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- Contract and Legal Issues: Can I be foreclosed on if the mortgage company cannot produce the deed of trust?
Answer: Even in the event that a promissory note or deed of trust cannot be produced, the lender can still proceed with foreclosure by purchasing a ...
- Funding, Finance and Credit: M: What is the average FHA PMI cost?
Answer: Although commonly referred to as FHA PMI, the correct terminology is MI (mortgage insurance) due to its FHA status. It serves the same purpose as ...
- Real Estate Terminology: What does subordination mean?
Answer: A clause or document permitting a mortgage recorded at a later date to recieve higher priority over an existing lien. ...
- Real Estate Terminology: What is a blanket mortgage?
Answer: A single mortgage that covers multiple properties. ...
- Real Estate Terminology: What is a cash-out refinance?
Answer: A transaction in which the new loan amount exceeds the total of the principal balance of the first mortgage and any secondary mortgages or liens, ...
- Real Estate Terminology: What is a Debt Ratio?
Answer: Also known as debt to income. The ratio of the total of minimum monthly debt payments to gross monthly income. If a person’s minimum monthly ...
- Real Estate Terminology: What is a deed of trust (DOT)?
Answer: DOT's are similar to mortgages in that they serve as security for a loan by encumbering real estate. While a mortgage is between two parties ...
- Real Estate Terminology: What is a Home Equity Line of Credit (HELOC)?
Answer: A revolving line of credit secured by a mortgage on the borrower's property. ...
- Real Estate Terminology: What is a lifetime cap?
Answer: The highest amount that an adjustable mortgage can be raised over the initial interest rate. These caps usually fall within the range of 5.0% - ...
- Real Estate Terminology: What is a mortgage?
Answer: A lien against real property received by a lender from the borrower that functions as security for money borrowed. ...
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