Home Equity Loan Refinance
Home Equity Loan Refinance
Home Equity Loan Refinance

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Real Estate Terms of the Day for Home Equity Loan Refinance



VERIFICATION OF EMPLOYMENT (VOE)
Document signed by the borrower's employer verifying the borrower's position and salary.

SURRENDER
A premature conveyance of a possessory estate to a person having a future interest, as when a lessee surrenders the leasehold interest to the owner of the reversion interest, the lessor, before the normal expiration of the lease.

AMORTIZATION
Repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan at the end of a fixed period of time.

BOUNDARIES
The perimeters or limits of a parcel of land as fixed by legal description which is usually a metes and bounds description.

FORBEARANCE
The act by the lender of refraining from taking legal action on a mortgage loan that is delinquent.

SPECIAL WARRANTY DEED
A deed in which the grantor warrants or guarantees the title only against defects arising during the period of his tenure and ownership of the property and not against defects existing before the time of his ownership.

TAX LIEN
A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens.

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