Poor Credit Home Equity Loan,

PRE-QUALIFICATION
The process of determining how much money a prospective homebuyer will be eligible to borrow prior to application for a loan. Information submitted during pre-qualification is subject to verification at application.

PARCEL
A specific portion of a larger tract; a lot.

FIRST REFUSAL, RIGHT OF
The right of a person to have the first opportunity either to purchase or lease real property.

APPURTENANT
Belonging to; adjunct; appended or annexed.

DESCRIPTION
The portion of a conveyance document which defines the property being transferred.

TITLE
Document which gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property.

SALES AGREEMENT
Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

DEPTH TABLE
Tables of percentage designed to provide a uniform system of measuring the additional value to lots which accrues because of added depth, with the extra depth valued according to the added utility which it creates.

OPEN LISTING
A listing given to any number of brokers. The first broker who secures a buyer ready, willing and able to purchase at the terms of the listing is the one who earns the commission.

PARTIAL RELEASE
A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money.

FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA, OR FANNIE MAE)
This agency buys loans that are underwritten to its specific guidelines. These guidelines are an industry standard for residential conventional lending.

FIXED-RATE LOANS
Fixed-rate loans have interest rates that do not change over the life of the loan. As a result, monthly payments for principal and interest are also fixed for the life of the loan. Fixed-rate loans typically have 15-year or 30-year terms. With a fixed-rate loan, you will have predictable monthly mortgage payments for as long as you have the loan.

TAKE-OUT FINANCING
Long-term permanent financing.

DOUBLE ESCROW
An escrow set up to handle the concurrent sale of one property and purchase of another property by same party.

ZONING
The regulation of structures and uses of property within designated districts or zones. Zoning regulates and affects such things as use of the land, types of structure permitted, building heights, setbacks, and density (the ratio of land area to improvement area).

MORTGAGOR
The borrower in a mortgage loan transaction.