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DECLARATION OF RESTRICTIONS A statement of all the covenants, conditions and restrictions ("CC&R's") which affect a parcel of land. RECORDING FEE Money paid to an agent for entering the sale of a property into the public records. REDUCTION CERTIFICATE An instrument which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity. DELINQUENCY Failure to make payments as agreed in the loan agreement. JUMBO LOAN A mortgage larger than the $240,000 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. PREPAYMENT PENALTY The amount set by the creditor as a penalty to the debtor for paying off the debt prior to its maturity. The prepayment penalty is charged by the lender to recoup a portion of interest that he had planned to earn when he made the loan. CONFORMING LOAN A mortgage loan which meets all requirements to be eligible for purchase by federal agencies such as FNMA and FHLMC. The maximum conforming loan amount is $240,000 for a one-unit property. |
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