgage" is obtained on a property. A "second mortgage" is a lien that is subordinate to the first mortgage.

Usually, the interest rates on second mortgages are slightly higher than the interest rates on a first mortgage. The amount of a second mortgage you can take out will depend on the equity you have built up in your home, the appraised value of your property, your credit history, and any other liens you may have against your property, such as a home equity line of credit. Borrowers will typically get a second mortgage to tap into the equity they've built in their home -- and use that for home improvements, debt consolidation, medical bills, or other purposes.

You apply for a second mortgage with the same process you follow for a first mortgage. However, some of your closing costs may be less. When you have a first and second mortgage, you theoretically have two loans, both requiring interest and principal payments. First Mortgage A mortgage that is the primary lien against a property. A "first mortgage" is the primary lien against a property. Fixed Installment The monthly payment due on a mortgage loan.

The fixed installment includes payment of both principal and interest. Fixed-Period Adjustable-Rate Mortgages This type of adjustable-rate mortgage ARM maintains the same initial interest rate for the first three, five, seven, or 10 years of your loan, depending on the term you choose. Your interest rate then adjusts annually, and can move up or down as market conditions change. Be sure to ask your lender about the interest rate caps for both the annual adjustments and for the life of the loan. Your initial interest rate will be lower than a fixed-rate mortgage, so you may be able to afford more home.

You are protected against interest rate increases for the first three, five, seven, or 10 years of the loan, depending on which type of fixed-period ARM you choose. You may have the option to convert your ARM to a fixed-rate mortgage at the first, second, or third interest rate adjustment dates.

You have time to improve your financial position i. The lifetime interest rate cap for fixed-period ARMs is typically 5 to 6 percentage points above your initial rate. Your annual cap during the adjustable period is typically 1 to 2 percentage points above or below over the current rate. Can be used to buy one- to four-family residences including second homes and condos, co-ops and planned unit developments.

Fixed-rate mortgages, the most popular type of mortgage, offer the peace of mind that your interest rate will remain the same for as long as you have your loan. If you expect to live in your home for many years, having the same interest rate may be your key concern. If you decide that you like the stable, predictable payments of a fixed-rate loan, you have the option of choosing from a variety of repayment terms: Typically, the longer the term of the mortgage, the more interest you pay over the life of your loan. However, stretching out your repayment term means your monthly mortgage payments will be less than they would be with a comparable shorter-term mortgage.

Lenders offer a wide array of fixed-rate mortgages: Balloon Mortgages Bi-weekly Mortgages Fixture Personal property that becomes real property when attached in a permanent manner to real estate. Flood Insurance Insurance that compensates for physical property damage resulting from flooding. It is required for properties located in federally designated flood areas. Foreclosure The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property.

This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt. If you repeatedly do not make your mortgage payments on time, your lender could sell your home and evict you from it in a legal procedure called foreclosure. A foreclosure on your property can result in the loss of your home and your good credit rating.

Foreclosure is most often a last resort effort that lenders will take if you repeatedly don't make your mortgage payments. Before going to foreclosure, lenders will work with you if you are facing financial hardships to come up with repayment plans that will let you get back on track and remain in your home.

Forfeiture The loss of money, property, rights, or privileges due to a breach of legal obligation. Fully Amortized ARM An adjustable-rate mortgage ARM with a monthly payment that is sufficient to amortize the remaining balance, at the interest accrual rate, over the amortization term. General Contractor A general contractor is someone whom you may work closely with during your home improvement project.

The general contractor is the person who oversees the construction project and handles various aspects such as scheduling workers and ordering supplies. If you are borrowing mortgage funds to renovate a home, your lender may need to review whether your contractor meets all federal, state, and local registration, licensing and certification standards.

Good Faith Estimate The good-faith estimate is a report from your lender that outlines the costs you will incur to get your mortgage. It is based on the lender's typical loan origination costs for the area where your home is located. The estimate usually changes between application and closing, so you'll want to review your settlement form before the closing meeting.

The settlement form will list the actual amount of money you'll need to bring to closing. You'll need to pay your closing costs in the form of a certified or cashier's check because personal checks usually are not accepted. Contrast with conventional mortage. Popularly known as Ginnie Mae. Grantee The person to whom an interest in real property is conveyed.

