- Used in a mortgage, it provides the lender the right to demand
immediate payment of the balance of the loan if the borrower defaults.
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- The clause in a mortgage that makes the debt due and payable when the
mortgagor sells or transfers interest in the property
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- Used in sales contracts when FHA or VA Financing is to be
used, it allows the purchaser to back out of the transaction if the Firm Commitment or CRV
does not come through for a specified amount.
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- A loan in which equal periodic payments of principal and
interest will satisfy the debt by its maturity.
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- The true or effective rate or cost of a loan considering
interest, points etc
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- Accepting personal liability for the repayment of an
existing mortgage loan on property being purchased
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- A mortgage in which the periodic payments are not enough to
fully pay off the loan and the final payment is larger than the previous payments
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- The final and considerably larger payment in a balloon
mortgage
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- A mortgage in which there is more than one parcel of real
estate pledged as security for the debt
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- Evidence of indebtedness which creates personal liability
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- Used for interim financing until permanent financing can be
arranged
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- Issued by the Veterans Administration to establish a
person's eligibility for benefits
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- Issued by the Veterans Administration after an appraisal has
been done on a property being purchased with a V.A. guaranteed loan
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- A mortgage secured with personal property (out of use)
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- One in which the principal balance may not be paid off
before maturity. Not permitted in New Jersey
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- A financing arrangement for the construction of an
improvement to real estate usually with money advanced at certain stages of the project
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- Any mortgage not guaranteed or insured by an agency of the
federal government
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- One who owes money to another
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- A mortgage clause that defeats or voids the conditional
conveyance in the mortgage when the obligation is paid
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- A judgment against the mortgagor if a foreclosure sale does
not result in enough money to pay the mortgagee
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- The release of a lien or obligation
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- A fee charged by a lender for the purpose of increasing the
yield on the loan
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- The right that a mortgagor has to redeem a property before
it is sold through foreclosure proceedings
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- A nickname for the Federal National Mortgage Association
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- A federal agency that insures loans made by lending
institutions to qualified persons
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- One that takes priority over all others for repayment in the
event of foreclosure
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- The process of a mortgagee forcing the sale of real estate
used as security for the debt, when the mortgagor has defaulted
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- A nickname for the Federal Home Loan Mortgage Corporation
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- A nickname for The Government National Mortgage Association
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- A mortgage repayment plan which calls for increased payments
in the later years of the loan
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- A federal department charged with the responsibility of
dealing with the common housing problems in American cities
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- To pledge property as security for a debt without actually
giving up possession of it
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- A sales contract in which the buyer pays the purchase price
to the seller in installments but does not receive title to the property until the final
installment is made. Prior to that time, title remains in the name of the seller and the
buyer has equitable title
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- A term used when a liability can be enforced on one of the
makers individually or all together as a group
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- A determination by a court which grants permission to a
mortgagee to foreclose in judicial foreclosure proceedings
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- Any mortgage that is subordinate to another mortgage
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- The effect that using borrowed money to finance an
investment has on the portion contributed by the investor himself; positive or negative
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- The legal presumption that a mortgage creates only a lien on
the property and does not convey title to the mortgagee
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- The proportion or percentage that the loan bears to the
appraised/market value of the property
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- A conditional transfer of real property as security for the
payment of a debt which becomes a lien on the property
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- A firm that makes mortgage loans and services the loan
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