What Is A Mortgage Insurance Premium (MIP)?

Zoning is the laws that establish how a property can be used and what codes must be followed when erecting new buildings. ...

A counteroffer is an offer made by one party that makes changes to the original or latest offer of the other party. ...

A lien is a claim against a property. ...

A person authorized to work on anothers behalf-for instance, a person authorized to sell or buy a house on your behalf. ...

A proprietary lease is lease used for co-ops that give the shareowners the right to live in a particular unit. ...

Homeowners insurance is an insurance policy that combines personal liability insurance and hazard insurance coverage for a residence and its contents. ...

Escrow is a trust account created by a neutral third party to hold money for the seller or buyer. When you put down a deposit on a house, for example, you should put that money into an ...

The right of a property owner to have and enjoy all of the advantages of property ownership including air right, mineral rights, riparian rights, and rights to alluvion, as well as manmade ...

Every ARM is tied to an interest rate index. An index has three relevant features:availibility, level, volatility. All the common ARM indexes are readily available from a published source, ...

The process of making a final determination on approval or rejection of a loan application. Underwriting involves verifying the information that has been obtained from the borrower and ...

A federal agency that guarantees mortgage securities that are issued against pools of FHA and VA mortgages. ...

The period between payment changes on an ARM, which may or may not be the same as the interest rate adjustment period. ...

Insurance purchased by the borrower and required by the lender, to protect the property against loss from fire and other hazards. Hazard insurance is also known as homeowner insurance and ...

The amount the borrower promises to repay, as set forth in the loan contract. The loan amount may exceed the original amount requested by the borrower if he or she elects to include ...

The amount invested in a house, equal to the sale price less the loan amount. The House Investment Decision: Lenders impose the upper limit on how much a household can spend for a house. ...

A mortgage lender or mortgage broker. ...