Grantor The person conveying an interest in real property. Ground Rent The amount of money that is paid for the use of land when title to a property is held as a leasehold estate rather than as a fee simple estate. Group Home A single-family residential structure designed or adapted for occupancy by unrelated developmentally disabled persons. The structure provides long-term housing and support services that are residential in nature. Growing-Equity Mortgage GEM A fixed-rate mortgage that provides scheduled payment increases over an established period of time, with the increased amount of the monthly payment applied directly toward reducing the remaining balance of the mortgage.

Guarantee Mortgage A mortgage that is guaranteed by a third party. Guaranteed Loan Also known as a government mortgage. Hazard Insurance Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other hazards. Home Equity Conversion Mortgage HECM A special type of mortgage that enables older home owners to convert the equity they have in their homes into cash, using a variety of payment options to address their specific financial needs. Unlike traditional home equity loans, a borrower does not qualify on the basis of income but on the value of his or her home.

In addition, the loan does not have to be repaid until the borrower no longer occupies the property. Sometimes called a reverse mortgage. A Home Equity Conversion Mortgage HECM is a type of home loan that lets homeowners aged 62 or over with little or no remaining balance on their mortgage convert their equity into cash. The equity can be paid to the homeowner in a lump sum, in a stream of payments, draws from a line of credit, or a combination of monthly payments and line of credit.

Whatever payment plan you select, you do not have to repay any part of this reverse mortgage until you sell the home or vacate it for another reason. At that time, you pay the loan balance, plus any accrued interest. Any proceeds above that amount go to you or to your estate. Developed by the Federal Housing Administration FHA , the HECM mortgage provides a cash growth feature not found with some other reverse mortgages -- check with your Fannie Mae approved lender to see how this works based on your personal needs and your payment plan.

The funds are yours to spend in any way you choose. There are no monthly payments with a HECM. Your loan funds do not affect Social Security or Medicare benefits. If you receive Supplemental Social Security or Medicaid, these benefits may be affected. You do not have to pay back the loan until you sell your home or no longer use it for your primary residence.

Then, you or your estate will repay the cash you received from the HECM, plus interest and other finance charges to the lender. This means that the remaining equity in your home can be passed on to your heirs through the sale of the property. You will never owe more than the value of the home at the time of repayment, even if the loan balance exceeds the value of your property. This means no debt will ever be passed along to the estate or your heirs Details: You and any co-borrowers must be at least 62 years old. You must own your home outright -- or carry a small mortgage balance. Eligible properties include a single-family home, a two- to four-unit dwelling, a condominium or a manufactured home.

Ask your lender if your property qualifies. Your home must be your principal residence, which means you must live in it more than half the year You must attend pre-application mortgage counseling before you apply for the loan You must keep applicable taxes current, as well as maintain insurance coverage on your home The amount you can borrow with a HECM depends on the age of the youngest borrower s , the interest rate, how much your house is worth, and the maximum claim amount.

In general, you can get between one-third and one-half of your equity as a line of credit or as a lump sum payment The balance of funds advanced against the equity in your home is due and payable when you relinquish your home as a primary residence, or if the borrower s pass away. You may have to pay off the debt if you fail to pay property taxes or insurance or if you do not maintain your property Home Equity Line of Credit A mortgage loan, which is usually in a subordinate position, that allows the borrower to obtain multiple advances of the loan proceeds at his or her own discretion, up to an amount that represents a specified percentage of the borrower's equity in a property.

Home Inspection A thorough inspection that evaluates the structural and mechanical condition of a property. A satisfactory home inspection is often included as a contingency by the purchaser. Contrast with appraisal. The home inspection reviews the structural and mechanical condition of the property. This is not an evaluation of the market value of the home or a determination of whether the home complies with applicable building and safety codes.

The inspection does not include a recommendation on whether you should or should not buy the house. The inspector bases the findings on observable structural elements of the home. Potential home buyers are urged to be present during the inspection -- this will allow you to ask questions and be in a better position to learn more about any problems that arise. You should expect to see an evaluation of: Lastly -- and for some buyers most importantly -- the home inspection report is a way to make you feel confident that the home you are buying includes systems that are in good working condition.

