Real Estate Financing Principles
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| show | The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or another covenant.
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| adjustable rate mortgage (ARM) | show 🗑
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| alienation clause | show 🗑
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| show | A loan in which principal as well as interest is payable in periodic installments over the term of the loan.
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| show | A final payment of a mortgage loan that is larger than the required periodic payments because the loan amount was not fully amortized.
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| show | (1) The person for whom a trust operates or in whose behalf the income from a trust estate is drawn. (2) A lender in a deed of trust loan transaction. (3) The recipient of personal property (a bequest or legacy) in a will.
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| debt service | show 🗑
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| deed in lieu of foreclosure | show 🗑
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| show | An instrument used to create a mortgage lien by which the borrower conveys title to a trustee, who holds it as security for the benefit of the note holder (the lender); also called a trust deed.
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| default | show 🗑
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| deficiency judgment | show 🗑
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| show | A mortgage loan that requires a fixed amount of principal payment in each period; the total debt service payment starts higher than with a level payment loan since interest portion will reduce with each payment.
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| discount point | show 🗑
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| show | A provision in a mortgage that states that the entire balance of the note is immediately due and payable if the mortgagor transfers (sells) the property. See alienation clause.
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| equitable title | show 🗑
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| equity | show 🗑
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| show | The right of a borrower in default on a mortgage loan to reclaim the forfeited property prior to the foreclosure sale through payment in full of all debt and associated costs.
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| foreclosure | show 🗑
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| show | A loan in which the monthly principal and interest payments increase by a set amount each year for a certain number of years and then level off for the remaining loan term; probable nega¬tive amortization in early years.
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| grantor | show 🗑
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| hypothecation | show 🗑
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| interest | show 🗑
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| judicial foreclosure | show 🗑
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| lien theory | show 🗑
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| loan origination fee | show 🗑
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| mortgage | show 🗑
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| mortgagee/mortgagor | show 🗑
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| show | When the debt service payment on a loan is not large enough to pay the interest due; the principal balance actually grows with each payment.
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| show | A written promise or order to pay a specific sum of money that may be transferred by endorsement or delivery. The transferee then has the origi-nal payee's right to payment.
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| power of sale foreclosure | show 🗑
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| show | A charge imposed on a borrower who pays off the loan principal early. This penalty compensates the lender for interest and other charges that would otherwise be lost due to payments made ahead of schedule.
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| show | (1) A sum loaned or employed as a fund or an investment, as distinguished from its income or profits. (2) The original amount (as in a loan) of the total balance due and payable at a certain date. (3) A main party to a transaction the person for whom the
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| promissory note | show 🗑
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| show | A document acknowledging the full repayment of a mortgage debt.
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| short sale | show 🗑
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| show | Ten day period after the auction of the property
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| statutory right of redemption | show 🗑
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| show | A loan in which only interest is paid during the term of the loan, with the entire principal due with the final interest payment; also called a straight loan
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| title theory | show 🗑
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| usury | show 🗑
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| yield | show 🗑
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