FAQ - Frequently Asked Questions


A person licensed to estimate the value of real property.

Bankruptcy (BK)
A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled. (Chap 7, 11, and 13)

Combined Loan to Value (CLTV)
The total of both 1 st and 2 nd mortgage balances on a property and the property's appraised value

Credit Report
A report on a loan applicants willingness and ability to make payments in a timely manner in the past. This report is provided to the bank by an outside agency.

FHA Mortgage
A mortgage that is insured by the Federal Housing Administration (FHA). Also known as a 'government mortgage

Fixed Rate Mortgage (FRM)
This mortgage loan offers a fixed interest rate with monthly principal and interest payments that remain the same for the life of the loan. Payments can be amortized for either a 15-year or 30-year term.

An economic indicator which lenders use to calculate interest rate adjustments for adjustable-rate mortgages (ARMs). The index used is outside the lender's control.

Jumbo Mortgage
The current conforming loan limit is $417,000. Loan amounts greater than this are considered non-conforming or jumbo mortgages.

A legal hold or claim of a creditor on the property of another

Principal, interest, taxes and insurance--the components of a monthly mortgage payment.

Private Mortgage Insurance (PMI)
Insurance coverage obtained from mortgage insurance companies to protect lenders against risk of making higher loan-to-value loans. Typically required on all first mortgages with an LTV that exceeds 80%. The borrower usually pays the PMI premiums.

Rate Lock
The amount of time that a lender will guarantee a loan's interest rate. Once you've locked in the interest rate on a loan, the lender will guarantee that rate for a certain period of time, usually for 30, 45 or 60 days.

Taking out a new loan to pay off an existing mortgage. This is done to obtain a lower interest rate or to borrow cash on the equity in a property that has built up on a loan.

Evidence of a person’s right to possession ownership of a property.

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