Home Loan Wamu
Home Loan Wamu
Home Loan Wamu

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Real Estate Terms of the Day for Home Loan Wamu



BEARER
The legal owner of a piece of property.

NON-ASSUMPTION CLAUSE
A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender.

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

OPTION
An agreement to keep open, over a set period, an offer to sell or purchase property.

SURVIVORSHIP
The right of survivorship is that special feature of a joint tenancy whereby all title, right and interest of a decedent joint tenant in certain property passes to the surviving joint tenants by operation of law, free from claims of heirs and creditors of the decedent.

VARIABLE RATE
Interest rate that changes periodically in relation to an index.

CLUSTER DEVELOPMENT
The grouping of housing units on less than normal size homesites, with the remaining land being devoted to common areas.

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