|
| Buying Home Selling Tip |
|
Menu
|
Free Classifieds and Advertising for Individuals and Businesses at www.KeepSane.com
PURCHASE MONEY MORTGAGE A mortgage given to the seller as part of the buyer's consideration for the purchase of real property, and delivered at the same time that the real property is transferred as a simultaneous part of the transaction. CONSTRUCTIVE NOTICE Notice of certain facts which are implied bylaw to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records. JUNIOR MORTGAGE A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage. ENTIRETY, TENANCY BY A form of joint ownership of property between husband and wife with the right of survivorship. PREPAID INTEREST Interest that is paid in advance of when it is due. Typically charged to a borrower at closing to cover interest on the loan between the closing date and the first payment date. ORIGINATION FEE The finance fee charged by a lender for placing a mortgage, which covers initial costs such as preparation of documents and credit, inspection and appraisal fees. ALTERNATIVE DOCUMENTATION A method of documenting a loan file that relies on information the borrower is likely to be able to provide instead of waiting on verification sent to third parties for confirmation of statements made in the application. |
Copyright © 2004-2005 | www.WeWillBuyYourHouseFast.com | Privacy Policy |