Home Appraisal Houston,

CREDIT REPORT
A report detailing the credit history of a prospective borrower that's used to help determine borrower creditworthiness.

COMMON ELEMENTS
Parts of the property which are necessary or convenient to the existence, maintenance and safety of the condominium, or are normally in common use by all of the condominium residents.

LIEN
A charge or claim which one person (lienor) has upon the property of another (lienee) as security for a debt or obligation. Liens can be created by agreement of the parties(mortgage) or by operation of law (tax liens).

PENTHOUSE
An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building.

NOTE
Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.

REPRODUCTION COST
The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material.

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

NOTICE OF DEFAULT
A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default.

CASHIER'S CHECK (OR BANK CHECK)
A check whose payment is guaranteed because it was paid for in advance and is drawn on the bank's account instead of the customer's.

WRAP-AROUND MORTGAGE
A method of refinancing in which the new mortgage is placed in a secondary or subordinate position. In essence, it is an additional mortgage in which another lender refinances a borrower by lending an amount over the existing first mortgage amount, without cashing out or distributing the existence of the first mortgage.

MORTGAGE LOAN
A loan for which real estate serves as collateral to provide for repayment in case of default.

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