Real Estate Financing: Practices
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| annual percentage rate (APR) | show 🗑
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| blanket mortgage | show 🗑
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| show | a way to lower the initial interest rate on a mortgage or deed of trust loan;discount points lower the effective interest rate paid by the buyer reducing monthly payments for a set time
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| show | a standardized conventional loan that meets Fannie Mae or Freddie Mac's requirements; made by for-profit lenders and are not insured by the federal gov't to the most creditworthy borrowers.
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| show | a loan made to finance the construction of improvements on real estate--homes, apartments, office buildings
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| show | a loan from private investors that requires no government insurance nor guarantee
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| show | A federal cabinet dept. active in national housing programs; offers programs such h as urban renewal, public housing, model cities, rehabilitation loans, FHA subsidies, fair housing enforcement
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| Equal Credit Opportunity Act (ECOA) | show 🗑
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| Fair Credit Reporting Act | show 🗑
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| show | a quasi-government agency established to purchase any kind of mortgage loans in the secondary mortgage market from the primary lenders.
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| Federal Reserve System | show 🗑
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| FHA-insured loan | show 🗑
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| Freddie Mac | show 🗑
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| show | a gov't agency under HUD that sells mortgage-backed securities that are backed by pools of FHA and VA loans
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| show | a source of funds for homeowners who wish to finance the purchase of expensive items; consolidate existing installment loans on credit card debt; or pay for medical, educational, home improvement, or other expenses
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| show | a residential mortgage loan in excess of acceptable loan amounts for purchase by Fannie Mae or Freddie Mac; also called nonconforming loans
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| loan-to-value ratio (LTV) | show 🗑
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| show | a line of credit allowing the mortgagee to make additional future advances of funds to the mortgagor, and are generally set up as home equity loans.
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| show | a loan that includes not only the real estate, but also all fixtures and appliances installed on the premises; has been used extensively in financing furnished condo units
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| Predatory Lending Act | show 🗑
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| show | made up of lenders that originate mortgage loans
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| private mortgage insurance (PMI) | show 🗑
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| show | a note secured by a mortgage or deed of trust given by a buyer as a borrower, to a seller, as lender, as part of the purchase price of the real estate.
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| Real Estate Settlement Procedures Act (RESPA) | show 🗑
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| Regulation Z | show 🗑
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| reverse-annuity mortgage (RAM) | show 🗑
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| Sales comparison approach | show 🗑
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| secondary mortgage market | show 🗑
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| show | When lender allows a borrower in default to sell the property for less money necessary to satisfy loan to avoid foreclosure sale; lender usually "forgives" the balance owed after the sale. IRS may consider forgiven amount borrower's taxable income.
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| subordination agreement | show 🗑
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| show | A loan made to a borrower with a credit rating below what is required for regular loans creating greater liability for the lender that is countered by higher interest rates and fees; called B, C, or D paper.
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| Trigger terms | show 🗑
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| show | Implements the truth – in– lending act requiring credit institutions to inform borrowers of the cost of obtaining credit.
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| VA-guaranteed loan | show 🗑
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| wraparound loan | show 🗑
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Created by:
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