Countrywide Home Loan
Countrywide Home Loan
Countrywide Home Loan

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Real Estate Terms of the Day for Countrywide Home Loan



VOID
Having no legal force or binding effect; a nullity; not enforceable. A contract for an illegal purpose (i.e. gambling)is void.

LESSOR
The person who rents or leases property to another. In residential leasing, the lessor is often referred to as a landlord.

LOCK OR LOCK-IN
A lender's guarantee of an interest rate for a set period of time. The time period is usually that between loan application approval and loan closing. The lock-in protects you against rate increases during that time.

BUY-DOWN MORTGAGE
A mortgage loan with a below-market rate for a period of time.

SCHEMATICS
Preliminary architectural drawings and sketches; basic layouts not containing the final details of design.

CERTIFICATE OF TITLE
Written opinion of the status of title to a property, given by an attorney or title company. This certificate does not offer the protection given by title insurance.

ENCROACHMENT
An unauthorized invasion or intrusion of a fixture or other real property wholly or partly upon another's property, thus reducing the size and value of the invaded property.

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