Factory Built Home Loan
Factory Built Home Loan
Factory Built Home Loan

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Real Estate Terms of the Day for Factory Built Home Loan



FREDDIE MAC
A common nickname for the Federal Home Loan Mortgage Corporation.

PERMANENT FINANCING
A long-term loan, as opposed to an interim loan.

FUNCTIONAL OBSOLESCENCE
A loss in value of an improvement due to functional inadequacies, often caused by age or poor design.

FEDERAL HOUSING ADMINISTRATION (FHA)
The FHA was set up in1934 under the National Housing Act to encourage improvement in housing standards and conditions, to provide an adequate home financing system by insurance of housing mortgages and credit, and to exert a stabilizing influence on the mortgage market.

COVENANTS RUNNING WITH THE LAND
Covenants which become part of the property and benefit or bind successive owners of the property.

SETTLEMENT (OR CLOSING)
The settlement or closing is the conclusion of your real estate transaction. It includes the delivery of your security instrument, signing of your legal documents and the disbursement of the funds necessary to the sale of your home or loan transaction (refinance).

RECORDING FEE
Money paid to an agent for entering the sale of a property into the public records.

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