Mortgages > Mortgage Terms 8.
Mortgage Terms
A policy, usually issued by a title insurance company, which insures a home buyer against errors in the title search. |
Title Search |
Title Insurance |
Secondary Mortgage Market |
Verification of Deposit |
Equity created by a purchaser performing work on a property being purchased. |
Simple Interest |
Verification of Deposit |
VA Loan |
Sweat Equity |
A document signed by the borrower's employer verifying his/her position and salary. |
Verification of Employment |
Title |
VA Loan |
Sweat Equity |
All the steps and operations a lender performs to keep a loan in good standing. |
Verification of Employment |
Title |
Servicing |
Shared Appreciation Mortgage |
A mortgage in which a borrower receives a below-market interest rate in return for which the lender receives a portion of the future value appreciation. |
Shared Appreciation Mortgage |
Verification of Deposit |
Verification of Employment |
VA Loan |
The decision whether to make a loan to a potential home buyer based on credit, employment, assets, and other factors. |
Truth-In-Lending |
Title Insurance |
Underwriting |
Title |
A document that gives evidence of an individual's ownership of property. |
Title Search |
Title |
Sweat Equity |
Secondary Mortgage Market |
A long-term, low-or no-down payment loan guaranteed by the Department of Veterans Affairs. |
VA Loan |
Truth-In-Lending |
Simple Interest |
Title Search |
A measurement of land showing the location of the land, its dimensions, and the location and dimensions of any buildings. |
Truth-In-Lending |
Survey |
Title Insurance |
Title |
A document signed by the borrower's financial institution verifying the status and balance of his/her financial accounts. |
Survey |
Verification of Deposit |
Title |
Title Search |
A federal law requiring disclosure of the Annual Percentage Rate to home buyers shortly after they apply for the loan. |
Truth-In-Lending |
Sweat Equity |
Verification of Employment |
Survey |
A mortgage in which the borrower receives a below-market interest rate for a specified number of years, and then receives a new interest rate. |
Two-Step Mortgage |
Secondary Mortgage Market |
Simple Interest |
Underwriting |
An examination of municipal records to determine the legal ownership of property. |
Title Search |
Sweat Equity |
VA Loan |
Servicing |
Interest which is computed only on the principle balance. |
VA Loan |
Title |
Simple Interest |
Underwriting |
The place where primary mortgage lenders sell the mortgages they make to obtain more funds to originate more new loans. |
Secondary Mortgage Market |
Servicing |
Underwriting |
Title Insurance |
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