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- Real Estate Terminology: What is a non-assumption clause?
Answer: A provision in a loan prohibiting a mortgage’s transfer to another borrower without lender approval. ... - Real Estate Terminology: What is a notice of default?
Answer: The initial action that a lender takes when a mortgage payment is late and any attempts to reconcile the issue out of court have not ... - Real Estate Terminology: What is a recession period?
Answer: The federally mandated period of three business days (that begins the day after the loan closes) during which the borrower may cancel the new loan, ... - Real Estate Terminology: What is a reverse mortgage?
Answer: A type of mortgage originally designed for elderly homeowners with substantial equity to generate monthly cashflow from their property by which a lender pays a ... - Real Estate Terminology: What is a reverse mortgage?
Answer: A type of mortgage originally designed for elderly homeowners with substantial equity to generate monthly cashflow from their property by which a lender pays a ... - Real Estate Terminology: What is a short sale?
Answer: The sale of a property in which the proceeds of the sale fall short of what the owner still owes on the mortgage. Many lenders ... - Real Estate Terminology: What is a wraparound mortgage?
Answer: A loan arrangement where an existing loan is maintained and an additional loan is created that is equal to or greater than the existing loan. ... - Real Estate Terminology: What is an adjustable rate mortgage(ARM)?
Answer: A mortgage loan whose rate may be changed at specific intervals over the life of the loan. Usually ARM's "reset" every 3 or 5 years, ... - Real Estate Terminology: What is an all inclusive trust deed?
Answer: An all inclusive trust deed is identical to a wraparound mortgage. It is used in states that use trust deeds instead of mortgages. ... - Real Estate Terminology: What is an assumable mortgage?
Answer: An existing mortgage in which the new purchaser of a property is made liable for the payments and any other obligations of the note and ...
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