|
| Home Equity Loan Mortgage Refinance |
|
Menu
|
Free Classifieds and Advertising for Individuals and Businesses at www.KeepSane.com
ASSESSED VALUATION The value of real property as established by the state government for purposes of computing real property taxes. GOOD FAITH ESTIMATE Written estimate of the settlement costs the borrower will likely have to pay at closing. Under the Real Estate Settlement Procedures Act (RESPA), the lender is required to provide this disclosure to the borrower within three days of receiving a loan application. POINTS (OR DISCOUNT POINTS) Points are an up-front fee paid to the lender at the time that you get your loan. Each point equals one percent of your total loan amount. Points and interest rates are inherently connected: in general, the more points you pay, the lower the interest rate you get. However, the more points you pay, the more cash you need up front since points are paid in cash at closing. JOINT TENANCY A form of property ownership by two or more persons in which the joint tenants have one and the same interest, arising by one and the same conveyance, commencing atone and the same time and held by one and the same possession(the concept of "four unities"). FILLED LAND An area where the grade has been raised by depositing or dumping dirt, gravel or lava rock. DEED OF TRUST A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full. OPTION An agreement to keep open, over a set period, an offer to sell or purchase property. |
Copyright © 2004-2005 | www.WeWillBuyYourHouseFast.com | Privacy Policy |