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Finance2

Finance

QuestionAnswer
Prepayment Clause A clause stating that the borrower can pay the entire amount or the stated amount prior to the due date in the note and whether there will be a penalty associated with that prepayment
Subordination Clause A clause allowing a lender to move to or take a lower lien position
Assumption Clause A clause outlining the obligations of the original borrower and a new borrower in the event the loan is assumed
Straight Assumption A new borrower assumes the payments assumes the payments and liability on an existing loan and usually releasing the original borrower from liability
FHA Federal Housing Administration-aids in home financing by insuring high LTV loans with more lenient quality ratios
MIP Mortgage insurance premium- insurance on the FHA loan-insures the whole loan
VA Veteran's Administration-assists veterans in the purchase of housing by guranteeing loans
DD 214 Veteran's discharge papers-provided to demonstrate eligibilty for a VA loan
Certificate of Elgibility Evidence of VA approval of a qualified veteran for a VA loan
CRV VA appraisal-Certificate of Reasonable Value
Funding Fee A fee required to be paid by the buyer, seller, or included in the loan at closing on all VA loans
Amortization The repayment or satisfaction of a debt by installment payments of principal and interest on a regular basis
Conventional Loan A loan that is neither federally insured nor guaranteed-a private sector loan
Fixed Rate Amortized Loan A oan with equal regular payments of principal and interest until the debt is fully repaid or amortized
Bi-weekly loan A fixed rate amortized loan in which one-half of a monthly payment is made every two weeks resulting in much quickier growth of equity and significant interest savings
Term Loan A loan with payments of interest only until the end of the term, when the entire principal is repaid in one lump sum- a zero amortization loan-a straight loan
Straight Loan A loan with payments of interest only until the end of the term, when the entire principal is repaid in one lump sum-a zero amortization loan-a term loan
Blanket loan Several pieces of property secured by a single loan (several lots on one note)
Release Clause A clause often found in a blanket loan allowing the borrower to obtain partial releases of specific lots by making required lump sum payments
Created by: Shirilyn
Popular Real Estate sets

 

 



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