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NJ Real Estate

Index Guide to national mortgage trends, used for adjustable mortgage rates
Interest Charge for the use of other people's money
Loan-to-value ratio (LVR) percentage of a property's market value that may be borrowed
Margin Percentage charged by lender above index rate
New Jersey Housing and Mortgage Finance Agency Lender of low interest money in certain areas
PITI Mortgage payment, including interest, amortization, and certain expenses (clue: **principal, interest, and tax & insurance reserves**)
Point 1% of the loan amount, charged as extra up-front interest when loan is made
Private mortgage insurance Protection for the lender on a low-down-payment mortgage loan
Straight loan Mortgage with payments of interest only
Target area Neighborhoods in which the state wishes to strengthen housing stock
VA mortgage
Fannie Mae A privately owned corporation that sets standards and buys mortgages
Blanket mortgage Mortgage covering more than one parcel of real estate
Construction loan Straight loan for short building period
Credit union Cooperative organization for members who save and borrow
Freddie Mac Federal Home Loan Mortgage Corporation;warehouses packages of mortgages
Ginnie Mae Government National Mortgage Association; pools mortgages for investors
Home equity loan Additional financing for homeowner;usually a type of second mortgage
Interim financing Bridge or seeing loan for short-term financing before a sale
Jumbo loan Loan higher than those usually bought by the secondary market
Mortgage Banker Agent who brings together lender and borrower for a fee
Mortgage broker Agent who makes real estate loans
Open-end mortgage Mortgage that provides possibility for further borrowing
Package mortgage Mortgage covering both real and personal property
Portfolio loan Loan not intended for resale on the secondary market
Primary mortgage market Lending institutions that make mortgage loans to the public
Purchase-money mortgage Seller financing
Qualifying ratio Percentage of income borrower may spend on housing expense
Regulation Z Implements the Truth-in-Lending Act
Reverse mortgage Mortgage in which lender sends regular checks, building up debt
Sale-leaseback Arrangement by which seller becomes tenant
Shared equity mortgage Loan in which investor shares payments and profits
Triggering term Words in an ad that require full disclosure of financing conditions
Truth-in-Lending Act Regulates consumer loans
Underwriting Process of deciding whether to make specific loans
Wraparound mortgage Additional *Larger loan that does not disturb underlying mortgage
Created by: mari9800