Term
|
Definition
| stipulation and a mortgage that the entire unpaid balance of the debt may become due and payable at the default of expressed conditions should occur |
|
|
Term
|
Definition
| a financing technique in which the lender can raise or lower interest rate according to a set index |
|
|
Term
|
Definition
| a loan characterized why payment of the debt by regular installment payments |
|
|
Term
|
Definition
| a legal instrument that states that the mortgagee assigns the mortgage and promissory note to the purchaser |
|
|
Term
|
Definition
| a single large payment made at maturity of a partially amortized mortgage to pay off the debt in full |
|
|
Term
|
Definition
| one debt instruments covering two or more parcels |
|
|
Term
|
Definition
| a financing technique wherein the seller agrees to deliver the deed at some future date and the buyer takes possession while paying the agreed amount |
|
|
Term
| deed in lieu of foreclosure |
|
Definition
| a friendly foreclosure nonjudicial procedure in which the mortgagor gives title to the mortgagee |
|
|
Term
|
Definition
| a provision in a mortgage that specifies the terms and conditions to be met in order to avoid default and thereby defeat the mortgage |
|
|
Term
|
Definition
| a provision in a conventional mortgage that entitles the lender to require the entire loan balance to be paid in full if the property is sold |
|
|
Term
|
Definition
| the right of mortgagor, before a foreclosure sale, to reclaim forfeited property by paying the entire indebtedness |
|
|
Term
|
Definition
| a written statement that bars the assignor from making a claim inconsistent with the instrument commonly used with a mortgage assumption |
|
|
Term
|
Definition
| a mortgage secured by a personal residence to provide a line of credit available for draws when needed by the homeowner it is sometimes used as a home improvement loan |
|
|
Term
|
Definition
| to pledge real or personal property and security for a debt or obligation without giving up possession of the property |
|
|
Term
|
Definition
| relationship between amount borrowed and appraised value of the property |
|
|
Term
|
Definition
| a written agreement that pledges property as security for payment of the debt |
|
|
Term
|
Definition
| a lender who holds a mortgage on a specific property as security for the money loaned to the borrower |
|
|
Term
| mortgage insurance premium |
|
Definition
| fee paid by FHA borrowers to obtain a loan this is paid out front and annual |
|
|
Term
|
Definition
| the borrower who gives a mortgage on his or her property in order to obtain a loan from a lender |
|
|
Term
|
Definition
| legal evidence of a debt that must accompany a mortgage in Florida or a legally executed pledge to pay a stipulated some of money |
|
|
Term
|
Definition
| the substitution of a new party and/or new terms to an existing obligation |
|
|
Term
|
Definition
| a loan covering both real and personal property |
|
|
Term
|
Definition
| stipulates the conditions under which the mortgagee will grant freeing building lots from a mortgage lien upon payment of a certain amount of money |
|
|
Term
|
Definition
| a provision in a mortgage that allows the mortgagor to pay the mortgage debt ahead of schedule without penalty |
|
|
Term
|
Definition
| the amount set by the creditor the debtor is charge for retiring the debt early |
|
|
Term
|
Definition
| any new mortgage taken as part of the purchase price of real property by the seller |
|
|
Term
|
Definition
| a provision in a mortgage related to income producing property that is designed to require that income derived shall be used to meet mortgage payments in the event the mortgagor defaults |
|
|
Term
|
Definition
| a certificate issued by the lender when the debt obligation is paid in full |
|
|
Term
|
Definition
| a provision in a mortgage in which the lender voluntarily permits a prior or subsequent mortgage to take priority over the lender's otherwise superior mortgage or the act of yielding priority |
|
|
Term
|
Definition
| the financing technique in which the payment of the existing mortgage is continued and a new higher interest rate mortgage which is larger than the existing mortgage is paid by the buyer borrower |
|
|
