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Glossary
Glossary of terms used on this site
There are 27 entries in this glossary.All
| Term | Definition |
|---|---|
| Asset Manager |
Person working for a lender or mortgage servicing company typically in the REO department. This person works with a number of different REALTORS(R) overseeing the marketing and disposition of REO properties.
|
| assignment |
When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment.
|
| assumable mortgage |
A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.
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| assumption |
The term applied when a buyer assumes the seller's mortgage.
|
| balloon mortgage |
A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires that at the end of the tenth year the entire remaining balance must be paid.
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| balloon payment |
The final lump sum payment that is due at the termination of a balloon mortgage.
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| bankruptcy |
By filing in federal bankruptcy court, an individual or individuals can restructure or relieve themselves of debts and liabilities. Bankruptcies are of various types, but the most common for an individual seem to be a "Chapter 7 No Asset" bankruptcy which relieves the borrower of most types of debts. A borrower cannot usually qualify for an "A" paper loan for a period of two years after the bankruptcy has been discharged and requires the re-establishment of an ability to repay debt.
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| bill of sale |
A written document that transfers title to personal property. For example, when selling an automobile to acquire funds which will be used as a source of down payment or for closing costs, the lender will usually require the bill of sale (in addition to other items) to help document this source of funds.
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| biweekly mortgage |
A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen. The extra payment reduces the principal, substantially reducing the time it takes to pay off a thirty year mortgage. Note: there are independent companies that encourage you to set up bi-weekly payment schedules with them on your thirty year mortgage. They charge a set-up fee and a transfer fee for every payment. Your funds are deposited into a trust account from which your monthly payment is then made, and the excess funds then remain in the trust account until enough has accrued to make the additional payment which will then be paid to reduce your principle. You could save money by doing the same thing yourself, plus you have to have faith that once you transfer money to them that they will actually transfer your funds to your lender.
|
| bond market |
Usually refers to the daily buying and selling of thirty year treasury bonds. Lenders follow this market intensely because as the yields of bonds go up and down, fixed rate mortgages do approximately the same thing. The same factors that affect the Treasury Bond market also affect mortgage rates at the same time. That is why rates change daily, and in a volatile market can and do change during the day as well.
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| REO |
Real Estate Owned by a bank or lending institution.
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| Short Sale |
Sale of real property (real estate) where the seller owes more than the property is currently worth. The lender or in some cases lenders must approve the agreed upon purchase price and also agree to the net loss in order to complete the sale. This is the preferred method of disposing of a property prior to foreclosure.
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In every transaction there is usually a request for repairs given to the seller by the buyer. The work order is usually backed up by a third party inspection report. The following is a list of some possible work orders. The work orders must be completed prior to closing and the seller is responsible for having them done. Check with your local authorities for specific requirements. 
A plan is something that most people over look when going into a new home purchase and if you don’t have one it could cost you lots and lots of money. A good REALTOR® will be able to help you with your plan. The biggest issue with your plan is TIME.