The maximum an adjustable-rate mortgage may increase, regardless of index changes.
Receiving money back when refinancing a present mortgage.
Certificate of Title
A statement provided by an abstract company, title company or attorney stating that the title of real estate is legally held by the current owner.
A title which has no liens on a specific piece of property.
The meeting between the buyer, lender, and seller (if applicable) at which all documents for a loan are signed, dated and (if applicable) notarized. Also referred to as settlement.
The fees assessed at the closing or settlement which are associated with the purchase of a piece of property. This generally includes an origination fee, discount points, attorneys fees, title insurance, survey, and any items which must be prepaid, such as taxes and insurance escrow payments.
Comparative Market Analysis
An estimate of the value of a property based on an analysis of recent sales of similar properties.
A record of a person’s unpaid and fully repaid debts. A credit history helps to determine if a borrower has a history of repaying their debts in a timely manner.
A report of a person’s credit history (including legal history on bankruptcy) prepared by a credit reporting agency and used by a lender in determining a loan applicant’s creditworthiness.