HomeKeeper Fannie Mae's adjustable-rate conventional reverse mortgage, which allows older homeowners to borrow against the value of their homes and receive the proceeds according to the payment option they select. The amount available is based on the number of borrowers and their ages and the adjusted property value.

Anyone 62 years or older who either owns his or her own home free and clear or has very low mortgage debt is eligible. Replacement cost coverage ensures that your home will be fully rebuilt in case of a total loss. Most home buyers purchase a homeowner's insurance policy that includes personal liability insurance in case someone is injured on their property; personal property coverage for loss and damage to personal property due to theft or other events; and dwelling coverage to protect the house against fire, theft, weather damage, and other hazards.

If the home you want to buy is located near water, you may be able to get flood insurance as part of your homeowner's protection. In fact, it may be required in some areas, so check with your real estate professional or an approved lender for further information. Seek out and compare rates from several insurance companies before making your final decision.

Lenders often want the first year's premium to be paid at or before closing. Your lender may add the insurance cost to your monthly mortgage payments and keep this portion of your payments in an escrow account. The lender then pays your insurance bill out of escrow when it receives premium notices from your insurance company.

Homeowner's Insurance for Reverse Mortgages Homeowner's insurance also called "hazard insurance" is required and should be equal to at least the replacement cost of the home you want to purchase. Most home buyers purchase a homeowner's insurance policy that includes personal liability insurance though this personal liability insurance is not required in case someone is injured on their property; personal property coverage for loss and damage to property due to theft or other events; and dwelling coverage to protect the house against fire, theft, weather damage, and other hazards.

If the home is near water, you may be able to get flood insurance as part of your homeowner's protection. Homeowner's Warranty HOW A type of insurance that covers repairs to specified parts of a house for a specific period of time. It is provided by the builder or property seller as a condition of the sale. Homeowners' Association A nonprofit association that manages the common areas of a planned unit development PUD or condominium project.

In a condominium project, it has no ownership interest in the common elements. In a PUD project, it holds title to the common elements. HomeStyle Construction-to-Permanent Mortgage This mortgage gives you the financial power to build your own home -- you can borrow money to build a home from the ground up or to finish building a home that's currently under construction. This loan provides financing from the construction through the purchase phases of your new home.

You enjoy peace of mind by locking in fixed interest rates on both the construction and permanent mortgage financing phases of your home purchase in one convenient loan. You can borrow a minimum of 95 percent of the construction cost or the as-completed value of the property which means your down payment can be as low as 5 percent. You can use this mortgage to purchase land upon which you build your home. You save money because there is one set of closing costs, compared to those associated with separate loans for construction and occupancy. You pay interest only on the funds disbursed during construction.

This mortgage can be used for construction that's already under way. A minimum down payment of 5 percent for a one-unit home and 10 percent for two-unit homes. Construction phases of six, nine, or 12 months, with extensions available up to six months, are allowed.

This loan is available for one- and two-unit owner-occupied homes, one-unit second homes, and one-unit investor homes. You can choose a or year fixed-rate mortgage. You can also include the construction phase in these terms, or not, depending on your preference. You can also finance with fixed-period ARMs. HomeStyle Mortgage Loan A mortgage that enables eligible borrowers to obtain financing to remodel, repair, and upgrade their existing homes or homes that they are purchasing.

HUD-1 Statement A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The HUD-1 statement is also known as the "closing statement" or "settlement sheet. The blank form is published by the U.

Items on the statement include: The form is filled out by your closing agent and must be signed by the buyer and the seller. The buyer should be allowed to review the HUD-1 Settlement Statement on the business day before the closing meeting to know the closing costs in advance. In-File Credit Report An objective account, normally computer-generated, of credit and legal information obtained from a credit repository. Income Property Real estate developed or improved to produce income.

Index A number used to compute the interest rate for an adjustable-rate mortgage ARM. The index is generally a published number or percentage, such as the average interest rate or yield on Treasury bills. A margin is added to the index to determine the interest rate that will be charged on the ARM. This interest rate is subject to any caps that are associated with the mortgage. Inflation An increase in the amount of money or credit available in relation to the amount of goods or services available, which causes an increase in the general price level of goods and services.

