Arizona Home Equity Loan,

DISCLAIMER
A statement denying legal responsibility, frequently found in the form of, "There are no promises, representations, oral understandings or agreements except as contained herein."

WAIVER
Voluntary relinquishment or surrender of some right or privilege.

FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC, OR FREDDIE MAC)
This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.

REAL PROPERTY
Land and any improvements permanently affixed to it, such as buildings.

FDIC
See Federal Deposit Insurance Corporation.

CASH OUT
Any cash received when you get a new loan that is larger than the remaining balance of your current mortgage, based upon the equity you have already built up in the house.The cash out amount is calculated by subtracting the sum of the old loan and fees from the new mortgage loan.

ACCRETION
The gradual and imperceptible addition to land by alluvial deposits of soil through natural causes, such as shoreline movement caused by streams or rivers.

DEED OF TRUST
A legal document in which title to property is transferred to a third party trustee as security for an obligation owed by the trustor (borrower) to the beneficiary(lender).

DEPOSIT
Money offered by a prospective buyer as an indication of good faith in entering into a contract to purchase; earnest money; security for the buyer's performance of a contract.

COUNTER-OFFER
A new offer made as a reply to an offer received from another; this has the effect of rejecting the original offer, which cannot thereafter be accepted unless revived by the offeror's repeating it.

OFFSITE COSTS
Costs such as for sewers, streets, utilities, etc., which are incurred in the development of raw land, but are not connected with the actual construction of the buildings(onsite costs).