Countrywide Inc Home Loan
Countrywide Inc Home Loan
Countrywide Inc Home Loan

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Real Estate Terms of the Day for Countrywide Inc Home Loan



CONVEYANCE
The document used to effect a transfer, such as a deed, or mortgage.

MORTGAGE NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

APPLICATION FEE
Fee charged by a lender to cover the initial costs of processing a loan application. The fee may include the cost of obtaining a property appraisal, a credit report, and a lock-in fee or other closing costs incurred during the process or the fee may be in addition to these charges.

ALLODIAL SYSTEM
The free ownership of land by individuals.

FEDERAL HOUSING ADMINISTRATION (FHA)
A federal agency within the Department of Housing and Urban Development (HUD), which insures residential mortgage loans made by private lenders and sets standards for underwriting mortgage loans.

CHAIN OF TITLE
The chronological order of conveyance of a property from the original owner to the present owner.

CONSTRUCTIVE NOTICE
Notice of certain facts which are implied bylaw to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records.

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