Seller Concessions Closing costs that the seller agrees to pay.
Trust A relationship where someone holds title to property, with the obligation to maintain that property for the benefit of someone else. Underwater The condition of owing more on a property than the property is actually worth. Underwriting The process of verifying a borrower’s eligibility to borrow — credit, income, assets, etc. — and verifying the conditions of the property to justify using it as collateral for the loan.
Settlement Costs Another word for closing costs — fees necessary to close a real estate transaction. Short Sale Selling a property for less than the balance due. A lender may accept less than the balance due as payoff of the loan if the seller is underwater and can’t sell the property for the full remaining balance. Term The length of the loan. At the end of the term, the loan meets maturity. In a 30-year mortgage, the term is 30 years. A fully-amortized loan will have a balance of $0 at the end of the term. Title Certification of ownership of property, as recorded on a deed. Title Insurance Indemnity insurance that protects the buyer and the lender from financial loss that may result from defects in the title. Defects in the title can prevent ownership of property from being transferred, even after money has changed hands.
Unpaid Principal Balance (UPB) The amount of principal left unpaid on a mortgage.
USDA Loan A loan insured by the US Department of Agriculture for the purchase of a suburban or rural home. May be eligible for no down payment (100% LVT). VA Loan A loan insured by the US Department of Veterans Affairs for current and former armed service members and their families. May be eligible for no down payment (100% LVT).
Contact me today! Larry Loan Officer Loan Office 904-555-1010
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Larry@Loans.com www.Authorify.com
RITA REALTOR | BROKERAGE 904-555-5555 | Rita@realtor.com | www.Authorify.com
LARRY LOAN OFFICER | OFFICE 904-555-1010 | Larry@loans.com | www.Authorify.com
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