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Financing

TermDefinition
Mortgage An instrument used to secure a note, creating a lein on property used as collateral.
Mortgagor Borrower
Mortgagee Lender
Land Contract Buyer pays a down payment to selller at closing both parties sign land contract.
Deed of Trust Title is transferred to a third party called a Trustee.
Equity Difference between price and loan amount.
Formal Assumption Promissory note and mortgage contract is assumed by buyer for seller after receiving lenders approval.
Assignment of Mortgage Is the transfer of a persons right or interest in a mortgage contract to another person.
Assignment of Mortgage Clause Prohibits the assignment of mortgage from present mortgagor to another without approval of the mortgagee.
Conventional Mortgage Not insured or guaranteed by the government.
Non-Insured Conventoinal Loan Usually involves a loan to value ratio of 80% or less
Insured Conventional Loan Insurance obtained privately when loan to value ratio exceeds 80% .
Unconventional Mortgage Obtained with help of government insurance or guarantee.
Chattel Mortgage Used to create leins on personal property. Security Agreement.
Open-Ended Mortgage A credit limit is established based on the Fair market value of property. A home equity loan.
Budget Mortgage Monthly payments include prorated property taxes and insurance.
Second Mortgage Recorded against property in a secondary position to an earlier mortgage.
Ballon Loan Mortgage A short term loan. A partially amortized loan.
Reverse Mortgage Lender pays borrower a lump sum or periodic payment that does not have to be paid back.
Nonamortized Loan Paid back in one lump sum after a relatively short period of time.
Buy down Mortgage Points are paid to lender in exchange for receiving lower loan interest rate.
Created by: Jgjg