Construction Home Loan
Construction Home Loan
Construction Home Loan

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Real Estate Terms of the Day for Construction Home Loan



DISCRIMINATION
The act of making a distinction against or in favor of a person on the basis of the group or class to which the person belongs; the failure to treat people equally.

FIXTURE
An article which was once personal property but has been so affixed to the real estate that it has become real property (e.g. stoves, bookcases, plumbing, etc.). If determined to be a fixture, then the article passes with the property even though it is not mentioned in the deed.

MORTGAGE LOAN
A loan for which real estate serves as collateral to provide for repayment in case of default.

EXECUTORY CONTRACT
A contract in which one or both of the parties has not yet performed.

SUMMARY POSSESSION
A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy.

INITIAL RATE
The rate charged during the first interval of an ARM loan.

INTEREST RATE CAP
Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index.

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