Home Loan Veteran
Home Loan Veteran
Home Loan Veteran

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Real Estate Terms of the Day for Home Loan Veteran



AD VALOREM
Latin for "according to valuation," usually referring to a type of tax or assessment.

LAW DAY
The date an obligation becomes due; sometimes refers to the closing date.

PRORATE
To divide or distribute proportionately.

HUD
A federal cabinet department officially known as the Department of Housing and Urban Development.

PARTIAL RELEASE
A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.

GROSS LEASE
A lease of property under which the lessee pays a fixed rent, and the lessor pays the taxes, insurance, and other charges regularly incurred through ownership.

PRINCIPAL
The amount of debt, not counting interest, left on a loan.

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