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Glossary of Mortgage Terms Property Definitions

English - Mortgage, Property, Definitions
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Glossary of Mortgage Terms · 7M ago

Conventional Mortgage Loan

: Any mortgage loan not guaranteed or insured by the government (typically through FHA or VA programs).
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Glossary of Mortgage Terms · 1Y ago

Dictionary: Real Property

1. Rights, interests, and benefits inherent in the ownership of real estate, as distinguished from personal property; frequently thought of as a bundle of rights.2. Real estate may be loosely defined as land (including air rights) and other properties that are permanently attached to land such as...
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Glossary of Mortgage Terms · 3Y ago

What is Alt-A, does it still exist?

If you ask 5 different mortgage persons what they are, you are likely to get 5 different answers. However, most will probably be pretty close, just a bit different perspective."A classification of mortgages where the risk profile falls between prime and subprime. The borrowers behind these mortgages...
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Glossary of Mortgage Terms · 3Y ago

Estates & ownership interests defined

The law recognizes different sorts of interests, called estates, in real property. The type of estate is generally determined by the language of the deed, lease, or bill of sale through which the estate was acquired. Estates are distinguished by the varying property rights that vest in each, and tha...
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Glossary of Mortgage Terms · 4Y ago

Zoning ordinance

The division of land into residential, commercial, industrial and rural districts. Zoning laws, which came about in the 1920s, serve to protect the public’s safety.Zoning laws restrict the size of a lot, of building’s height and how a property can be used. In general, a residential zone is broken do...
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Glossary of Mortgage Terms · 4Y ago

Wraparound mortgage

A type of financing where the seller carries the buyer's loan.Wraparound mortgages are a creative, though rare, way to allow buyers to purchase a home without having to qualify for a loan or to pay closing costs. The contract is made between the buyer and seller with the lender’s approval.Her...
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Glossary of Mortgage Terms · 4Y ago

Verification of deposit (VOD)

A document from a bank vouching for the balance of a person's checking and savings accounts. A lender may ask for a VOD when you are applying for a loan to make sure that you actually have the money stated on your loan application.
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Glossary of Mortgage Terms · 4Y ago

VA loan

A low-cost loan for U.S. veterans that is partially guaranteed by the Department of Veterans Affairs (VA). If you are a veteran, you can get some VA loans without a down payment. You also can negotiate the interest rate with the lender. The loan amount cannot be more than the VA's appraisal. If it i...
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Glossary of Mortgage Terms · 4Y ago

Unsecured loan

A debt that is not backed by collateral. Unsecured loans, like credit card debt, doctor bills and student loans, do not require you to sign an agreement pledging collateral, such as property, to secure the loan. If you fail to pay an unsecured loan, the creditor can only take you to court to get the...
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Glossary of Mortgage Terms · 4Y ago

Underwriting

Underwriting A lender's process to evaluate whether or not to give a borrower a loan.When lenders underwrite a loan, they look at your income, debt and credit history to see if you are a low-risk loan candidate.Once your loan is approved and you meet all the lender's conditions, you can sign the fin...
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