Over time, inflation reduces the purchasing power of a dollar, making it worth less. Initial Interest Rate The original interest rate of the mortgage at the time of closing. This rate changes for an adjustable-rate mortgage ARM. Sometimes known as "start rate" or "teaser. The regular periodic payment that a borrower agrees to make to a lender. The installment is more often referred to as your monthly mortgage payment. Installments, or monthly payments, can be made either monthly or biweekly, depending on your mortgage type.

Your approved lender may also offer additional payment plans tailored to fit your needs. Installment Loan Borrowed money that is repaid in equal payments, known as installments. A furniture loan is often paid for as an installment loan. Insurable Title A property title that a title insurance company agrees to insure against defects and disputes. Insurance A contract that provides compensation for specific losses in exchange for a periodic payment. An individual contract is known as an insurance policy, and the periodic payment is known as an insurance premium.

Insurance Binder A document that states that insurance is temporarily in effect. Because the coverage will expire by a specified date, a permanent policy must be obtained before the expiration date. If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount. Interest The fee charged for borrowing money. Simply put, this is the fee that is charged for borrowing money from lenders. The interest rate is the rate of interest that is in effect when the monthly payment is due.

An interest rate ceiling -- for an adjustable-rate mortgage ARM -- is the maximum interest rate, as specified in the mortgage note; the interest rate floor is the minimum interest rate, as specified in the mortgage note. Interest Accrual Rate The percentage rate at which interest accrues on the mortgage.

In most cases, it is also the rate used to calculate the monthly payments, although it is not used for an adjustable-rate mortgage ARM with payment change limitations. Interest Rate The rate of interest in effect for the monthly payment due. Interest Rate Buydown Plan An arrangement wherein the property seller or any other party deposits money to an account so that it can be released each month to reduce the mortgagor's monthly payments during the early years of a mortgage.

During the specified period, the mortgagor's effective interest rate is "bought down" below the actual interest rate. Interest Rate Ceiling For an adjustable-rate mortgage ARM , the maximum interest rate, as specified in the mortgage note. Interest Rate Floor For an adjustable-rate mortgage ARM , the minimum interest rate, as specified in the mortgage note. It is tied to the weekly average yield of U. Treasury securities adjusted to a constant maturity of one year. The interest charged on the HECM loan will be payable to your lender when the loan terminates. InterestFirstSM Mortgage If you're looking to leverage your mortgage to expand purchasing power, this mortgage offers the benefit of a low, fixed-rate monthly payment.

For the first 15 years, monthly payments are lower than a comparable year fixed-rate loan. Gain control of your cash flow. Ideal if you plan to stay in your home no more than 15 years and want the lowest monthly payment for that period. Flexible cash flow for college costs, home improvements, IRA contributions, consumer debt reduction, or optional principal payments. For the first 15 years, you pay only the interest due every month. Any prepayments will reduce your principal balance and reduce future monthly payments.

Prepayment of principal may be made without penalty. Payment adjusts at the start of year 16 to cover all interest and principal due on the loan for the remaining 15 years. Monthly payment is fixed during years 16 through Investment Property A property that is not occupied by the owner. IRA Individual Retirement Account A retirement account that allows individuals to make tax-deferred contributions to a personal retirement fund. Individuals can place IRA funds in bank accounts or in other forms of investment such as stocks, bonds, or mutual funds.

Joint Tenancy A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship. Judgment A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor's real property as collateral for the judgment's creditor. Judgment Lien A lien on the property of a debtor resulting from the decree of a court. Judicial Foreclosure A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court.

Jumbo Loan A loan that exceeds mortgage amount limits. Also called a nonconforming loan. Late Charge The penalty a borrower must pay when a payment is made a stated number of days usually 15 after the due date. Lease A written agreement between the property owner and a tenant that stipulates the conditions under which the tenant may possess the real estate for a specified period of time and rent. Lease-purchase Mortgage Loan An alternative financing option that allows low- and moderate-income home buyers to lease a home from a nonprofit organization with an option to buy.

Each month's rent payment consists of principal, interest, taxes and insurance PITI payments on the first mortgage plus an extra amount that is earmarked for deposit to a savings account in which money for a downpayment will accumulate. Nonprofit organizations may use the lease-purchase option to purchase a home that they then rent to a consumer, or "leaseholder.

