Functional Deficiency

An individual's option to fairly utilize another's property. An example is privileges under an easement. For example, a person receives permission to use a lake on the private property of ...

Payment received after the due date. A penalty and/or interest may be charged on such payment. For example, a bank may charge a penalty of $25 if a mortgage payment is received after the ...

Horizontal supports for the ceiling of a structure. ...

Law of the state establishing guidelines and requirements for constructing buildings. The standard may differ between the states. ...

English-style home. It is usually 2-stories high. The roof is of a hip type. The chimney is on the side of the home. ...

Creates a lien against the mortgagor's property, but does not permit a lien against his or her personal assets. See also non recourse. ...

A way to sell and finance property by which the seller keeps title but the buyer takes possession while installment payments are being made. The gain is taxed while the mortgage ...

A type of property coownership of two or more individuals to whom real property is deeded and who together have an undivided interest in it as a whole. There is only one title to the whole ...

A commitment letter is a formal offer of a loan by a lender. The letter states the terms under which the lender has agreed to the loan. ...

A proration is the division of certain fees. If the sellers have paid the taxes six months in advance, for example, they may want a portion of that payment back for the months you are ...

A qualifying ratio is the percentages a lender compares to see whether you qualify for a loan. ...

A condominium is a form of home ownership in which the owner owns the airspace within the walls but doesn't own the actual walls, ceilings, or floors of the home. ...

Are you wondering how to speed things up with your mortgage payment? Thinking how to build equity to your home”? Well, by paying off your mortgage. The more you do, the more ...

A rate lock is a commitment issued by a lender to a homebuyer or to the mortgage broker guaranteeing a specific interest rate for a specified amount of time. ...

An index is an economic indicator used to set the rate for adjustable-rate mortgages. ...

Equity is the financial interest or cash value of your home, minus the current loan balance(s). If selling the home, this would also be minus any costs incurred in selling the home. If ...