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a limit, such as that placed on an adjustable rate mortgage, on how much a monthly payment or interest rate can increase or decrease.
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a cash amount sometimes required to be held in reserve in addition to the down payment and closing costs; the amount is determined by the lender.
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a document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner; before the title is transferred at closing, it should be clear and free of all liens or other claims.
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also known as settlement, this is the time at which the property is formally sold and transferred from the seller to the buyer; it is at this time that the borrower takes on the loan obligation, pays all closing costs, and receives title from the seller.
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customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.
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an amount, usually a percentage of the property sales price, that is collected by a real estate professional as a fee for negotiating the transaction.
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a form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.
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: a private sector loan, one that is not guaranteed or insured by the U.S. government.
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(Co-op) residents purchase stock in a cooperative corporation that owns a structure; each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan.
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history of an individual's debt payment; lenders use this information to gouge a potential borrower's ability to repay a loan.
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a record that lists all past and present debts and the timeliness of their repayment; it documents an individual's credit history.
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a number representing the possibility a borrower may default; it is based upon credit history and is used to determine ability to qualify for a mortgage loan.
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