Real Estate Financing Principles
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| acceleration clause | show 🗑
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| adjustable-rate mortgage (ARM) | show 🗑
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| show | Prevents the borrower from letting someone assume the debt without the lender's approval.
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| Amortized Loans | show 🗑
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| balloon payment loan | show 🗑
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| beneficiary | show 🗑
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| show | principal and interest loan payment
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| show | Deed that is used when a borrower has defaulted on the mortgage loan and wants to avoid a foreclosure action.
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| deed of trust | show 🗑
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| Default | show 🗑
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| deficiency judgment | show 🗑
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| show | a loan that requires a fixed amount of principal to be paid in each payment with the amount applied to interest varying as the balance is reduced
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| show | interest paid in advance; one point equals 1% of the loan amount for the borrower and increases the yield for the investor approximately 1/8%.
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| show | provides when sale of property by borrower to buyer who wants to assume the loan, the lender has the choice of either declaring the entire debt to be due and payable immediately or permitting the buyer to assume the loan at current market interest rates.
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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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| show | Process in which property is taken by a creditor for nonpayment of debt secured by real property.
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| show | a flexible payment plan that allows a mortgagor to make lower monthly payments for the first few years of the loan and larger payments for the remainder of the term.
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| Grantee | show 🗑
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| Grantor | show 🗑
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| show | the act of pledging real property as security for payment of a loan without giving up possession of the property.
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| show | a charge for the use of borrowed money
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| judicial foreclosure | show 🗑
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| show | an older, traditional approach in mortgaging property where a two-party mortgage instrument is used as security for the debt; the borrower retains both legal and equitable title to the property.
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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 original payee's right to payment.
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| prepayment penalty clause | show 🗑
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| promissory note | show 🗑
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| satisfaction of mortgage | show 🗑
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| shared-appreciation mortgage (SAM) | show 🗑
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| statutory redemption period | show 🗑
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| show | the right of a defaulted property owner to recover the property after its sale by paying the appropriate fees and charges
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| Term loan | show 🗑
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| show | uses the three-party deed of trust instrument as security for the mortgage debt; the borrower conveys legal title to a trustee to hold for the lender until the debt is paid off. NC uses this theory.
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| show | charging interest in excess than the maximum rate established by state law.
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| show | the return or profit on a loan
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Created by:
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