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Significant elevation of land. Narrow upward strip. Connection of edges between different sloping surfaces. ...

Stature regulating the use of credit information. Allows consumers such as prospective homeowners access to their credit files. It requires a lender to explain how loan interest is ...

The amount of inherent risk for a mortgage in granting a mortgage. An operating principle in mortgage risk rating is that the mortgage cannot exceed 2.5 times the mortgagor's annual income, ...

Transfer of the title of land, real estate, or personal property from one person or entity to another. This transfer is typically made via a trust deed, mortgage, sales contract or similar ...

Room containing a toilet and wash basin, but does not include a shower or bath tub. ...

Interest a person pays before it is actually incurred. An example is a one year's interest that a borrower agrees to pay in advance to a bank on a mortgage. This rarely occurs. ...

Also called a will. Describes the disposition of property. ...

Half oval window. It is usually small and placed over a doorway serving a decorative purpose. In some case, the window may be mounted with a hinge at either end to a permit opening for ...

A gift letter is when an individual gives you money for a down payment as a gift, that person must write you a gift letter so that it can be included in your loan documentation. ...

An appraisal is an estimate of the value of a certain property by a qualified, independent individual. ...

A front-end ratio is a ratio of the borrowers monthly housing expenses-including principal, interest, property taxes, and insurance (OITI)-compared to the borrowers gross, pretax monthly ...

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 ...

To figure out where you stand on the debt-to-income ratio, you must first understand the meaning of the figure. Most lenders use the ratio 28/36. The first number, which is also referred ...

You probably don't have the correct knowledge to represent yourself. The seller pays the real estate commission, not the buyer, and real estate commissions are already set in the listing ...

Hazard insurance is insurance coverage that compensates for physical damage to a property from natural disasters such as fire or other hazards. ...

A lock in guarantees a certain interest rate for a certain period of time. ...