Part of each rent payment is put aside toward savings for the purpose of accumulating the down payment and closing costs. Lease-purchase Option Nonprofit organizations may use the lease-purchase option to purchase a home that they then rent to a consumer, or "leaseholder. Leasehold Estate A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it. Legal Description A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.

Liabilities A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others. Liability Insurance Insurance coverage that offers protection against claims alleging that a property owner's negligence or inappropriate action resulted in bodily injury or property damage to another party.

This type of ARM typically has a per-adjustment period cap of 1 percent and is offered with either a 5 percent or a 6 percent lifetime rate cap. Lien A legal claim against a property that must be paid off when the property is sold. Lifetime Payment Cap For an adjustable-rate mortgage ARM , a limit on the amount that payments can increase or decrease over the life of the mortgage. Also see "cap" entry Lifetime Rate Cap For an adjustable-rate mortgage ARM , a limit on the amount that the interest rate can increase or decrease over the life of the loan.

Line of Credit An agreement by a commercial bank or other financial institution to extend credit up to a certain amount for a certain time to a specified borrower. See home equity line of credit. Liquid Asset A cash asset or an asset that is easily converted into cash.

Loan A sum of borrowed money principal that is generally repaid with interest. Loan Application The loan application is a detailed form designed to provide information from you that your lender will need. Lenders use the application to evaluate whether or not they can give you a loan, and if so, the amount of money they can lend you.

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The "four Cs" of credit come into play when filling out an application -- they are capacity, credit history, capital and collateral. The loan application form requests information such as: Information needed for the loan application may vary from lender to lender, so prior to filling out the application it's important to discuss with your lender what items your lender will need. If your an approved lender uses Desktop Underwriter, an automated underwriting system, they will not have to ask you for as much information regarding your employment, credit, or residence history.

As a result, you won't need to provide as much documentation to back-up the information. Ask your lender if the lender uses this time-saving system. Loan Commitment The commitment letter states the dollar amount of the loan being offered, the number of years you have to repay the loan, the loan origination fee, the points, the annual percentage rate, and the monthly charges. The letter also states the time you have to accept the loan offer and to close the loan. Make sure you understand all aspects of the commitment letter because by signing it, you indicate your acceptance of its terms and conditions.

Loan Limit We operate exclusively in the secondary mortgage market, where we help to ensure that money for mortgages is available to home buyers in every state across the country. In keeping with the mission to help more low-, moderate-, and middle-income people buy homes, our loan limits are adjusted each year, in response to changes in housing affordability nationwide. Generally, any mortgage above this limit is considered a "jumbo loan," and will carry a higher interest rate.

Loan Origination The process by which a mortgage lender brings into existence a mortgage secured by real property.

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  • Certainty Home Loans - Mortgage Terminology for Home Buyers!
  • Loan Origination Fee The loan origination fee covers the administrative costs of processing the loan. It is often expressed in points. One point is 1 percent of the mortgage amount. Loan Terms and Conditions With a reverse mortgage, a lender can call in your loan under certain conditions. But, if you occupy the property as your primary residence, are not absent from the property for 12 consecutive months.

    Mortgage Terminology

    You may instruct the lender to pay the taxes and insurance on your behalf from your reverse mortgage funds. The lender will set aside funds from your reverse mortgage to pay for future taxes and insurance, as long as funds are available. Furthermore, as long as you comply with the terms noted above, you can't be forced to sell your home to pay off the reverse mortgage, even if the loan balance grows to exceed the value of your property. Loan-To-Value LTV Percentage The relationship between the principal balance of the mortgage and the appraised value or sales price if it is lower of the property.

    Lock-in A written agreement in which the lender guarantees a specified interest rate if a mortgage goes to closing within a set period of time. The lock-in also usually specifies the number of points to be paid at closing. Lock-in Period The time period during which the lender has guaranteed an interest rate to a borrower. Manufactured Housing Homes and dwellings that are not built at the home site and are moved to the location are considered manufactured housing.

    All manufactured homes must be built to meet standards set forth by the U. The standards focus on such aspects as design, strength, energy efficiency, and fire resistance. Manufactured housing represents one of the fastest-growing housing markets in the United States. Nearly all of the mortgage products are available for owners of manufactured housing.