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123: | 203 (k) | 203(b) |

A: | APR | ARM | adjustable rate mortgage | amenity | amortization | annual percentage rate | application | appraisal | appraiser | assessor | assumable mortgage |

B: | balloon mortgage | bankruptcy | borrower | budget | building code |

C: | cap | cash reserves | certificate of title | closing | closing costs | commission | condominium | conventional loan | cooperative (co-op) | credit history |

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F: |

G: |

H: | credit history |

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S: | settlement |

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The latest defined terms:

December 22, 2005

credit history

The history of an individual's debt payment; lenders use this information to gauge a potential borrower's ability to repay a loan.

Posted by david at 11:49 PM

cooperative (co-op)

A collectively held structure in which residents purchase stock in a cooperative corporation that owns the structure; each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan.

Posted by david at 11:47 PM

conventional loan

A private sector loan, one that is not guaranteed or insured by the U.S. government.

Posted by david at 11:45 PM

November 01, 2005

condominium

A property and form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.

Posted by david at 09:52 PM

commission

An amount, usually a percentage of the property sales price, that is collected by a real estate professional as a fee for negotiating the transaction.

Posted by david at 09:49 PM

closing costs

The customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.

Posted by david at 05:36 PM

settlement

Also known as closing, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.

Posted by david at 05:32 PM

closing

Also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.

Posted by david at 05:29 PM

certificate of title

A document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner; before the title is transferred at closing, it should be clear and free of all liens or other claims. This is the title search you often hear about.

Posted by david at 05:25 PM

cash reserves

There is a cash amount sometimes required to be held in reserve in addition to the down payment and closing costs when purchasing a home; the amount is determined by the lender.

Posted by david at 05:19 PM
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