Refinance Vs Home Equity Loan,

TITLE INSURANCE
Insurance which protects the lender (lender's policy) or the buyer (owner's policy) against loss due to disputes over ownership of a property.

APPLICATION
An initial statement of personal and financial information required to apply for a loan.

ESCHEAT
The reversion of property to the state when a decedent dies intestate and there are no heirs capable of inheriting, or when the property is abandoned.

ENVIRONMENTAL IMPACT STATEMENT
A report which includes a detailed description of a proposed development project with emphasis on the existing environment setting, viewed from both a local and regional perspective, and a discussion of the probable impact of the project on the environment during all phases.

APR
See Annual Percentage Rate.

INTEREST RATE CAP
Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index.

MONUMENTS
Visible markers, both natural and artificial objects, which are used to establish the lines and boundaries of a survey.

HIGHEST AND BEST USE
That use which, at the time of appraising the property, is most likely to produce the greatest net return to the land and/or the building over a given period of time.

LESS-THAN-FREEHOLD ESTATE
An estate held by one who rents or leases property. This classification includes an estate for years, periodic tenancy, estate at will, and estate at sufferance.

REFORMATION
A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description.

LANDMARK
A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place.

SECOND MORTGAGE
An additional mortgage placed on a property that has rights that are subordinate to the first mortgage.

MARGINAL LAND
Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain.

YIELD
The return on an investment or the amount of profit, stated as a percentage of the amount invested.

GOOD WILL
An intangible, salable asset arising from the reputation of a business.

PRE-APPROVAL
The process of determining how much money a prospective homebuyer or refinancer will be eligible to borrow prior to application for a loan. A pre-approval includes a preliminary screening of a borrower's credit history. Information submitted during pre-approval is subject to verification at application.

ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.

LIS PENDENS
A legal document recorded in the Bureau of Conveyances, which gives constructive notice that an action has been filed in either a state or federal court affecting a particular piece of property. "Lis Pendens" is a Latin term which means "action pending" and is in the nature of a quasi-lien.