Real Estate Financing: Practices
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| annual percentage rate (APR) | show 🗑
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| show | covers more than one parcel of land and usually is used to finance subdivision developments, though it can be used to finance the purchase of improved properties as well
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| buy down | show 🗑
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| show | a standardized conventional loan that meets Fannie Mae or Freddie Mac's requirements; made by for-profit lenders and are not insured by the federal gov't to the most creditworthy borrowers.
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| construction loan | show 🗑
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| conventional loan | show 🗑
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| show | A federal cabinet dept. active in national housing programs; offers programs such h as urban renewal, public housing, model cities, rehabilitation loans, FHA subsidies, fair housing enforcement
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| show | Prohibits creditors from discrimination on the basis of race, color, religion, national origin, sex, marital status, age, and receipt of public assistance.
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| show | federal law giving consumers the right to view and correct their credit information
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| show | a quasi-government agency established to purchase any kind of mortgage loans in the secondary mortgage market from the primary lenders.
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| show | The country's central banking system, which controls the nation's monetary policy by regulating the supply of money and interest rates
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| FHA-insured loan | show 🗑
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| Freddie Mac | show 🗑
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| show | a gov't agency under HUD that sells mortgage-backed securities that are backed by pools of FHA and VA loans
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| show | a source of funds for homeowners who wish to finance the purchase of expensive items; consolidate existing installment loans on credit card debt; or pay for medical, educational, home improvement, or other expenses
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| jumbo loan | show 🗑
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| show | ratio of debt to value of the property
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| open-end mortgage | show 🗑
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| show | a loan that includes not only the real estate, but also all fixtures and appliances installed on the premises; has been used extensively in financing furnished condo units
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| show | imposes restrictions and limitations on high-cost loans; revises permissible fees and charges on certain loans; prohibits unfair or deceptive practices by lenders
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| show | made up of lenders that originate mortgage loans
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| show | insurance provided by a private carrier that protects a lender against a loss in the event of a foreclosure and deficiency
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| purchase-money mortgage | show 🗑
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| Real Estate Settlement Procedures Act (RESPA) | show 🗑
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| Regulation Z | show 🗑
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| reverse-annuity mortgage (RAM) | show 🗑
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| Sales comparison approach | show 🗑
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| show | a market for the purchase and sale of existing mortgages
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| Short sale | show 🗑
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| show | a written agreement between holders of liens on a property that changes the priority of mortgage, judgment, and other liens under certain circumstances.
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| subprime mortgage | show 🗑
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| show | In real estate advertising, specific phrases called trigger terms, require the advertiser to comply with regulation z, and provide the apr (annual percentage rate)plus total financing term disclosure, including total finance charge.
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| Truth – in– lending act | show 🗑
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| show | a mortgage loan on approved property made to a qualified veteran by an authorized lender and guaranteed by the Dept. of Veterans Affairs to limit the lender's possible loss.
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| show | enables a borrower who is paying off an existing mortgage to obtain additional financing from a second lender or the seller.
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Created by:
whitwill
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